Gridco in eye of storm over energy buying and selling cope with Vedanta Resources
2 min read
Express News Service
BHUBANESWAR: State-owned energy buying and selling firm, Gridco, is within the eye of a storm for displaying undue favour to Vedanta Resources in sale of energy at an abysmally low charge when electrical energy costs had been hovering at extraordinary excessive ranges at vitality exchanges.
Informed sources mentioned Vedanta had procured round 250 MW energy for its captive producing plant (CGP) at Jharsuguda at a negotiated worth of Rs 3 per unit in opposition to Rs 7.80 per unit fastened by the Odisha Electricity Regulatory Commission (OERC) for emergency energy. Vedanta which has a 1.6 MTPA aluminium smelting plant and three,615 MW thermal energy technology facility at Jharsuguda sourced electrical energy on the most cost-effective worth when the identical was being traded at over Rs 13 per unit on the energy exchanges.
As per the OERC tariff order, vitality fees for top rigidity (HT) and further excessive rigidity (EHT) class at 60 per cent above load issue is Rs 4.75 and Rs 4.70 per unit whereas the value at beneath 60 per cent load issue is Rs 5.85 and Rs 5.80 per unit respectively. While some within the buying and selling utility shift the blame to Tata Power Western Odisha Distribution Limited (TPWODL), sources conversant in the event mentioned an intensive investigation will knock out many skeletons from the Gridco cabinet.
The second occasion of company benevolence by Gridco to Vedanta was discovered through the sale of 130 MW of energy although public sale route. Gridco floated tender to promote 130 MW energy to State CGPs conserving the bottom worth at Rs 3.51 per unit. Three corporations having captive energy crops – Sree Metaliks, Vedanta and SMC Power Limited bid for the bucket filling surplus energy of Gridco.
Highly positioned sources in Gridco mentioned Sree Metaliks opted out noting that the bottom worth fastened by Gridco is greater than the market worth of electrical energy. While SMC Ltd quoted Rs 4.01 per unit for 10 MW, Vedanta provided to pay Rs 3.68 per unit. As per the order of OERC, the value on the market of such surplus energy to State CGPs shouldn’t be lower than Rs 4.50 per unit. The increased worth quoted by a bidder ought to be the value for all.
In contravention of the OERC order and with out taking the approval of the Chairman of the Gridco Board of Directors, the commerce wing of the buying and selling utility agreed to the cheaper price provided by Vedanta. At a conservative estimate, Gridco has sustained losses of Rs 30 crore within the two offers.
After coming to know in regards to the matter, Principal Secretary Energy cum Gridco Chairman Nikunja Dhal has sought a proof from Managing Director Trilochan Panda on how such massive buying and selling choices had been taken with out his approval and intimation to the State authorities. Meanwhile, Gridco has cancelled each offers.
