Tata Power, Adani Raise Electricity Tariff For Customers In Mumbai
Sterlite Power Transmission Limited
Listen to This Article
Tata Power and Adani Electricity have raised the electricity charges for Mumbai customers following a rise in raw material prices.
In a statement, the Maharashtra Electricity Regulatory Commission said it has approved an average tariff increase of around 11.9 per cent in FY 2023-24.
For Tata Power consumers,12.2 per cent in FY 2024-25 and for Adani customers, the commission approved a lower average tariff increase of around 2.2 per cent in FY 2023-24 and 2.1 per cent in FY 2024-25.
The commission cited an increase in fuel cost, power purchase cost and shortfall in revenue due to the impact of Covid-19, and an increase in transmission system costs and transmission charges for allowing the tariff rise.
"Adani Electricity’s relentless efforts towards increasing our share of renewables and optimising power purchase costs have ensured that our tariff increase is the least across Maharashtra. This too in an environment of volatile fuel prices leading to proposed tariff hikes across the country. We continue to serve our customers with the most competitive tariffs across the majority of the tariff categories. We remain dedicated to investing in technology and renewable energy to build a brighter and more sustainable energy future for our customers," Kandarp Patel, Managing Director, Adani Electricity, said.
In a statement, Tata Power said its Mumbai distribution business is committed to providing power at competitive tariffs. "In our proposal to the Commission, we had asked for rationalization of tariffs in different categories without unduly burdening consumers. Our assumptions were based on factors such as optimized power purchase costs due to reduced international coal prices in the last 6 months, an increase in renewable energy share in our power portfolio, and sourcing cheaper power from the open market through confirmed contracts.
While rationalising the tariff, in some categories the tariff may go up for the consumers as per the recent MERC order. Based on our assessment, if customers' tariff gets impacted, they will get suitably adjusted in fuel adjustment charges in the future months due to optimized power purchase costs, etc.
This will also be taken up with Commission to modify the tariff so as to maintain a competitive position in the market. Tata Power is committed to supplying power at very competitive rates to its consumers," said Tata Power Spokesperson
Citigroup Allegedly Favoured By Drug Traffickers For Money Laundering Activities
Recent allegations by U.S. law enforcement officials have cast a shadow over Citigroup, one of the world’s largest ban... Read more
Central Bank QE Losses: Financial Realities And Economic Implications
Quantitative Easing (QE) has been a central tool for central banks to stimulate economic growth during periods of financ... Read more
Leadership Shakeup At Citigroup Fuels Succession Rumors
Jane Fraser's recent appointment of three new executives at Citigroup has stirred speculation on Wall Street about the b... Read more
Capital One And Discover Merger: Boosting Competition And Innovation In Financial Services
The potential merger between Capital One and Discover could create a formidable competitor in the financial services ind... Read more
Citigroups Fat-Finger Error: Lessons In Financial Oversight
The financial world was taken aback when Citigroup, one of the largest global banks, was fined £62 million by UK regula... Read more
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more