UPERC asks solar power project developers to lower tariffs

The Uttar Pradesh Electricity Regulatory Commission (UPERC) has issued a letter to 15 solar power project developers, asking them to lower solar tariffs in the earlier signed contracts. After the New Energy Development Agency, the state’s nodal agency for renewable energy, declared the results of the auction held in 2015, it signed contracts with 15 developers at tariffs ranging from Rs 7.02 per kWh to Rs 8.60 per kWh. The commission has now asked the developers to reduce the prices to Rs 7.02 per kWh, which is the price that was proposed by the lowest bidder during the auction. This comes after a steep fall in solar tariffs in the past two years.