CERC issues power trading license to Parshavnath Power

Electricity regulator CERC has granted an inter-state power trading license to Parshavnath Power Projects Private Ltd.

"Parshavnath Power Projects meets the net worth requirements specified by CERC for grant of licence and has fulfilled other conditions," the Central Electricity Regulatory Commission said in an order.

The balance sheet submitted by the company on September 30, 2013, showed its net worth was Rs 2.66 crore.

"Any entity applying for the trading license should have net worth of Rs 1 crore," CERC said in its order.

Parshavnath Power Projects stated in an affidavit that it will not apply for a power transmission license without surrendering the trading license.

Parshavnath Power Projects is a wholly owned subsidiary of Parshavnath Power, which has a presence in power generation (thermal, hydro, solar and wind), transmission and distribution.

Meanwhile, the CERC withdrew permission to the National Power Exchange to start power trading business. This folows the company's decision to wind up and not renew the license for setting up a power exchange.

National Power Exchange is jointly promoted by NTPC, PFC and NHPC and private sector Tata Consultancy Services.

At present, there are two power bourses in the country, Indian Energy Exchange and Power Exchange India.

EDITORIAL OF THE DAY

  • Finance minister has been pragmatic in exempting FIIs from MAT claims

    Good sense has finally prevailed in the government, with finance minister Arun Jaitley announcing the income-tax officials will exempt overseas funds

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

Examining times for learning

The central advisory board of education in its meeting on ...

Zehra Naqvi

If you bend, you won’t break

There’s an ancient exercise about a green, supple new branch ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture