Financial Daily from THE HINDU group of publications
Tuesday, Apr 29, 2003
Financial Daily from THE HINDU group of publications Tuesday, Apr 29, 2003 |
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Industry & Economy
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Power APTransco's PPA with BAPL okayed Our Bureau
HYDERABAD, April 28 THE Andhra Pradesh Electricity Regulatory Commission (APERC) has cleared the power purchase agreement entered into by BSES Andhra Power Ltd (BAPL) and the Transmission Corporation of AP (APTransco). This would pave way for BAPL to achieve financial closure of its 220-MW gas-based power project at Samalkot, near Kakinada in the State. APERC had cleared the PPA consequent to BAPL securing allocation of natural gas on firm basis. Initially, BAPL had a natural gas supply agreement with Gas Authority of India (GAIL) on fallback basis only. Subsequent to APERC's earlier orders, BAPL had obtained allocation of 0.64 million standard cubic meters per day (MSCMD) of gas on firm basis and 0.36 MSCMD of gas on fallback basis from GAIL for the entire term of the PPA. This was in addition to the natural gas tie-up BAPL had with Reliance Industries Ltd for 1.1 MSCMD from June 2004. The APERC Secretary, Mr T.B. Narasimha Rao, told newspersons here on Monday that BAPL had offered a discount of 20 paise on each of those units of deemed generation between 62 per cent and 85 per cent plant load factor (PLF) that might not be generated due to inadequate supply of natural gas to the power station. The discount, amounting to about Rs 9 crore per annum, was applicable only as long as BAPL does not obtain firm fuel tie-up to keep the plant available at 85 per cent PLF. The commission had accepted the offer. He said BAPL had requested that this arrangement be made applicable from February 21, 2002 — the date on which the company commenced supply of power to APTransco. Instead, APERC had allowed this arrangement only from December 12, 2002 — the date on which BAPL obtained firm allotment of natural gas from the Union Ministry of Petroleum. The commission had asked BSES to re-submit a draft PPA in three weeks duly incorporating the changes made.
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