Also read: Adani to remain on edge until CERC panel verdict: SBI Cap
The company had approached the Central Electricity Regulatory Commission (CERC) last year, seeking revision in tariff from its 1,980-MW Mundra project in Gujarat saying increase in imported fuel cost.
CERC in its order has said that in order to offset increase in cost of imported coal, till the international price of the commodity is stabilised, the company should be provided with some relief.
"In the present case, the escalation in price of imported coal on account of Indonesian Regulation and non-availability of adequate fuel linkage from Coal India for the project of the petitioner (Adani Power) is a temporary phenomenon and s likely to be stabilised after some time," the order said.
"Therefore, the petitioner needs to be compensated for the intervening period with a compensation package over and above the tariff discovered through the competitive bidding," it added.
The compensation package will be called 'compensatory tariff' and it could be variable in nature in proportion with the hardship that the company is suffering on account of the unforeseen events, it said.
It had led to non-availability of coal linkage or increase in international coal price affecting the import of coal which has further impacted its performance under the PPAs (Power Purchase Agreements), the order said.
Accordingly, CERC has also directed constitution of a Committee consisting of the Principal Secretaries of the concerned states and CMDs of the concerned distribution companies, chairman of the Petitioner company or his nominee, an independent financial analyst and an eminent banker to recommend the compensatory tariff within a period of 1 month.
However, S Jayaraman, Member, CERC said in a dissenting note that renegotiation of tariff cannot be ordered when such tariff has been discovered through the International Competitive Bidding process.
"The renegotiation of tariff in such cases defeats the competitive bidding process. The company through its own economics decided to bid for non-escalable energy charges, presumably based on its mining interest in Indonesia," he said.
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