Financial Daily from THE HINDU group of publications
Friday, Jul 08, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 08, 2005 |
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Industry & Economy
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Power Dabhol SPV registered as Ratnagiri Gas Our Bureau
New Delhi , July 7 THE Special Purpose Vehicle floated by GAIL (India) Ltd and National Thermal Power Corporation (NTPC) to revive the 2,184-MW Dabhol power plant has been named `Ratnagiri Gas and Power Pvt Ltd.' The Registrar of Companies has allotted the name to the SPV and the documents pertaining to incorporation have been filed, a GAIL release said here. The new company will own and operate the assets of the erstwhile Dabhol Power Company, the release said. As promoters, GAIL would source the LNG required to run the power plant while NTPC would operate the plant and negotiate the power purchase agreement with Maharashtra state electricity utilities. GAIL has already stepped up efforts to source LNG from Qatar, Iran, Oman, Abu Dhabi, Malaysia, Indonesia, Australia, Brunei, Egypt and Algeria, the release said. The company would also complete the remaining works of the LNG terminal, which is 75 per cent complete, and also operate the terminal. The capacity of the terminal is 5 million tonnes per annum, of which 2.1 mtpa of gas would be required for running the Dabhol plant in its present capacity. GAIL would develop the necessary infrastructure for the distribution of the remaining 2.9 mtpa of re-gassified LNG in the gas markets in the catchments, the release said. GAIL said the capacity of the LNG terminal, as also the power plant, could be further expanded to meet the power requirements of the western region. The Dabhol plant has been lying idle for over four years after the MSEB stopped drawing power owing to payment disputes with the then main promoter, Enron.
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