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UPERC asks Adani Electricity Jewar Ltd to submit affidavit on financial status
The commission also sought a five-year business plan outlining year-wise roll-out and capital investment, including working capital requirements,submission of capital adequacy and creditworthiness information regarding net worth and internal resource generation
LUCKNOW The UP Electricity Regulatory Commission (UPERC) on Tuesday directed Adani Electricity Jewar Ltd to file an affidavit with regard to its net financial worth, among other things, within next two weeks before the commission could admit its petition for the grant of parallel distribution licence for Gautam Buddh Nagar district and Ghaziabad municipal area.
The order uploaded by the commission on its website stated that it would take a call on whether the licence could be granted or not as per the law only after Adani company’s application for licence was accepted.
“While the commission will separately address the applicant’s qualifications concerning the minimum area of supply for the proposed licence area, the applicant is required to submit the following information through an affidavit,” the commission said in its order on admissibility of the petition.
Among the details sought by the commission include a clear and concise description of the proposed licence area, with a legible map and single-line diagram of the parallel distribution network to be implemented, a confirmation that the entire proposed licence area is contiguous, with no regions omitted from the proposed Municipal Corporation of Ghaziabad and revenue district of Gautam Buddh Nagar, an explanation of the basis and rationale for the estimated investment calculation, supported by comprehensive documentation and cost breakdowns for various equipment and elements according to relevant cost data books.
The commission also sought a five-year business plan outlining year-wise rollout and capital investment, including working capital requirements and submission of capital adequacy and creditworthiness information regarding net worth and internal resource generation.
“The applicant is directed to submit the above information within two weeks from the date of issue of this order to enable the commission to proceed further as per rules,” the order said.
UP Rajya Vidyut Upbhokta Parishad chairman Avdhesh Kumar Verma, who is a party in the matter, claimed that Adani’s application was not worth admitting under the Central government’s guidelines. “The application is liable to be rejected on technical grounds,” he claimed.
