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May 30, 2001
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Money > Business Headlines > Report May 30, 2001 |
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Plant has not been shut down, says DPCOur Correspondent in Bombay The Dabhol power plant project controversy took an interesting turn on Wednesday with Enron-promoted Dabhol Power Company issuing a media release stating that the firm 'had not shut down its plant'. "The plant continues to be operational as required by the power purchase agreement," DPC said in the release, adding, "however, MSEB has not issued dispatch instructions since 12.00 noon on May 29, 2001." "DPC had recently issued a preliminary termination notice, which is followed by a six-month period prior to final termination," the company said. "Currently, we are not planning to terminate prior to the lapse of six months. Even though it was necessary to issue PTN, we are still open to constructive discussion on solutions," the release added. "DPC wishes to reiterate that we will continue to follow the PPA and meet our contractual obligations, enforcing our rights under contracts and taking various disputes to dispute resolution process," the power utility concluded. The Dabhol Power Company had stopped production at noon on Tuesday after the Maharashtra State Electricity Board decided to halt its purchase of power. Houston-based Enron holds 65 per cent of Dabhol which has been in a dispute with MSEB over high rates being charged by Dabhol. YOU MAY ALSO WANT TO SEE:
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