New Delhi: Adani Power said on Wednesday that its subsidiary, Adani Power Maharashtra Ltd's (APML) demand for compensation has been accepted by the Maharashtra Electricity Regulatory Commission (MERC). The company had demanded a compensation from MERC for the non-availability of coal at Lohara coal block.
In a regulatory filing on Wednesday, APML informed its shareholders that the compensation has been granted with respect to the 1,320 MW power purchase agreement (PPA) signed on September 8, 2008. The PPA was signed by APML with Maharashtra Electricity Distribution Co Ltd (MSEDCL) for its power plant at Tiroda in Maharashtra. Adani Power Maharashtra Ltd runs Tiroda plant.
"APML has been allowed compensation on account of non-availability of coal from Lohara coal block by Maharashtra Electricity Regulatory Commission (MERC)," a company statement said.
The coal mine allocated to Tiroda plant — Lohara coal block — was de-allocated and Adani Power had to make alternative arrangement for fuel supplies at a higher cost. Tiroda thermal power station has an installed capacity of 3300 MW (5X660 MW supercritical units). Of these, two units have been tied up under the PPA signed in 2008 and three have been tied up under separate PPAs executed with MSEDCL for 1,765 MW.
The de-allocation of the Lohara coal block by the coal ministry qualifies as 'Change in Law' and therefore, APML is entitled to a compensation for it.
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Also, APML is entitled to claim carrying costs on the claim amount till the date of the subject order, it added.