Punjab State Electricity Regulatory Commission (PSERC) has decide to pass on custom duty benefit of Rs. 600 crore availed by Sterlite Energy limited on account of grant of mega power project status to Talwandi Sabo thermal project be passed on to consumers.
PSERC in its order of December 27 on petition no. 41 directed the Sterlite Energy limited executing theTalwandi Sabo thermal project to render true and full account of benefits to PSPCL that ought to have accrued to it on account of grant of mega power status to project.
The Punjab consumer is going to benefit to the tune of Rs. 104 crore per annum for the next 25 years as the fixed charges of project will come down by 8 paise per unit. With a generation potential of the plant being 13000 million units, the Punjab consumer shall gain by Rs. 2600 crore over a period of next 25 years.
PSPCL has filed a petition before Commission seeking directions to Sterlite Energy limited on account of mega power status granted to 1980 MW Talwandi Sabo project and pass on all financial benefits claimed to PSPCL as per power purchase agreement.
PSPCL has claimed that the benefits of status were not applicable at the time of bidding in 2006 as per existing laws .In December 2009 Government of India revised the policy guidelines and modified the mega power policy. Talwandi Sabo thermal project was granted this status in August 2010.
Punjab Government issued the essentiality certificate to obtain necessary customs duty benefits and the company executing the project gave the undertaking and claimed all the benefits The company claimed that it is not liable to pass the benefits of new policy to PSPCL claiming that this was not a change of law. The benefits were granted to keep the power tariff low in the public interest.
Sterlite has been benefitted to the tune of Rs. 600 crore for duty draw back the non - payment of customs duties. As per article 13 of power purchase agreement the fixed charges of 135.4 paise per unit comes down by 8.064 paise per unit.
Similarly the Commission had granted a relief of Rs 74 crore per annum last November from power generated from Rajpura thermal plant on similar grounds thereby passing on a benefit of 8 paise per unit totaling to Rs.1850 crore to the consumers over next five years.
Round up of PSERC in 2013
Punjab consumer is going to gain about Rs. 300 crore during 2013-14 on as an impact of fuel audit conducted by PSERC for reducing the use of coal and other fuels at PSPCL thermal plants. This will reduce tariff by about 7.5 paise per unit.
Thus the vigilant eye of PSERC on private and PSPCL thermal plants is likely to reduce the electricity tariff by about 23.5 paise per unit during 2014-15, thus reducing the burden of 63 paise per unit proposed to be passed on to the consumer by PSPCL to 40 paise per unit.
According to In case PSERC applied the regulations strictly on PSPCL ‘s ARR petition in stringent manner ,there is a possibility of reducing the tariff during 2014-15 keeping in view the profit of PSPCL and PSTCL during 2012-13 and 2013-14 . These sources indicate that courtesy consistent tariff rises given by PSERC, the profits of PSPCL and PSTCL during last 2 years have crossed a figure of few hundred crore which the companies are hiding from the public to manage a rise in tariff during 2014-15.
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