JK withdraws water cess on power projects
Move Has Fattened Our Coffers By Rs 453 Cr In Last 6 Months: NHPC
GK NEWS NETWORK
Srinagar, Oct 28: In a startling revelation, National Hydroelectric Power Corporation (NHPC) on Friday revealed that Jammu and Kashmir Government has withdrawn the water cess which was being levied by it on power projects in the state.
“The Jammu & Kashmir Government has withdrawn the water cess it used to levy on NHPC-run hydro power projects in the state. This has added Rs 453 crore to our profit in the last six months,” NHPC, Chairman-cum-Managing Director ABL Srivastava told reporters in New Delhi while sharing details about Corporations’ 40 percent jump in net profit to Rs 966 crore for the quarter ended September 30, 2011, on increased tariffs and withdrawal of the cess by Jammu & Kashmir government.
Last year state government had passed a law - Jammu and Kashmir Water Resources Regulation Act - making it mandatory on the power generating companies including state owned Power Development Corporation and NHPC to pay water usage charges for exploiting water potential of state to produce energy in its power projects.
Following the implementation of the law, Minister for PHE, Taj Mohi-ud-din had said government will earn revenue of Rs 900 crore annually from water usage charges.
NHPC had shown stiff opposition against the government move following which the state High Court directed the Corporation to deposit the water charges with the government. However government cannot make use of the money till Court decided on the petition filed by the NHPC against the government’s initiative to charge the power generating companies.
Srivastava said the Corporation had approached Central Electricity Regulatory Commission (CERC) for increasing the tariff. “Our petition has been finalized and the interest component has added to the profit,” Srivastava said.
NHPC posted a half yearly net profit of Rs 1,757 crore as against Rs 1,228 crore in the year-ago period, an increase of 43.17 per cent.
The sales of the company rose by 42.49 per cent to Rs 3,329 crore against Rs 2,336 crore in the same period last fiscal.
NHPC power stations generated 13,372 million units of electricity during the half year ended September 30, 2011, as against 12,977 million units in the same period in 2010-11.
Lastupdate on : Fri, 28 Oct 2011 21:30:00 Makkah time
Lastupdate on : Fri, 28 Oct 2011 18:30:00 GMT
Lastupdate on : Sat, 29 Oct 2011 00:00:00 IST
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