Power firms should work for amicable solution: Aptel

By: |
New Delhi | November 4, 2014 6:24 AM

The tribunal said that it was hearing the appeal on a day-to-day basis as per the SC’s direction.

The Appellate Tribunal for Electricity (Aptel) said on Friday that while it will continue hearing the matter related to compensatory tariffs, which involves Tata Power, Adani Power and their procurers, the parties should work on negotiating an amicable solution.

State utilities of Gujarat, Haryana, Maharashtra, Punjab and Rajasthan have long-term power purchase agreements with the two producers.

They  moved Supreme Court against the tribunal’s interim order that partly upheld central electricity regulatory order allowing developers to recover higher cost of fuel from the procurers.

The tribunal said that it was hearing the appeal on a day-to-day basis as per the SC’s direction but also suggested the the parties should find an amicable solution. “…The parties namely, Generators and Procurers, in deference to the suggestion of this tribunal expressed their readiness to have the settlement talks to find out the solution without prejudice and to their rights and contentions”, it said. “The parties may report about the progress of the settlement talks within 10 days.”

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Economic contraction may lead to permanent income loss in India; GDP may shrink 5.9% in 2020: UN body
2More impunity for companies as government plans to regulate contractors
3Lower House passes three labour Codes