Lanco, Dabhol bag half of gas in e-auction by power ministry
- Is India an outlier when it comes to tax-GDP ratio?
- Recovery eludes telecom firms as Reliance Jio returns to tariff war
- Light at the end of the NPA tunnel for Axis Bank
- Paytm valuation pegged at $10 billion after secondary share sale
- What Idea Cellular took 17 years to achieve, Reliance Jio did in 16 months
New Delhi: Lanco Kodapalli Power has secured the highest allocation of 3.11 mmscmd of gas followed by Dabhol project at 2.43 mmscmd for 6 months till March in an e-auction by power ministry.
The auction for supplying 9.93 mmscmd gas for a six-month period till March, 2017 was conducted on Saturday by the ministry under Power System Development Fund (PSDF), an initiative to revive the stranded gas based power plants. With secured gas supplies, the 9 plants that emerged as the lowest bidders will generate a total 8.81 billion units of electricity, which would be supplied at or below Rs.4.70 per unit for the said period.
“The Lanco Kodapalli Power has been allocated 3.11 mmscmd gas for a period of six months till March next year and it will generate 2.8 billion units of electricity during the period,” an official said. The second highest allocation of 2.43 mmscmd was secured by Ratnagiri Gas and Power, also known as Dabhol project. It will generate 2.17 billion units of electricity during the said period, the official added.
Pioneer Gas Power and GMR Vemagiri Power Generation secured 1.08 mmscmd and 1.03 mmscmd respectively and would generate close of a billion unit of electricity each in the six-month period. Similarly, Sravanthi Energy (0.80 mmscmd), Gvk Industries (0.63 mmscmd), Gama Infraprop Private (0.48 mmscmd), Panduranga Energy Systems Private (0.32 mmscmd) and Beta Infratech Private (0.05 mmscmd) have also secured gas supplies under the auction.
The gas supplies to these nine plants involve government support of Rs.187.14 crore from the PSDF. The reverse e-auction is the fourth phase of auctions conducted under the Scheme for Utilisation of Stranded Gas Based Generation Capacity. The grid-connected gas based power generation capacity in the country is 24,150 MW. Of this, a capacity of 14,305 MW had no supply of domestic gas. These comprise 29 plants eligible to participate in the auction process held on Saturday. As many as 14 plants with a cumulative installed capacity of 7,575 MW participated in the auction process.