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June 30, 2001
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Money > Business Headlines > Report June 30, 2001 |
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Prabhu welcomes foreign investment in powerBS Economy Bureau Union minister for power Suresh Prabhu has welcomed foreign investments in the country's power sector and has reassured investors that notwithstanding the controversy surrounding the Enron project, the Centre is committed to upholding the sanctity of contracts, the safety of investments and the guarantee of payments. The country's total domestic savings may not be sufficient to achieve growth in the power sector and foreign investments are vital for capacity augmentations in the sector, Prabhu said in New Delhi on Friday. The government will bring the comprehensive Electricity Bill during the Monsoon Session of Parliament that will allow generators to sell electricity directly to the consumers, he said at a meeting of the American Chamber of Commerce of India. Experience, like that in the case of Tata's, BSES and CSES, has shown that power generation only becomes a viable proposition when the generator sells power directly to the consumers, he said. The government will soon announce a new captive power policy that will provide incentives to captive power producers to wheel excess capacity in the grid, he said. India has 15,000-20,000 mw of excess captive power capacity which can be wheeled into the grid by paying suitable wheeling charges, Prabhu said. The Central Electricity Authority, along with the water resources department, was presently doing an assessment of the exploitable hydro potential in the country, he added. India has close to 150,000 mw of hydro-electric generation potential. "Countries like Canada, Sweden, Norway, Denmark, Finland, Spain and Austria have envisaged interest in exploiting the country's hydro potential," he said, adding the hydro potential would be harnessed through international competitive bidding. Powered by YOU MAY ALSO WANT TO READ:
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