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Earlier, Punjab State Electricity Corporation Limited (PSPCL) filed a petition to fix a tariff for 250 MW of solar power, for which the Punjab State Electricity Regulatory Commission (PSERC) has approved rates in its latest order.
The Commission authorized the purchase of 100 MW of solar power from ReNew Dinkar Jyoti at a cost of Rs 2.33/kWh and 150 MW of solar power from Adani Renewable Energy Holding Fifteen at a cost of Rs 2.34/kWh.
On May 1, 2021, PSPCL solicited bids for 250 MW of solar electricity from projects situated anywhere in India. The tender’s maximum tariff was set at Rs 2.50/kWh.
Later, the Commission granted some deviations requested by PSPCL, as well as the necessary changes to the tender papers.
Following the e-reverse auction, ReNew Dinkar Jyoti was granted 100 MW at Rs 2.33/kWh and Adani Renewable Energy Holding Fifteen was given 150 MW at Rs 2.34/kWh.
In its report, the state distribution company (DISCOM) asserted that the Commission had imposed an 8% solar renewable purchase obligation (RPO) objective for the fiscal year 2022-23.
DISCOM further stated that the tariffs of Rs 2.33/kWh for 100 MW and Rs 2.34/kWh for 150 MW were competitive and advantageous to PSPCL and its customers.
The project’s commercial operating date was 18 months from the date of the power purchase agreements (PPA) implementation and is expected to be commissioned in the fiscal year 2023-24, assisting PSPCL in meeting its RPO obligations.
The Commission noticed that the above mentioned price was determined through a transparent bidding procedure in accordance with the rules established by the Ministry of Power under Section 63 of the Electricity Act.
Furthermore, the state regulator stated that the tariffs of Rs 2.33/kWh and Rs 2.34/kWh discovered through the e-reverse auction procedure were competitive and appropriate under the current conditions.
Given this, the Commission authorized the acquisition of 250 MW of solar electricity and the rates for the aforementioned projects.