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Maharashtra signs MoUs with eight power companies

Tuesday, 05 Apr 2005
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The Maharashtra government on 4 April 2005 signed agreements with eight leading power companies for new generation projects aggregating 12,500 MW. These projects costing Rs.50,000 crore will come up over the next five years.

Promoter Capacity (MW)
Reliance Energy 4,000
Tata Power 1,500
Ispat Group 1,000
Essar Group 1,500
Spectrum Power 500
GMR Group 1,000
Jindal Group 1,000
Central India Power Co 2,000
Total 12,500

The development follows the power crisis that Maharashtra is facing with MSEB unable to cope up with the growing power demands.

As per the MoU, the Maharashtra government will assist these power producers in acquiring land and establishing fuel and water linkages. It will also offer fiscal incentives like stamp duty and octroi duty exemptions and lower tax on electricity sales.

The power producers will have to sell half the power produced to any customer within Maharashtra, not necessarily to the State Electricity Board.

The MSEB will purchase power from these companies at a rate approved by the Electricity Regulatory Commission through competitive bidding. However, the government will not be bound by any "take-and-pay" mechanism.

The State Government has assured the power producers, payment guarantees for up to 2,000 MW or 50 per cent of power purchased by MSEB in the first five years.

The state expects the power companies to submit detailed project reports within the coming six months. It hopes that the projects will achieve financial closure in a year's time.

It is estimated that the state will experience a power shortage of 7,700 MW by 2010.

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