Torrent Power and Lanco Group have emerged as the lowest bidders in an online auction to supply natural gas-fired power during periods of high electricity usage.
A unit of NTPC had issued a tender seeking 4,000 MW of gas-fired power, but bids were received for only 1,307 MW as per documents of its power trading affiliate, NTPC Vidyut Vyapar Nigam. The companies emerged as the lowest bidders, however, the contracts are yet to be awarded,
Torrent Power's DGEN Power plant in Gujarat offered to supply 770 MW of power at Rs 5.63 per kWh, while Lanco's gas-fired plant offered to supply 355 MW at Rs 7.02 per kWh.
India's daily electricity demand is predicted to rise to a record 256.5 GW in September 2024, against 243 GW in September last year, according to the Central Electricity Authority (CEA).