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Maharashtra announces electricity rate cuts, to slash 26% in 5 years
According to Devendra Fadnavis, the slash will start at 10 per cent in the initial year, the first time in the state's history.
Electricity Consumers in Maharashtra received great news on Wednesday, as chief minister Devendra Fadnavis announced that power tariffs in the state will be slashed by 26 per cent in five years.
According to Fadnavis, the slash will start at 10 per cent in the initial year, the first time in the state's history.
"For the first time in the history of the state, electricity rates will be reduced by 10 per cent in the first year and 26 per cent in five years in phases. We are grateful to the Maharashtra State Electricity Regulatory Commission (MERC) for giving this verdict on the petition of Mahavitaran," Fadnavis, who holds the energy portfolio, posted on X.
The announcement comes amid reports of petitions submitted to MERC for a 10 per cent increase in electricity tariffs. However, Mahavitaran filed a petition to reduce electricity tariffs, also a first in Maharashtra's history. Fadnavis said that the petition was accepted by the MERC.
What will the Maharashtra electricity tariff reduction order cover?
The order reducing electricity rates in the state of Maharashtra will apply to all three categories of consumption: domestic, industrial, and commercial.
According to Devendra Fadnavis, 70 per cent of state consumers in the state who use less than 100 units of electricity per month will achieve a maximum rate reduction of 10 per cent.
The chief minister also said that the Mukhyamantri Saur Krishi Vahini Yojana 2.0 work is underway on a war footing to ensure day-time and reliable electricity supply to farmers. He pointed out that one change in the future power purchase agreements will reduce the cost of purchasing electricity.
"Along with this, due to the large emphasis on green energy in the power purchase agreements in the coming period, there will be savings in the cost of purchasing electricity," he added.
