Power giant NTPC has issued notices to Tangedco as well as discoms in Karnataka and Telangana for not paying dues of 1,379.77 crore.
Power generated by three units of 500MW each by NTPC-Tangedco joint venture NTPC TN Energy Company at Vallur has provided power to these discoms but since November last year the companies have not paid dues to NTPC.
Tangedco has the highest due of 1,156.05 crore. The joint venture company has warned that supply would be cut if the money is not paid forthwith.
“As per terms of the power purchase agreement (PPA), payments for energy bills are to be made by the due date. However, Tangedco has not been making the payments as agreed,” said NTECL chief executive officer M Siva Rama Krishnan in a notice addressed to Tangedco on Tuesday. The company has threatened to shut off power to Tangedco from April 26 if the dues are not settled.
Similarly, the joint venture company sent notices to the Hubli Electricity Supply Company, the Gulbarga Electricity Supply Company and Transmission Corporation of Telangana. The two discoms of Karnataka owe 89.57 crore and Telangana 134.15 crore.
Nearly 70% of the power generated by the three units is being purchased by Tangedco at 5.51 per unit. “We have a 60-day credit facility with NTECL. Around 400 crore is overdue. We will clear the amount at the earliest. We have also invested 250 crore in the equity of the joint venture company,” a senior Tangedco official told TOI.
The Tamil Nadu discom has stopped purchase of power from NTECL as the cost of power is pretty high. It is also upset that unlike other power companies, NTECL does not offer any discount in the per unit price of power. Enos Slaughter Authentic JerseyShare This