Gujarat Industries Power Company has inked formal agreements for subsidy to buy expensive imported gas to produce 17.59 million units of electricity during six months period ending on March 31.
"The company signed agreements on September 30, 2015, under the Power System Development Fund (PSDF) support scheme (Phase II)... For gas-based power plants receiving domestic gas," Gujarat Industries Power Company said in a BSE filing.
According to the statement, the PSDF support agreement with the Power Ministry envisaged generation and supply of incremental 17.59 million units (MUs) of electricity to the state grid during October 1, 2015 and March 31, 2016.
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The other agreement was signed with GAIL for supply of 39.61 million units.
The power purchase agreement (PPA) sealed with GUVNL (Gujarat Urja Vikas Nigam Ltd) is meant for generation and supply of incremental 17.59 million units of electricity to the state grid.
