Supreme Court Refuses Stay On Tata, Adani Power’s Compensatory Tariff Hearing
In some positive news for Adani Power and Tata Power, the Supreme Court today refused to stay proceedings before the electricity regulator on compensatory tariff to the two companies for their Ultra Mega Power Projects.
The apex court's order came after Energy Watchdog, a non-profit organisation, challenged an earlier order by the Appellate Tribunal for Electricity, giving partial relief to Tata Power and Adani Power in April.
APTEL had remanded the compensatory tariff case to the Central Electricity Regulatory Commission and directed the commission to decide the rate of compensation for both companies. CERC was also asked to grant compensation within the limits of Power Purchase Agreements signed with distributors.
The two firms have PPAs with state utilities including Haryana, Gujarat, Uttar Pradesh, Rajasthan, Maharashtra and Punjab for supply of electricity from imported coal. Both Tata Power and Adani Power UMPPs run on imported coal.
Adani Power and Tata Power have been fighting for compensation since 2012, citing increase in Indonesian coal prices due to changes in local laws. The tribunal allowed the two firms compensation under the force majeure clause that allows companies exemption from liability in case of unavoidable events.
The CERC's final order is expected by September 7 and the apex court will consider the order passed by the electricity regulator on September 14.
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