New Delhi, Feb 23: The National Thermal Power Corporation (NTPC) has sought management control as a pre-condition to be the new joint-venture partner for the Rs 3000-crore, 700-mw power project at Yamunanagar after the exit of Eisenberg of Israel.In addition, the public-sector navratana has made its stand clear that the Haryana government will have to make additional capital investment in the project if it wanted to draw power over the 17 per cent share, it is slated to get. While it will get 10 per cent on account of being the home state, 7 per cent will be given against its existing share in the project.
The additional power supply to the state will be in direct proportion to the capital cost shared by the state government in the project.
Highly-placed sources told The Financial Express that these views were put across by NTPC big wigs to the Haryana government officials, at a meeting held last week in the power ministry. The meeting was attended by the power secretary ministry of power EAS Sarma,secretary power Haryana government S Y Qureshi, chief secretary Haryana RS Varma, chairman Haryana State Electricity Board (HSEB) Ranjit Issar and the NTPC chairman and managing director Rajender Singh.
During the meeting another possible option to develop this project under the World Bank aid, to come to the state government under the reform process initiated by it, was also discussed.
It was suggested that under this aid programme, the Haryana government officials can approach the World Bank to prepare a project report and ask it to provide partial risk guarantee. With the risk guarantee cover, the state government will not have any problems in achieving financial closure, the officials said.
"The Haryana government can then go through the competitive bidding route by offering the development of this project to the private-sector power producers. During the meeting, it was also pointed to the state government that it can look at integrated coal cum generation (ICCG) schemes for this project, and canalso invite bids for good coal blocks and proceed. Under this option, the entire output from the power station can be used by the state to meet its demand for power," officials said.
Power ministry officials said both these options were deliberated at length in the meeting and that now it has left it to the Haryana government to decide as to which route they prefer to be the best.
"The Haryana government officials have assured that they will examine both these proposals and will get back to the nodal ministry. The Yamunanagar project, which was earlier perceived to be a 820 MW power station, belonged to NTPC when in 1988 facing a massive funds crunch, it had to give away this project to the Haryana government.
The third option of going through the MoU route, has already been tried by the state government wherein it had even signed the power purchase agreement (PPA) with Eisenberg, for developing the project.
However, following a change of government in Haryana, when Eisenberg was asked to revise theterms and conditions of the PPA, the latter refused and the negotiations between the two fell through. Eisenberg had recently announced its exit from the project.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
