- GAIL, NTPC to revive Dabhol power plant
Special Correspondent
SPV to be in place in 7-10 days to take over assets
NEW DELHI: It appears to be a fresh lease of life for the 2,184
MW Dabhol power plant, the erstwhile Enron-promoted "showcase''
project in power sector privatisation, which has remained mothballed
for years at Guhaghar in Maharashtra.
The public sector gas major, GAIL (India) Limited, the Central power
utility, National Thermal Power Corporation (NTPC), and domestic
lenders are joining hands to float a company as a `Special Purpose
Vehicle' (SPV) in the next seven to ten days, which is to take over
the assets of the $ 2.9-billion Dabhol Power Company (DPC) and re-start
the project by the end of next year.
According to the GAIL Chairman and Managing Director, Proshanto
Banerjee, the Maharashtra State Electricity Board (MSEB), which
is to buy the power generated by the Dabhol plant, will have a 15
per cent stake in the company and the balance 85 per cent is to
be shared equally by GAIL, NTPC and the domestic financial institutions
(DFIs).
"In seven to ten days, this company will be registered,"
Mr Banerjee told newspersons here on Thursday.
The first step, he said, would be to move the Debt Recovery Tribunal
(DRT) for take-over of the 740 MW unit (Phase-I) of the project
and the almost complete 1,444 MW unit (Phase-II) along with the
liquefied natural gas (LNG) regasification terminal by the SPV.
While GAIL will complete the LNG terminal, NTPC is to operate the
power plant. "We are looking at a power cost of Rs 2.30 per
unit," he said.
"The Special Purpose Vehicle will participate in the DRT process
of transfer of assets, secure the assets, complete the residual
work on the project and source liquefied natural gas (LNG) to fire
the project," Mr Banerjee said.
GAIL is planning to source two million tonnes of LNG for recommissioning
the plant and procure another three million tonnes additionally
for sale to other customers to turn the LNG sourcing business as
an economically viable proposition. For this, GAIL is in talks with
LNG suppliers in Malaysia, Oman, Qatar, Yemen, Australia, Malaysia,
Abu Dhabi and Nigeria for gas availability during the second half
of 2006 and first half of 2007.
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