After the forced shut down of about 4 months and 20 days for want of gas, the Ratnagiri Gas & Power Pvt Ltd (RGPPL) has restored power generation from early Saturday morning. The plant with a total generation capacity of 1,967 MW is currently generating 320 MW following the supply of 1.4 million standard cubic meters per day (MMSCMD) gas from GAIL India.
The power is supplied to Maharashtra State Electricity Distribution Company and union territory of Dadra, Daman and Diu at the per unit tariff of Rs 4 to 4.50.
As reported by BS, the plant was closed since July 16 for the non availability of gas. The closure prompted ICICI Bank, one of the lenders to the project, to appeal to the petroleum and power ministries for an early restoration of gas. The frequent closure of plant had led to the successive default in the repayment by RGPPL to its lenders with an exposure of Rs 8,500 crore.
RGPPL requires about 8.5 gas for full operation and its allocation has been made by the Centre since it was revived in April 2006. Company has so far supplied about 48 Billion Units to Maharashtra using Naphtha, R-LNG & domestic gas. Of the 8.5 MMSCMD, 7.6 MMSCMD of gas was from KG D-6 Basin and 0.9 from Marginal Gasfields of ONGC (through GAIL). In addition, RGPPL has tied up R-LNG, the available alternative fuel on fallback basis. However, RGPPL was not able to use R-LNG following strong opposition from MahaVitaran which draws 95% of the power. MahaVitaran has said R-LNG use will lead to increase in the per unit tariff to Rs 8-9 and will put further stress on its balance sheet.
RGPPL spokesman hoped that the restoration of gas will help earn revenue from the power purchasing states and thereby able to part pay the total monthly instalment of rs 108 crore to the lenders. RGPPL had projected that it faces a realistic prospect of turning into an NPA by December 2013 unless another Rs 200 crore are urgently released.
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