Saturday, January 13, 2007

Jamnagar - Essar begs 1000 MW Plant

Essar Power has finally bagged a power project from the Gujarat government after a long bidding process.

The project estimated at Rs 40 billion, essentially envisages a 1,000 MW imported coal based power project in Jamnagar.
Essar Power had quoted Rs 2.40 per unit as the lowest bid for the power project as against China Light & Power Hong Kong, Tata Power, Torrent Power who were also in the race.

Recently, the appellate electricity tribunal set aside the Central Electricity Regulatory Commission`s (CERC) order prohibiting Essar Power from selling electricity to trading companies and entering into pacts with distribution companies directly for its 1,500 MW project in Gujarat.

Essar, which is likely to commission 750 MW capacity by April 2007, had entered into a memorandum of understanding (MoU) with PTC in August 2004, under which it agreed to sell the entire power to the trading company for 25 years. PTC, in turn, was to sell the electricity to state utilities.


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