Power regulator wants info on every rupee earned | delhi | Hindustan Times
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Power regulator wants info on every rupee earned

delhi Updated: Jun 10, 2010 23:10 IST
HT Correspondent

In yet another twist in the ongoing saga on power tariff, the Delhi Electricity Regulatory Commission (DERC) has asked the three private discoms to disclose complete amount of money the companies earned from selling surplus power in 2009.

Earlier this year, the discoms, while claiming that they had exhausted their monetary resources after spending "exceptionally high" amounts on power purchase, had submitted a special petition seeking "limited true up" of their power purchase cost in the financial year 2009-10.

But the DERC has found that in their petition the discoms have hidden the revenue they earned while going on and on in detail about the money they spent.

"(The) Discoms want to hide this figure because if the DERC takes into account the money the companies earned in 2009-10 from selling power, then their combined profit will be more than Rs 500 crore," said a source in the Power department.

According to the source, rule 5.42 of the Multi-year Tariff (MYT) order, which forms the basis of the tariff determination process, discoms will get their return on "uncontrollable expenses", involving purchase as well as sale of power.

A few days ago in separate letters to the discoms, the DERC had, after quoting audited accounts, revealed that the three discoms had a surplus of around Rs 1,000 crore and that their credit rating in the finance markets have improved considerably. All three discoms, however, refuted this.

The government on Wednesday claimed that the discoms were in a severe cash crunch, which compelled it to stall tariff determination process.