CERC issues power trading license to Parshavnath Power
Apr 24 2014 , New Delhi
"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.