Wednesday, 29 Jan 2020

Adani Power's unit allowed compensation by Maharashtra Electricity Regulatory Commission

Ahmedabad, Sept 11 : Adani Power said on Wednesday its wholly-owned subsidiary Adani Power Maharashtra Ltd (APML) has been allowed compensation on account of non-availability of coal from Lohara coal block by the Maharashtra Electricity Regulatory Commission (MERC).

The compensation has been granted in respect of 1,320-megawatt power purchase agreement (PPA) on September 8, 2008 signed by APML with Maharashtra Electricity Distribution Co Ltd (MSEDCL) for its power plant at Gondia in Maharashtra.

The Tiroda Thermal Power Station (TTPS) has an installed capacity of 3,300 MW (5 x 660MW supercritical units) of which units 2 and 3 were tied up under the PPA on September 8, 2008 and units 1, 4 and 5 under separate PPAs executed with MSEDCL for 1,765 MW.As per the referred order from MERC, de-allocation of Lohara coal block by the Ministry of Coal will qualify as a change in law and APML is entitled to compensation for alternative coal used to meet the shortfall from commencement of power supply under the PPA, said Adani Power in a statement.

Further, APML is also entitled to claim to carry costs on the claim amount till the date of subject order, it added.Adani Power is India's largest private thermal power producer with a capacity of 12,410 MW.

For the financial year 2018-19, the company had reported 25 per cent jump in its consolidated total income at Rs 26,362 crore as compared to Rs 21,093 crore in the year-on period. the year-on period.

(ANI | 5 months ago)