State-owned PTC India on Friday said that Tamil Nadu Generation and Distribution Corporation (TANGEDCO) has appointed it as aggregator for their recently floated tender for procurement of 1500 megawatt (MW) power for 5 years covered under medium term.
Under this, the utility owned by the Tamil Nadu government will sign power purchase agreements (PPAs) with successful generators and power sale agreements (PSAs) with PTC India, the power trading solutions company said in a statement.
PTC is also the aggregator under the Pilot Scheme-I and Pilot Scheme-II of Union Power Ministry. The company has tied up 400 MW power supply with TANGEDCO under Pilot Scheme-II. TANGEDCO has appointed PTC for their balance requirement of power and floated 1500 MW tender for 5 years, it added.
“PTC has long association with TANGEDCO. We are confident that price under current tender would be competitive and it will reduce the power procurement cost of TANGEDCO. TANGEDCO is also taking various measures to strengthen its financial position in future,” PTC India CMD (additional charge) Rajib K Mishra said.
Last month, the power trading company said it has commenced power supply to Kerala State Electricity Board (KSEB) under the Pilot Scheme-II of the Ministry of Power. Under this scheme, 270 MW power supply to be supplied to the southern State.
The power will be supplied by Jindal India Thermal Power Project in Odisha to Kerala under medium term for 3 years. PTC India was selected as an aggregator to facilitate the purchase and sale of power. Tariff was discovered at the rate of ₹3.26 per unit through a competitive bidding process at DEEP e-bidding portal and was the lowest tariff under a medium term contract.
PTC India is one of the leading companies in power trading and has been mandated by the Indian government to trade electricity with Bhutan, Nepal and Bangladesh.