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The Haryana Power Generation Corporation (HPGC) has entered into a tripartite agreement with the Indian Railways and State Bank of India for electronic payment (e-payment) of freight for coal supplied to its thermal power stations.
A spokesman of HPGC said here today that with this agreement, timely payment of advance coal freight to the Railways will be ensured and loading of coal-rakes for HPGC’s power stations shall not be affected due to non-availability of advance funds with the Railways.
Giving details, he said that as per present practice, 15 days’ advance freight is to be deposited with the Railways, but under e-payment pact, HPGC will have to pay only five days’ average freight in advance through letter of credit. “Due to the lesser advance paid, HPGC will save around Rs 6 crore per year, thereby bringing down the cost of generation,” he added. Presently, the agreement has been signed with East Central Railways (ECR) and South Eastern Railways (SER), to whom HPGCL was paying a monthly freight of around Rs 52 crore and Rs 11 crore, respectively, for supply of coal to Panipat power station. The spokesman said similar agreements shall be signed with the Central Railways and South Eastern Central Railways.
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