APTEL asserts SERCs cannot modify tariffs in Renascent Power’s case

The Appellate Tribunal for Electricity (APTEL) has asserted that the state electricity regulatory commissions cannot alter tariffs determined through competitive bidding in the case of Renascent Power Ventures’ 1,980 MW Bara thermal power plant (TPP). Renascent Power had approached APTEL against the Uttar Pradesh Electricity Regulatory Commission’s (UPERC) demand to reduce the power tariff of the Bara TPP, which was acquired from the Prayagraj Power Corporation (part of Jaiprakash Associates Limited) under a debt resolution scheme implemented by lenders of the project. The project was initially bid at a tariff of Rs 3.02 per unit through tariff-based competitive bidding in 2010.