The Bombay high court has given its go ahead for transfer of assets of the 2,184 MW Dabhol power plant to Ratnagiri Gas and Power Pvt Ltd, paving the way for restarting the plant before the end of 2006.
The meeting of the empowered Group of Ministers on Dabhol Power, scheduled for October 8 to discuss ways and means of reviving the troubled 2,184 MW power project in Maharashtra, has been postponed.
India may source liquefied natural gas (LNG) from Indonesia and Qatar for restarting the $2.9 billion Dabhol power plant.
Maharashtra government has agreed to buy electricity from the Dabhol power project at Rs 5.01 per unit and the plant is likely to be re-started by the middle of next month.
The parliamentary standing committee on energy has asked the government to take result-oriented steps to revatilise the Dabhol power project.
A day after the Anil Dhirubhai Ambani Group declared it will be interested in buying out the Dabhol project whenever it is up for sale, Petroleum Minister Murli Deora categorically denied the Central government was considering any such proposal.
Other members include former Central Bank of India chairman and managing director Homai A Daruwala, former bureaucrat of the Madhya Pradesh cadre Prashant Mehta and RGPPL's managing director R K Srivastav.
New recast plan calls for more loan rate cuts and lower equity returns.
NTPC Ltd and GAIL India Ltd may have to pump in more money into the Dabhol power plant after an official panel monitoring the progress of the beleaguered project decided to limit lenders' commitment to Rs 455 crore (Rs 4.55 billion).
Maharashtra government has conveyed to the Centre that it is willing to purchase power from Dabhol plant at Rs 2.20 per unit.
Maharashtra will get some respite from its power crises next week
Gas Authority of India Ltd, which signed a memorandum of understanding with the state government recently, will spend Rs 2,000 crore (Rs 20 billion) this year to lay the pipeline, a senior company official said.
Currently, the project generates 1,000 Mw.
Ratnagiri Gas and Power Pvt Ltd, the NTPC-GAIL joint venture that runs the Dabhol power plant, may have to shut down the project by end of this month due to fuel scarcity.
The erstwhile Dabhol power plant, now renamed Ratnagiri Gas and Power Pvt Ltd on Monday moved a step closer to full capacity utilisation with the synchronisation of steam turbine of the 740 MW Block-II.
Electricity from Dabhol project in Maharasthra, which is being targeted to restart from July 2006, may cost over Rs 3 a unit as LNG suppliers quote twice the price of gas than the previous estimates.
Power Minister Sushil Kumar Shinde said on Thursday the first phase of the 2,184 MW Dabhol power plant would start before May 1 this year and said there is 'no hitch' in the progress of the $2.9-billion project in Ratnagiri district of Maharashtra.
The Supreme Court on Wednesday put an end to the vexatious litigation between shareholders of Dabhol Power Corporation - GE and Bechtel - and the Maharashtra government following an out-of-court settlement.
A detailed assessment and internal inspection of the Dabhol power plant equipment by concerned parties including NTPC, GE India and Bechtel is necessary to ascertain the time frame for restarting it.
The ad hoc exemption was given to Ratnagiri Gas and Power Private Ltd to import as well as re-import components, parts and materials required for revival of its Power block I under 'Adhoc Exemption Order 24/2007' issued on May 5, 2007. The finance ministry has not accepted the request of power ministry for considering extension of ad hoc exemption.
The government on Thursday claimed it was so far under no liability to honour claims worth over a billion dollars raised by overseas lenders and minority shareholders of the controversial Dabhol power plant.
Petronet LNG Ltd will seek equity in Ratnagiri Gas and Power Ltd, a JV between NTPC and GAIL for restarting the Dabhol Power Plant, in view of sourcing LNG to the beleagured plant.
Power Ministry on Tuesday held discussions with National Thermal Power Corporation and financial institutions, including IDBI, as part of efforts to restart power generation at the idle Enron-promoted Dabhol Power project.
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