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In a relief to Adani Power, the Central Electricity Regulatory Commission (CERC) has given its go-ahead for compensation to the power producer for its 4620 MW plant at Mundra in Gujarat.
Adani Power will be entitled for a 'provisional lump sum compensation' in respect of Gujarat power purchase agreement (PPA) for ₹ 420.24 crore and in respect of Haryana PPA for ₹ 409.51 crore, the regulator said in its order of February 21.
The private power producer sells electricity to Gujarat and Haryana. It petitioned the regulator that prices of coal from Indonesia have risen manyfold because of a change in law. This makes it unviable for Adani Power to sell electricity at rates decided in 2007.
CERC had directed that the company would submit claims to the procurer with actual cost on month-to-month basis for final settlement.
“The procurers shall pay the amount as determined above in equal monthly instalments over a period not more than 36 months from the date of this order, with carrying cost for delay in payment beyond due date at the surcharge applicable as per the PPA. These parameters shall be used for calculation of compensatory tariff on monthly basis, with effect from April 1 2013 till the hardship on account of Indonesian Regulation persists,” the order said.
Now, it is to be seen whether the States agree to pay higher price for electricity sourced from Mundra power plant.
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