The Appellate Tribunal for Electricity (APTEL) stays Maharashtra Electricity Regulatory Commission’s multi-year tariff schedule for Tata Power for 2023-24. Tata Power's interim application to set aside tariff schedule has been accepted by APTEL.
Hence the billing to consumers can be as per the previous tariff order of 2020 and could mean savings of up to 35 percent for Mumbaikars.
Sanjay Banga President T&D, Tata Power in a statement to CNBC-TV18 said “With a commitment to excellence, Tata Power has long been recognized for its dedication to providing power at highly competitive rates in Mumbai. Serving over 7.5 lakh customers in the city, the Company's customer-centric approach remains the cornerstone of its operations. Hon’ble APTEL’s Order represents a pivotal opportunity to strengthen this commitment, ensuring the delivery of quality, affordable, sustainable and reliable power supply that benefits both customers and the wider community. The order is extremely positive for us. It will help us gain more consumers in Mumbai, where there is open access. We have appealed against the MERC Tariff order of March 30 2023.”
Tata Power had approached the APTEL in May seeking a stay on the multi-year tariff for 2023-24 and 2024-25, as according to their officials, the tariffs calculated by MERC were higher than should be. The objective to appeal against the order was also to prevent the migration of customers to rival peers.
Tata Power is trading 1 percent lower on NSE at noon on July 14.
(Edited by : Vahishta Unwalla)
First Published: Jul 14, 2023 11:28 AM IST
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