In a major relief for Tata Power, the Central Electricity Regulatory Commission (CERC) asked five state utilities to compensate the firm for the rise in the imported cost of coal.
Tata Power is said to have incurred a loss of Rs 1,873 crore as on July 2012 owing to the rise in the imported cost of coal from Indonesia used at its 4,000 mw Mundra ultra mega power project (UMPP).
Therefore, CERC directed the state utilities of Gujarat, Maharashtra, Rajasthan, Punjab and Haryana to compensate for the loss.
Further, CERC asked Tata Power and the states to constitute a committee to study the impact of the price escalation of the Indonesian coal on the project viability.
Under 'Change in Law' and 'Force Majeure' provisions in the power purchase agreements with state utilities, the Tata group firm claimed relief.
According to most members of the CERC, compensation for power producer is the most pragmatic way to make the PPAs workable while ensuring supply of power to the consumers at competitive rates.
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