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Energy disaster forces states to pay dues

Energy disaster forces states to pay dues

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MUMBAI: The power crisis has come to the help of impartial producers who had been discovering it tough to recuperate electricity dues from state governments. It has additionally given a contemporary lease of life to energy tasks going through liquidation. In its assembly on operationalising commissioned power plants, the facility ministry bought states to agree on funds to energy producers.
Within the case of IL&FS Tamil Nadu Energy, which has two tasks of 600MW within the southern state, it was determined within the assembly that Tangedco, which distributes energy in Tamil Nadu, would pay Rs 75 crore each week to liquidate round Rs 1,500 crore within the subsequent 5 months. Lenders led by Punjab National Bank have agreed to facilitate the restructuring of the plant. The corporate would even be allowed to promote steadiness energy to different states.
Over the last assembly, it was mentioned that Tangedco would prolong the pass-through association for the facility buy settlement (PPA) till December 2022. After that, 900MW (600MW in PPA and 300MW in short-term PPA) shall be tied up with Tangedco and steadiness energy shall be bought to different discoms/change.
“This can be a welcome step that may assist ITPCL scale up its energy technology to most capability and care for its short-term fund necessities. The corporate has additionally been going through extreme challenges in restructuring its loans, pending receivables by Tangedco and PTC to the tune of round Rs 4,000 crore. These funds will even assist the brand new board in its restructuring efforts of ITPCL,” mentioned IL&FS spokesperson Sharad Goel.
The assembly was attended by bureaucrats, NTPC officers, lenders and impartial energy producers. It was additionally agreed within the assembly that the general public sector NTPC will function two coal-fired thermal energy tasks – SKS Energy and Meenakshi Power – which can be going through insolvency proceedings.
Within the case of Meenakshi Power, State Financial institution of India has agreed to supply working capital with NTPC being entrusted to function the plant. The decision skilled has been given a goal date of Might 31 to start out operations on the two 150MW items.

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