MUMBAI: The power crisis has come to the aid of independent producers who were finding it difficult to recover electricity dues from state governments. It has also given a fresh lease of life to power projects facing liquidation. In its meeting on operationalising commissioned power plants, the power ministry got states to agree on payments to power producers.
In the case of IL&FS Tamil Nadu Power, which has two projects of 600MW in the southern state, it was decided in the meeting that Tangedco, which distributes power in Tamil Nadu, would pay Rs 75 crore every week to liquidate around Rs 1,500 crore in the next five months. Lenders led by Punjab National Bank have agreed to facilitate the restructuring of the plant. The company would also be allowed to sell balance power to other states.
