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| Exchange Disseminated Time 07/12/2016 19:31:28 | Tata Power Company Ltd has informed BSE that Post Central Electricity Regulatory Commission's (CERC) order dated February 21, 2014 wherein CERC granted compensatory tariff to Coastal Gujarat Power Limited (CGPL), the Procurers had approached Appellate Tribunal for Electricity (APTEL) against the same. APTEL, while setting aside the order of CERC, ruled that the promulgation of Indonesian Regulation is a Force Majeure Event and remanded the matter to CERC to assess the impact of Force Majeure Event on Mundra UMPP of CGPL and give such relief as may be admissible under the PPA.
CERC, in its order dated December 06, 2016 (posted on site on December 07, 2016), has given a mechanism for assessing the relief under Force Majeure. The arrears for the past period shall be paid in six equal monthly instalments by the Procurers in proportion to their share in the contracted capacity, from the date the CERC order is permitted to be implemented by the Hon'ble Supreme Court. CGPL shall accordingly work out the relief for the past as well as the future period based on the mechanism specified by the CERC and shall bill the same on a monthly basis, which shall be trued up annually. Further, adjustments for mining profits corresponding to the quantity of coal supplied to Mundra UMPP from the mines in which Tata Power has a stake shall be carried out at the time of annual reconciliation as the principles specified in the Order.
The Order is being studied and the exact benefit would be worked out after detailed reading of the Order. |
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