Maharashtra Chief Minister Devendra Fadnavis announced on Wednesday that electricity tariffs in the state would be slashed by 26% over the next five years, with an unprecedented 10% reduction implemented in the first year.
"For the first time in the history of the state, electricity rates will be reduced by 10% in the first year and 26% in five years in phases. We are grateful to the Maharashtra State Electricity Regulatory Commission for giving this verdict on the petition of Mahavitaran," Fadnavis, who holds the energy portfolio, posted on X.
The tariff reduction measure will benefit domestic, industrial, and commercial consumers.
Fadnavis said that the maximum rate reduction of 10% will be achieved for 70% of consumers using less than 100 units of electricity.
He also said that the Mukhyamantri Saur Krishi Vahini Yojana 2.0 work is underway on a war footing to ensure day-time and reliable electricity supply to farmers.
"Along with this, due to the large emphasis on green energy in the power purchase agreements in the coming period, there will be savings in the cost of purchasing electricity," he added.
(With inputs from PTI)
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