The government will auction the gas via a reverse bidding process to ensure that power tariffs do not go up. Each plant can bid up to 30 percent of its plant load factor (PLF).
The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved reverse bidding method for gas-based power plants for imported gas. GAIL has been given the responsibility of importing gas to supply it to the 31 stuck power plants at a concession.
The government will auction the gas via a reverse bidding process to ensure that power tariffs do not go up. Each plant can bid up to 30 percent of its plant load factor (PLF).
Importing regasified liquefied natural gas (RLNG) for stranded gas power plants is an extremely welcome move and relief to power sector and the banking sector, said Madhu Terdal, Group CFO, GMR Infra in an interview to CNBC-TV18.
The move will help them come out of problem area and serve the power industry, he added.
According to this process the subsidy would now be available to distribution companies and the bidding would be conducted by MSTC, which would begin at Rs 5.5 a unit. Such a reverse bidding auction would not only help revive 31 projects, with a capacity of 14,305 MW but also aid 12 additional power plants, currently working at less than 30 per cent of the plant load factor.
Terdal said the Rs 5.5 per unit would not allow recovery of rupee debt for them but one would have to see if cost of operation and maintenance (O&M) & interest costs will be part of this Rs 5.50/unit. However, Terdal hopes that the current pricing policy would allow recovery of O&M costs.
This move would help their PLF, which for GMR's gas based plants is currently at zero percent, said Terdal.
transcript to follow
GMR Infra stock price
On March 26, 2015, at 11:09 hrs GMR Infrastructure was quoting at Rs 15.45, up Rs 0.15, or 0.98 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 14.65.
The company's trailing 12-month (TTM) EPS was at Rs 0.23 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 67.17. The latest book value of the company is Rs 16.45 per share. At current value, the price-to-book value of the company is 0.94.
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