 "CERC asks JP Power to expedite Karcham Wangtoo tariff petition")
The direction from the Central Electricity Regulatory Commission (CERC) came after the utility sought withdrawal of provisional tariff petition related to the plant.
This is one of the three hydropower projects being sold by Jaypee group to Reliance Power in a Rs 12,000-crore deal and regulatory uncertainties around tariff issues of this plant have been threatening to delay the transaction.
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JPVL has informed the regulator that an interim arrangement for payments for electricity supplied from Karcham Wangtoo has enabled it to meet immediate financial obligations, according to the Record of Proceedings (RoP) available with the CERC.
Against this backdrop, JPVL has filed for withdrawal of earlier application where it had sought grant of provisional tariff for this project.
As per the RoP dated September 16, the Commission has directed the company to "expedite filing of the tariff petition for the period 2014-19... In order to determine the tariff of the generating station for the period 2014-19".
Besides, the watchdog has asked for submission of agreement for an interim arrangement for payment of amounts to the petitioner against the power supply with effect from April 1, 2014.
The matter would be next heard on September 30.