MERC scraps amended PPA of MSEB, RPPL
THE Maharshtra Electricity Regulatory Commission (MERC), in a major ruling on Wednesday, scrapped the amended power purchase agreement (PPA) between the Maharashtra State Electricity Board (MSEB) and the Reliance Patalganga Power Ltd (RPPL) for 447-MW combined cycle power project and termed it as “null and void.”

ONGC, Gail likely to enter into gas purchase agreement
OIL and Natural Gas Corporation (ONGC) and Gas Authority of India Ltd (Gail) are planning to enter into a long-term gas purchase agreement. This is being done to cap the fluctuations in the natural gas prices and also to ensure constant gas supply to Gail and its customers, which include, power, fertiliser and heavy metal industries.

IBRD, ADB keen on funding power sector reform schemes
MULTILATERAL agencies like the World Bank and Asian Development Bank (ADB) seem to be re-orienting their strategies on funding power sector projects in India. The World Bank, as per senior government officials, is showing reluctance to take up funding of generation projects and is instead keen on funding power sector reform-related activities only.

Export target may be finalised in two weeks
COMMERCE secretary Prabir Sengupta has said that the export target for the current fiscal would be finalised in two weeks’ time and it was not likely to fall below last year’s target of 18 per cent.

Framework to restrict imports of agro products to be ready by July
COME July, and the commerce ministry would be ready with the procedural framework required to restrict imports of agricultural commodities into the country.

‘India respects SE Asia as nuclear weapon free zone’
STRESSING that the security of India and the Asean countries are closely interlinked, Prime Minister Atal Behari Vajpayee on Friday said New Delhi respects the status of south east Asia as a nuclear weapons free zone and is willing to convert this recognition into a de jure commitment.