Shimla: Jaypee Karcham Hydropower Ltd, a subsidiary of Jaiprakash Power Ventures, has successfully synchronized the first 250 MW unit of the 1000 MW project with the grid on Friday (13th May, 2011), Manoj Gaur, chairman of the company disclosed in a public notice.
The project is located on River Satluj in Kinnaur district and happens to be one of the country’s largest private sector hydropower project. The full plant is expected to be commissioned soon.
Releasing the companyâ€™s years results, Gaur in a stated that the 300 MW Baspa II hydropower project in Kinnnaur recorded highest level of power generation in the year ended March 2011 since commencement of commercial production at the plant.
Record generation resulted in additional supply of 98.4 million units of power to HP State Electricity Board without any charges.
Under disclosure norms, Gaur states that â€œAs per order dated 14.3.2011 of Himachal High Court, the shareholders and creditors of Jaiprakash Power Ventures (JPVL), creditors of Jaypee Karcham Hydro Corp Ltd (JKHCL) and Bina Power Supply Co Ltd (BPSCL) in their meeting held on 30.4.2011 have unanimously approved the scheme of amalgamation of JKHCL and BPSCL with JPVL.
JPVL through itself and its subsidiaries and associates are implementing 13020 MW (Thermal 8100 MW and Hydro 4920 MW) of additional power generation capacity for which it has raised resources by securitization of receivables of its operating projects and also other financial assistance, says the companyâ€™s chairman.
Against a total revenue of Rs 717.79 crore in 2009-10, JPVL has reported a turnover of Rs 840.74 crore for 2010-11.
Despite a higher revenue, the net profit earned by the company in 2010-11 is lower than the previous year.
Whereas the net profit for 2009-10 was Rs 251.55 crore, in 2010-11 it is down to Rs 165.14 crore. The lower profit is on account of mainly making a higher provision for interests.
While the interest in 2009-10 was Rs 236.43 crore, the provision kept aside for 2011-12 is Rs 412.11 crore.
Baspa Projects Tariff Petition.
Earlier under a disclosure procedure, JPVL in a tariff petition for the years 2011-12, 2012-13 and 2013-14 before HP Electricity Regulator Commission for 300 MW Baspa project has estimated that revenues would drop in the successive years.
Chairman of the company in the tariff petition estimated revenues were expected to drop from Rs 432.62 crore in 2011-12 to Rs 346.57 crore in 2012-13 to Rs 328.23 crore in 2013-14.
For the year 2011-12 installment of arrears in the revenue stream was expected at Rs 103.30 crore, in 2012-13 it was Rs 36.46 crore and in 2013-14 it was estimated at Rs 30.13 crore.
On a 98 percent plant availability factor, the plant was expected to generate 1127.56 million units of energy annually in the three years under consideration.
Based on the provision of HPERCâ€™s tariff order of 24.2.2007 and under the power purchase agreement (PPA) of 4.6.1997 against an approved project cost of Rs 1533.96 crore, profits are estimated at Rs 139.43 crore in 2011-12, Rs 132.79 crore in 2012-13 and Rs 132.09 crore in 2013-14.
Against an existing tariff of Rs 2.94 per unit in 2010-11, JPVL proposes an tariff of Rs 2.75 per unit for 2011-12, Rs 2.64 per unit for 2012-13 and Rs 2.54 per unit in 2013-14 in the new petition.
However the companyâ€™s book of accounts puts the project cost at Rs 1667.34 crore. HPERCs tariff order of 24.2.2007 had admitted the capital cost of the existing project at Rs 1533.96 crore.
Between 2005-06 and 2009-10 the company has incurred and additional expenditure of Rs 173.20 crore on protection work of barrage, restoration of pothead yard and compensation of land.
Whereas HPERC in its order on 24 January, 2011 had approved additional cost of Rs 95.88 crore for Pothead Yard restoration, but HPSEB has appealed against the order.