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Indian Government launches pilot scheme to procure 2500 MW from stressed power companies

   May 2, 2018        177   

Indian government has launched a pilot scheme for procuring 2,500 mw of power on competitive basis for three years from generators with commissioned projects but without power purchase agreements.

The scheme is aimed reviving power demand, as muted demand growth at a time when the industry expanded its capacity has affected the generators not having power purchase agreements (PPAs), the government said in a release.

“Under the scheme, a single entity can be allotted maximum capacity of 600 mw,” the release said. “The scheme assures a minimum offtake of 55% of contracted capacity. The tariff will be fixed for three years without escalation,” it said. Power Finance Corp’s arm PFC Consulting is the nodal agency and PTC India is the aggregator for the scheme.
Power generators have been under stress. Many units have been running at low capacity and struggling to repay their loans. An estimated 15.6 gigawatts of coalfired power plants have been identified as stressed assets as discoms are not signing PPAs with them. Under the new scheme, PTC India would sign three-year (midterm) pacts for power procurement with successful bidders and power supply agreement with the state-run power discom.

From The Economic Times

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