• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Prafulla Das

Bhubaneswar , April 3

THE Orissa Electricity Regulatory Commission (OERC) today formally revoked the licence of AES Corporation for power distribution in the State.

In its earlier order passed on February 26, OERC had said that it would revoke the licence of AES if the company failed to meet the various conditions imposed by the Commission by March 31.

The conditions include full payment of bulk-supply tariff dues to the Grid Corporation of Orissa (Gridco) from April 1 after meeting necessary costs, including employees' salary and reduction of loss as benchmarked by the Commission.

The American power major had operational control of Central Electricity Supply Company (Cesco) till it decided to pull out in July 2001.

Cesco supplied power to Khurda, Puri, Nayagarh, Cuttack, Jajpur, Jagatsinghpur, Kendrapara, Dhenkanal and Angul districts.

The OERC order came on a petition from Gridco, the bulk-power supplier to Cesco.

Gridco had sought the revocation of the distribution licence of AES for its failure to pay current dues in full and meet the conditions imposed by the regulator.

AES held 51 per cent share in Cesco, while the remaining 49 per cent was held by the State through Gridco.

Gridco had approached OERC seeking cancellation of the licence of AES stating that it did not honour the shareholding agreement.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Unemployment rate up at 9.1 pc — Fewer jobs in organised sector

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line