OPG Power Ventures has announced that Indian energy regulator, Tamil Nadu Electricity Regulatory Commission, has sanctioned an increase in regulated tariffs with immediate effect, which OPG believes will boost its own earnings.
Chief Executive Arvind Gupta said: "Recent federal budget pronouncements that reduce counter-veiling duty on imported coal from 5% to 1% and eliminate customs levies altogether for two years are expected to favourably [have an] impact [on] our fuel costs in 2012-13. More importantly, in our view these changes reinforce the intent of policymakers at various levels to support the sector. With 113 MW [megawatts] in generation and over 300 MW in new capacity to be rolled out over the next couple of years in Tamil Nadu alone, we look forward to the company benefiting significantly from these changes over the medium term.
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