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May 28, 2001
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Money > Business Headlines > Report May 28, 2001 |
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Crucial DPC, MSEB meet on TuesdayThe stage has been set for the crucial meeting on Tuesday between Maharashtra State Electricity Board and Enron-promoted Dabhol Power Company to renegotiate the power purchase agreement. The Maharashtra Electricity Regulatory Commission will also hear a petition filed by MSEB against DPC for their non-performance as per the PPA, on Tuesday. Confirming its attendance at the re-negotiation committee meeting, DPC official sources said that the company is looking forward to hear the proposed solutions from Godbole committee mainly related to power purchase. Sources said: "We will stick to our earlier stand of May 22, that there should not be any fresh proposal." On being asked about attending the Maharashtra Electricity Regulatory Commission which was also slated to hear a MSEB petition on Tuesday at 1500 hrs in south Mumbai, the official declined to comment on it saying: "I do not want to confirm it nor do I want to deny it." The re-negotiation committee was appointed by the Maharashtra government about a month back headed by former bureaucrat Madhav Godbole. The first meeting scheduled for May 5, was cancelled as Enron sought more time to attend the meeting, while the second meeting which was held on May 11 concluded without any transaction in which, of the nine members, five including central nominee A V Gokak were absent. Later, it was fixed for May 23, which also had to be cancelled in wake of the resignation by the committee chairman Madhav Godbole following remarks by NCP chief Sharad Pawar about the negative attitude of the renegotiation committee. However, the state Cabinet unanimously decided not to accept his resignation. Maharashtra Chief Minister Vilasrao Deshmukh wrote a letter to him after the Cabinet meeting stating that "the state government has full faith and confidence in his working, and urge you to withdraw your resignation as the chairman of the committee." An MSEB official felt that the success of the re-negotiation would largely depend on the co-operation of DPC officials as well as the Union government, particularly over the issue of the second phase's 1444 mw power offtake. The second phase would be commissioned from October this year. After the commencement of second phase, the MSEB will have to pay Rs 5 billion per month from the beginning of next year, which is unaffordable for the MSEB. Phase-I, comprising 740-mw power, was commissioned three years ago, but the cost of the power from the plant based on imported naphtha has made a dent in the profitability and margin of the state-owned electricity board. The renegotiation committee meeting will be headed by Madhav Godbole, energy secretary V M Lal, MSEB chairman Vinay Bansal, finance secretary Srivastav and central nominee A V Gokak. The DPC team would comprise DPC chief K Wade Cline, president Neil McGregor, chief financial officer Mohan Gurunath, vice-president Sanjeev Khandkar and Mukesh Tyagi. UNI YOU MAY ALSO WANT TO SEE:
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