Lanco asks UP discoms to buy out its Anpara C plant

Feb 25 2013, 01:44 IST
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Uttar Pradesh Power Corporation Uttar Pradesh Power Corporation
SummaryLanco Infratech, which has stopped supplying power to the Uttar Pradesh Power Corporation due to mounting unpaid dues, has asked the four distribution companies of the state power utility to enter into discussions with it to “commence the process of buyout of its Anpara C plant” in Sonebhadra district of the state.

with the payments made.

Additionally, it submits that “in public interest, the company is willing to supply power to the buyers till the completion of the buyout of the plant. However, the same shall be on a tariff determined by the Commission as…in view of the changed circumstances, the petitioner is no longer able to supply power at the same rates,” adding that due to the “fundamental change in the terms and effects of the PPA…it is no longer sustainable or viable for the project to continue on the basis of the initial contemplation between the parties”.

Having said that, the petition sums up that keeping in view public interest, “The company is willing to proceed further with the project, provided the tariff is regulated by the Commission taking into account the accumulated losses to ensure that the project remains sustainable and viable.”

Pulling the plug

* Ballooning Uttar Pradesh Power Corp dues & changes in coal policy forces Lanco Infra to end PPA with Uttar Pradesh

* Lanco also prays for an order determining new tariff for supply to the 4 UP discoms till the buy-out is completed

* As an alternative to the buyout, it suggests that the state power regulator pass an order determining new tariff

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