19
Wednesday
June 2019
5:09 AM IST
News Headlines
2 terrorists, 1 jawan killed in Anantnag encounter        Two workers killed in Kerala as earth caves in        Bhuvneshwar ruled out of next 2-3 games due to hamstring niggle: Kohli        Shakib 124, Liton 94 guide Bangladesh to 7 wicket victory over WI        Facebook to unveil new cryptocurrency        Sensex drops over 150 pts; Nifty below 11,800        Hong Kong police clear streets as protesters move to park        Argentina, Uruguay restore power after massive blackout        Hong Kong activist Joshua Wong walks free, calls on leader to resign        Don't bother about numbers, your every word is valuable: PM to Oppn        Kejriwal seeks action against cops for thrashing driver        Amarinder seeks Shah's intervention in streetfight between cops and driver in Delhi        WB doctors agree to call off strike during meeting with Mamata        Kerala Congress (M): Jose K Mani elected as Chairman        Cyclone Vayu to recurve towards Gujarat and weaken gradually        Joseph terms Jose K Mani''s election unconstitutional, says ''crowd'' can''t elect chairman        Heatwave claims 61 lives in Bihar        With eyes on 2022, Priyanka to step up UP tours, meet Cong workers twice a week        Hong Kong leader apologises as massive rally chokes city        Gunmen on motorcycles kill 34 villagers in Nigeria: Police        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
UP to get 40 paise/unit cheaper power from plant
 
New Delhi, Mar 5 (PTI) Uttar Pradesh Power Corporation will get 40 paise per unit cheaper electricity from Prayagraj Power Generation Company's plant at Bara in Prayagraj district, which will translate into savings to the tune of Rs 500 crore annually.

An arm of Tata Power-backed Resurgent Power Ventures, Renascent Power Ventures -- which has acquired 75.01 per cent stake in the Bara power plant -- will be offering 40 paise per unit cheaper electricity to Uttar Pradesh Power Corporation Ltd (UPPCL) under revised terms of power purchase agreement, a source said.

UPPCL is the company responsible for electricity transmission and distribution within the Indian state of Uttar Pradesh.

The revised PPA would also be approved by the state power regulator while disposing off the plea.

A plea for change in ownership of Prayagraj Power Genreation Company Ltd (PPGCL) is under consideration of Uttar Pradesh Electricity Regulatory Commission (UPERC), which is expected to be decided this month. The next hearing is scheduled on Wednesday.

The source further said that since the acquisition is at deep discount, UPPCL is keen on passing the benefits to consumers reeling under high energy tariffs.

The average pooled power purchase cost of the UPPCL is around Rs 4.40 per unit. The UPERC has also asked UPPCL to explain the benefit that would accrue to consumers, with takeover of the PPGCL by Resurgent Power.

Industry experts believe the average pooled power purchase cost is expected to increase in the coming months owing to increase in various taxes and duties during the last three years.

In such a situation, the discount of 40 paise per unit comes as as a relief for UPPCL since this discount will lead to savings of Rs 500 crore annually for the UPPCL, they said.

Besides, UPPCL would be buying 100 per cent power from plant to cater to the upcoming summer power demand surge, which wold further lead to savings for UPCCL, the source said.

The Renascent Power Ventures had announced acquisition of 75.01 per cent stake in PPGCL last year in November.

PPGCL was incorporated as a special purpose vehicle (SPV) on February 27, 2007, by UPPCL for setting up 1,980 MW (660X3) coal-based thermal power plant at Bara.

Uttar Pradesh power discoms had entered into a 25-year PPA for supply of 90 per cent of power output from the plant.

The Uttar Pradesh goverment had awarded the project to Jaiprakash Power Ventures Ltd (JPVL) on March 2, 2009. The power plant was to be fully commissioned in June 2015.

However, owing to various issues faced by the project firm, the plant was delayed for more than two years leading to escalation in capital cost of the project.

In 2017, lenders led by SBI had invited expression of interest offering majority equity stake in the PPGCL. In November 2018, Resurgent Power signed share purchase agreement to acquire 75.01 per cent stake in PPGCL. Against the overall debt of Rs 11,086 crore and equity of Rs 3,229 crore, Resurgent Power purchased PPGCL for Rs 6,000 crore.

Resurgent Power is a joint venture between Tata Power International Pte Ltd (TPIPL) -- a wholly-owned subsidiary of Tata Power -- ICICI Bank and reputed global investors including Kuwait Investment Authority and State General Reserve Fund, Oman, set up to acquire assets in the Indian power sector.

TPIPL owns 26 per cent stake in Resurgent Power and the balance 74 per cent is held by ICICI Bank and other global investors.


Facebook to unveil new cryptocurrency
Sensex drops over 150 pts; Nifty below 11,800
India ad spend likely to be Rs 697 billion in 2019: Report
UK court rejects Nirav Modi''s bail for fourth time over fears he would abscond
Bring down corporate tax to 18 pc sans exemptions: CII
Jet Airways shares plunge nearly 11 pc
Fiat Chrysler in talks with Aurora on autonomous vehicles
Facebook stops Huawei from pre-installing apps on phones
Rupee rises 31 paise to 69.39 vs USD in early trade
Bajaj Auto sales rise 3 pc in May to 4.19 lakh units
RBI policy, macro data key for markets in holiday-shortened week: Analysts
Six of top-10 firms add Rs 99,994 cr in m-cap; TCS leads
Mahindra sales 3 pc to 45,421 units in May
Toyota Kirloskar sales down 6% at 13,066 units in May
Sitharaman: India's first woman FM; looks to steer economy out of slowdown
Rupee sees high volatility post allocation of key portfolios
Sensex drops over 200 pts; Nifty below 11,900
G20 countries eye tax policy for internet giants: Nikkei
Sensex, Nifty resume record run on F&O expiry
Sensex sheds 248 pts; banking stocks drag
KERALA NEWS
Two workers killed in Kerala as earth caves in
 Kozhikode: Two people were killed Tuesday when a mound of earth caved in on them at a laterite quarr  
Joseph terms Jose K Mani''s election unconstitutional, says ''crowd'' can''t elect chairman
Seven sustain burn injuries as bus catches fire in road accident
Rahul renews attack on BJP, Modi during ''thanksgiving'' visit to Wayanad
INTERNATIONAL NEWS
Hong Kong police clear streets as protesters move to park
 Hong Kong: Protesters in Hong Kong left the streets, averting possible clashes Monday after haggling
Argentina, Uruguay restore power after massive blackout
Hong Kong activist Joshua Wong walks free, calls on leader to resign
Hong Kong leader apologises as massive rally chokes city
NATIONAL NEWS
2 terrorists, 1 jawan killed in Anantnag encounter
 Srinagar: Two terrorists were killed in a gunbattle in Anantnag district of Jammu and Kashmir Tuesda
Don't bother about numbers, your every word is valuable: PM to Oppn
Kejriwal seeks action against cops for thrashing driver
Amarinder seeks Shah's intervention in streetfight between cops and driver in Delhi
Untitled Page
Rashtra Deepika LTD
Copyright @ 2019 , Rashtra Deepika Ltd.