Case No. 46 of 2012, Case No. 49 of 2012 and Case No. 66 of 2012

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1 Before the MAHARASHTRA ELECTRICITY REGULATORY COMMISSION World Trade Centre, Centre No.1, 13th Floor, Cuffe Parade, Mumbai Tel /65/69 Fax Website: / Case No. 46 of 2012, Case No. 49 of 2012 and Case No. 66 of 2012 In the matter of Petition filed by Maha Co-Gen Green Power Producers Association for review of MERC s Suo-motu Order dated 30 March, 2012 in Case No. 10 of 2012, on determination of Generic Tariff for the third year of the first Control Period under Regulation 8 of the MERC (Terms and Conditions for Determination of Renewable Energy Tariff) Regulations, and Petition filed by Maharashtra Rajya Sahkari Sakhar Karkhana Sangh Ltd. for review of MERC s Suo-motu Order dated 30 March, 2012 in Case No. 10 of 2012, on determination of Generic Tariff for the third year of the first Control Period under Regulation 8 of the MERC (Terms and Conditions for Determination of Renewable Energy Tariff) Regulations, and Petition filed by Cogeneration Association of India for review of the Tariff Rate and Tariff Structure for non Fossil Fuel based Cogen Power Plants in the State of Maharashtra. Case No. 46 of 2012: Shri V.P. Raja, Chairman Shri Vijay L. Sonavane, Member M/s. Maha Co-Gen Green Power Producers Association. Petitioner 602,Trade Center, BandraKurla Complex, Bandra (East), Mumbai V/s Maharashtra State Electricity Distribution Co. Ltd. Prakashgad Building, Plot No. G-9, Bandra (East), Mumbai Maharashtra Energy Development Agency MHADA Commercial Complex, 2nd Floor, Opp. Tridal Nagar, Yerwada, Pune Respondents MERC Case No 46, 49 and 66 of 2012 Page 1 of 19

2 Case No. 49 of 2012: M/s. Maharashtra Rajya Sahakari Sakhar Karkhana Sangh Ltd Mumbai Sakhar Bhavan, 11 th Floor, Plot No 230, Block no. 3, Nariman Point, Mumbai Petitioner V/s Maharashtra State Electricity Distribution Company Limited Maharashtra Energy Development Agency.Respondents Case No. 66 of 2012: M/s. Co-generation Association of India 1st Floor, Sakhar Sankul, Shivaji Nagar Pune Petitioner V/s Maharashtra State Electricity Distribution Company Limited Maharashtra Energy Development Agency..Respondents Present during the hearing: For the Petitioner (s) (In Case No. 46 of 2012) (In Case No. 49 of 2012) (In Case No. 66 of 2012) For the Respondent :Shri. Abhishek Khare (Counsel), i/b Khare Legal Chambers :Shri. Bhushan V. Mahadik, Advocate :Shri. AbhayKulkarni, Shri. S.C. Natu, Cogeneration Association of India, :Shri. A.V. Bute,MSEDCL :Shri. S.A. Patil, MEDA ORDER Date: 13 May, M/s Maha Co-Gen Green Power Producers Association, M/s. Maharashtra Rajya Sahakari Sakhar Karkhana Sangh Ltd. Mumbai and M/s Co-generation Association of India (the Petitioners) filed Petitions under Regulation 85 (a) of the MERC (Conduct of Business) MERC Case No 46, 49 and 66 of 2012 Page 2 of 19

3 Regulations, 2004, and Regulations 76 and 77 of MERC(Terms and Conditions for Determination of Renewable Energy Tariff) Regulations, 2010, for review of MERC s Suo-motu Order dated 30 March, 2012 in Case No. 10 of 2012, for determination of generic Tariff for the third year of the first Control Period in respect of applicable Tariff for non-fossil fuel based co-generation projects during third year of Control Period (i.e., for FY ). 2. DETAILS OF THE PETITIONS FILED 2.1. Maha Co-Gen Green Power Producers Association (hereinafter referred to as MCGGPPA) filed a Petition on 11 May, 2012 for review of the Commission's Suo-motu Order dated 30 March, 2012 in Case No. 10 of 2012, on determination of generic Tariff in respect of bagasse based co-generation projects for the third year of the first Control Period under Regulation 8 of the MERC (Terms and Conditions for Determination of Renewable Energy Tariff) Regulations, The prayers of MCGGPPA are as under: a. The instant Review Petition be accepted and taken on record and the Review Petitioner be given detailed hearing; b. This Commission be pleased to determine the Tariff for bagasse based cogeneration power producers and fix the Tariff at Rs per KWh or more along with escalation of 5% per year; c. To make the increased Tariff applicable w.e.f. April 01, 2012; and d. Any other just and proper relief as this Hon ble Commission may deem fit and proper in the facts and circumstances of this case." 2.2. Maharashtra Rajya Sahkari Sakhar Karkhana Sangh Ltd. (hereinafter referred to as MRSSKS) filed a Petition on 9 May, 2012 for review of the Commission's Suo-motu Order dated 30 March, 2012 in Case No. 10 of 2012, for determination of generic Tariff for Bagasse based co-generation projects for the third year of the first Control Period under Regulation 8 of the MERC (Terms and Conditions for Determination of Renewable Energy Tariff) Regulations, The prayers of MRSSKS are as under: a. "The review Petition be accepted and taken on record and the Petitioner be given a detailed hearing; b. This Hon ble Commission be pleased to review and determine the Tariff for bagasse based cogeneration power producers from Rs per unit to Rs per unit along with escalation of 5% per year. MERC Case No 46, 49 and 66 of 2012 Page 3 of 19

4 c. Any other just and proper relief as this Hon ble Commission may deem fit and proper in the facts and circumstances of this case." 2.3. MCGGPPA and MRSSKS while seeking review of the Order of the Commission dated 30 March, 2012, submitted that following points have not been considered by the Commission whilst passing the said Order and the same needs to be considered. i. Capital cost: The capital cost has increased significantly to the levels of approximately Rs. 6.0 to Rs. 6.5 Crore per MW as against Rs. 4.5 Crore per MW considered by the Commission. ii. Interest rates (Long term Loans and Working Capital): There is significant increase in interest rates in the range of 14.5% to 15 % per annum as against 13.5 % considered by the Commission. iii. Fuel Cost: There is significant increase in the cost of fuel for which the rate of Rs per MT of bagasse has been considered by the Commission as against Rs.2400 to Rs per MT and more. iv. Plant load factor: The plant functions only for 160 days on an average as against much higher days of functioning considered by the Commission. Since, the plant functions only for 160 days on an average, availability of fuel for bagasse based cogeneration power plants is variable and depends on various factors. Operation for 160 days also gives the plant load factor of hardly 45% as against 60% considered by the Commission. v. Increase in daily minimum wages for labourers: The cost of labour and minimum wages has more than doubled, i.e., from Rs. 90 per person per day to Rs. 209 per person per day. vi. Operation & maintenance cost: There is significant increase in the daily operations and maintenance costs, salary and wages, administrative costs, etc. The Petitioners requested the Commission to consider the actual operation and maintenance cost incurred by the cogeneration power developers. vii. Inventory cost: There is a cost involved in maintaining inventory for running non-fossil fuel based cogeneration power plants, which has not been considered whilst determining Tariff. viii. Section 86 (1) (e) of the Electricity Act, 2003 mandates promotion of cogeneration power produced from RE sources. ix. Power generated by cogeneration plant is green, renewable and non polluting power, which is the requirement of the day. x. If bagasse is not utilized, it would lead to environmental hazard and wastage of generable power, which otherwise would be available. xi. This power is non-polluting green power available at load dispatch centre with minimum T&D losses. MERC Case No 46, 49 and 66 of 2012 Page 4 of 19

5 xii. xiii. xiv. Rise in the Sugar Development Funds rate of interest has been from 4% to 7%. Petitioners requested the Commission that review should be at least every year, instead of Control Period or review period of three years. MRSSKS further submitted that the state s potential power from Bagasse cogeneration projects is of 2000 MW but the achievement till date is 1065 MW (65 sugar factories), 530 MW commissioned (35 sugar factories) and 535 MW under construction(30 sugar factories), which means that 1000 MW potential is still untapped Cogeneration Association of India (hereinafter referred to as CAOI), submitted a Petition under affidavit before the Commission on 12 July, 2012, under Section 94(1) of Electricity Act, 2003 for review of the Tariff rate and Tariff structure for non fossil fuel based Cogeneration power plants in the State of Maharashtra The prayers of CAOI are as under: a. To provide annual compounded escalation rate in the Tariff at least 5%. b. To review the Capital cost norms upwards and revise the fixed cost component accordingly and revise the Tariff vide the order dated March 30, 2012 to minimum Rs. 6.25/ Kwh. c. To increase the fuel cost for these projects accordingly and determine the Tariff for bagasse cogen projects; d. To increase the interest rates accordingly and determine the Tariff for bagasse cogen projects. e. To review of the Tariff to bagasse based cogeneration projects to a sustainable level as indicated above CAOI requested the Commission to review the Tariff of Rs per kwh for bagasse cogeneration projects in the state and cited similar reasons as submitted by Petitioner 1 and Petitioner REGULATORY PROCEEDINGS IN THE MATTER 3.1. MCGGPPA submission dated 14 June, MCGGPPA, vide its submission dated 14 June, 2012, requested the Commission for the review of certain parameters such as gross calorific value (GCV), station heat rate (SHR), secondary fuel consumption (SFC) and auxiliary energy consumption, etc., contained in the MERC RE Regulations, 2010, which were adversely affecting the said projects. Petitioner MERC Case No 46, 49 and 66 of 2012 Page 5 of 19

6 further requested the Commission to direct Maharashtra Energy Development Authority (MEDA) to take help of credible agencies like National Productivity Council (NPC) to undertake time bound field studies for ascertaining performance parameters and fuel rates affecting the non-fossil fuel based Cogeneration power industry in the Maharashtra. MCGGPPA also submitted the cost analysis of five co-generation plants MEDA submission dated 22 June, MEDA, vide letter dated 22 June, 2012, submitted that sugar factories located across the state differ in their crushing capacity. Accordingly, they vary in their steam and power consumption patterns. Sugar industry being a process-based industry it has the advantage of producing combined heat and power MEDA submitted that the plant and machinery in a sugar factory produces both sugar and power. Therefore, they become an integral part of both these products. In view of this, the cost analysis of activities involved in producing sugar and power is necessary for assessing the actual costs associated Further, the various issues raised by the Petitioners in their Review Petition requires in-depth assessment for which an expert institution may be appointed by the Commission to study the technical and financial aspects associated with the power generation in a sugar factory. This would help in determining the Tariff for bagasse based Cogeneration in a sugar factory First Hearing held on 22 June, The Commission, vide notice dated 24 May, 2012, scheduled a hearing in the matter on 22 June, During the hearing, the Commission directed the Petitioner to provide necessary information and data, such as (i) details of bagasse production; (ii) details of bagasse consumption (iii) energy audit reports and (iv) Detailed Project Reports, pertaining to all sugar factories urgently. Further, the Petitioner is directed to implead MEDA and Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) as Parties. The Commission appointed Gokhale Institute of Politics and Economics, Pune (GIPE) for analysis of data submitted by the Petitioners MRSSKS submission dated 31 July, MRSSKS, vide letter dated 31 July, 2012, submitted some data of seven cogeneration plants related to (i) bagasse price; (ii) O & M cost (iii) CAPEX & other fixed cost (iv) no. of days of operation and (v) Cost of Generation. Based on the submitted data, it is observed that bagasse purchase price ranges from Rs 1850 per MT to Rs 3800 per MT and based on the details of cost of generation (CoG), it is observed that the fixed cost per unit of all seven MERC Case No 46, 49 and 66 of 2012 Page 6 of 19

7 cogeneration plants ranges from Rs. 2.08/ kwh to Rs /kwh, with per unit average fixed cost of generation is Rs per kwh On the basis of the submission, MRSSKS requested the Commission for ad hoc relief of Tariff of Rs per kwh as per Central Electricity Regulatory Commission (CERC) Order dated 27 March, 2012, till final Order from the Commission Second Hearing held on 03 August, During the hearing, Petitioners requested the Commission to review the Tariff for non-fossil fuel based cogeneration power plants in the State on account of increase in capital cost, wholesale price index, interest rate, fixed cost, variable cost and O&M cost of the projects The MEDA mentioned that in context of the recent study carried out by GIPE in the matter of determination of the Tariff for non- qualifying /incidental type bagasse based cogeneration power projects in the state; it was felt that the prevailing method of fixing bagasse price should be reviewed During hearing, the Commission directed GIPE to carry out due diligence of data and Petitioners were directed to submit necessary data such as annual energy audit report for past three financial years viz., , FY and , Cost Accounting Information and other requisite information as per the provision in Regulation 60.1 of MERC (RE Tariff) Regulations, The Commission also directed to organise, a meeting with Petitioners, staff / consultants of the Commission, MEDA and MSEDCL within one week from the date of hearing Meeting held on 7 August, As per the directives of Commission, a meeting was organized at GIPE on 7 August, 2012, which was attended by 22 representatives of various sugar industries along with research team of GIPE, representatives of Commission, MEDA, and MSEDCL Petitioners submissions dated 27 August, 2012 and 28 August, The Petitioners vide their letters dated 27 th and 28 th August, 2012, requested Commission to pass an interim Tariff Order and increase the Tariff from the prevailing rate of Rs 4.79 per kwh to Rs 5.42 per kwh, since entire exercise of due-diligence, data analysis by the Commission and data collection from member factories may be time consuming and MERC Case No 46, 49 and 66 of 2012 Page 7 of 19

8 crushing season for the sugar factories was expected to start from the first week of October, MSEDCL submission dated 30 August, MSEDCL, vide its letter dated 30 August, 2012, submitted its comments in the subject matter, which is reproduced as below: i. Prima facie MSEDCL has no objection on reasonable and justified rise in Tariff rates as MSEDCL has always strived to promote NCE generation in the State. ii. MSEDCL has no expertise to verify the rate estimated/calculated by the Petitioners. iii. The Commission on the basis of clarification/vetting from Sugar Commissioner, Govt. nodal agency MEDA and with due concurrence of expert bodies in this field may decide the appropriate justified Tariff. iv. These amounts may be allowed as direct pass through in the MSEDCL ARR MSEDCL requested the Commission to assess Tariff for procurement of power from bagasse based Cogeneration projects covered under non conventional energy sources (NCE) with due vetting from Sugar Commissioner, MEDA authorities and with due concurrence of expert bodies in this field. MSEDCL submitted that NCE sources are always encouraged and MSEDCL intends to procure maximum possible generation from these sources and hence, a reasonable rate may be considered to ensure the financial viability of all concerned MEDA submission dated 7 September, MEDA, vide its letter dated 7 September, 2012, submitted that the Commission in its Tariff Order dated 30 March, 2012 had directed the cogeneration project developers to furnish monthly fuel usage and monthly fuel procurement statements duly certified by a chartered accountant along with the monthly energy bill to MEDA It was submitted that the compliance monitoring of cogeneration power projects had been started as per MERC RE Tariff Regulations, 2010 and relevant data such as (i) total quantity of bagasse used for Co-generation plant; (ii) no. day of operation during season and off season (iii) total bagasse procured (iv) per unit bagasse consumed is being collected. Data so far collected from a few sugar factories having cogeneration indicated that bagasse was not being purchased for power generation. MERC Case No 46, 49 and 66 of 2012 Page 8 of 19

9 Further as per MEDA, the cost of power generation through Cogeneration in a sugar factory depends on various parameters, viz., status of factory (co-operative or private) capacity, operational days, project investment, central assistance and revenue from allied products; which needs to be examined MEDA also submitted that since GIPE had initiated collection of relevant information in this regard and have become part of Tariff fixation process, it would be worth taking their opinion along with Commissioner Sugar while fixing an interim Tariff for cogeneration power projects Third hearing held on 11 September, The Commission, vide notice dated 21 August, 2012, scheduled a hearing in the matter on 11 September, During the hearing, Petitioners submitted that daily minimum wage for cogeneration plants had undergone an upward revision and Tariff structure that prevailed before 2011 was continued in the Tariff Order and was based on the erstwhile daily wage rate. Further, Petitioners requested the Commission to review the performance parameters and provide interim Tariff relief MEDA submitted that it has not received the data as per prescribed formats stipulated in Regulation 60.1 of MERC (RE Tariff) Regulations, 2010 on regular basis from all cogeneration plants in Maharashtra GIPE submitted that after circulating questionnaire to all the cogeneration units, they have received the information only from three cogeneration units and they have already started visits to cogeneration units and analysis of data During hearing, Commission directed Petitioners to submit the data, such as (i) Details of bagasse sale /purchase; (ii) details of electricity generation from Co-generation unit during season and off season and captive use (iii) details of Steam generated and consumption (iv) financial information such as CAPEX, interest on loan, and other requisite information within two weeks, as per data formats and questionnaires already circulated. The Commission gave liberty to Petitioners to file a supplementary affidavit in the matter. Further, the Commission directed all Respondents to submit their replies with a copy to Petitioners as well as authorized Consumer Representatives Fourth hearing held on 18 October, The Commission, vide notice dated 18 September, 2012, scheduled a hearing in the matter on 18 October, During hearing, the Commission enquired about delay/ reason MERC Case No 46, 49 and 66 of 2012 Page 9 of 19

10 for reluctance in submission of relevant data, viz (i) Details of bagasse sale / purchase; (ii) details of electricity generation from Co-generation unit during season and off season and captive use (iii) details of Steam generated and consumption (iv) financial information such as CAPEX, interest on loan, and clarified that Tariff determination will be subject to verification of data, which will be submitted by Petitioners The Commission further enquired about the progress of data collection from cogeneration plants. GIPE informed the status of data collection and field visits carried out by GIPE. MEDA submitted its comments vide letter dated 17 October, The status of data collection is as below: Field work was started in first week of September based on the designed questionnaire. Till date total fourteen SSKs are visited. During each visit supporting data and documents were collected, discussions were held and the questionnaire was filled in and collected. Three units among these fourteen could not submit any data and cannot be used for analysis. Six more units promised to submit the corrected data, based on discussions during the visit, but data is still awaited. Till date completed collection of data and supporting documents for five units. Four more units are yet to be visited as per the plan, including three factories not having cogeneration units. Data from five more units, which were not visited, is received through Sugar federation. Out of these one is without operational cogeneration After hearing Parties, the Commission directed Petitioners to submit required data of cogeneration units to GIPE on priority basis. The Commission directed GIPE to collect requisite data from Sugar Commissioner, Pune and expedite process of evaluation of data submitted by Petitioners and submit a report to the Commission before next date of hearing Fifth hearing held on 21 November, The Commission, vide notice dated 23 October, 2012, scheduled a hearing in the matter on 21 November, During hearing, the Commission enquired about the reluctance of cogeneration units for submission of relevant data and directed Petitioners to submit the data of remaining cogeneration units as per format, on priority basis to GIPE Representatives of GIPE made a presentation on preliminary analysis of data collected during field visits from cogeneration units and submitted that only nine cogeneration units submitted the required data as per format. The preliminary analysis, in brief, is as follows: MERC Case No 46, 49 and 66 of 2012 Page 10 of 19

11 6 out of 13 units reported bagasse purchase in Bagasse purchased is about 7 % of the total bagasse consumed. Average price of purchased bagasse is Rs. 1287/MT which is lower than Rs per MT claimed by Petitioners. Valuation of bagasse as per Audited statement of the accounts for closing stock ranges from Rs. 100 to Rs. 1825/MT Rs. 1001/MT Total bagasse availability in the State is sufficient to operate cogeneration units for 195 days during season plus 21 additional days. Possibility & financial viability of using cane trashes & other biomass for cogeneration plants requires separate study. CAPEX cost found to range between Rs Crore/MW to Rs Crore/MW. Average CAPEX cost of two youngest SSK is RS Crore/MW. Increase in concurrent modernization cost has already been included in the cost/ price analysis. Interest rate considered as 14% in accordance with SBI latest BPLR. Also interest rate on sugar development fund considered at 14% instead of 7.5% considering the delay in state Government funding. Depreciation is considered 7% instead 5.28% prescribed by MERC. Bagasse cost considered as the sum of imputed bagasse cost (production used for self consumption) & acquired acquisition price. Actual /realized PLF has been considered for costing/ pricing. Due & proportionate cognizance has been accorded to social & infrastructural development activities in the costing/ pricing. Fair tariff for cogeneration plants of qualifying category works out to be Rs /unit, computed on a) the basis of data made available & b) on all cost assumptions that are generously biased in favour of cogeneration units After hearing Parties, the Commission directed GIPE to serve copies of the presentation to Petitioners, MEDA and MSEDCL and also directed to hold a consultation meeting with all Petitioners and representatives of the Commission at GIPE s office in Pune Meeting held on 28 November, As per directives of the Commission during hearing held on 21 November 2012, a meeting was organized between Petitioners, MEDA, MSEDCL and representative of the Commission at GIPE on 28 November, 2012, to discuss GIPE s presentation made during the hearing. The meeting was attended by 41 representatives of Maha Sugar Federation, Cogeneration Association and various sugar industries. In addition, the research team of GIPE, representatives of Commission and MEDA also participated in the meeting Petitioners commented that review has been sought with effect from 1 April, 2012, and not for the period prior to 31 March, 2012, whereas the analysis presented is based on the MERC Case No 46, 49 and 66 of 2012 Page 11 of 19

12 data till March, This would not reflect the recent changes as well as the prospective changes in the near future. Hence, the difficulties faced by cogeneration industry in procuring fuel to run cogeneration plants with effect from 1 April, 2012, will not be addressed by Tariff based on past data MEDA submission dated 11 December, MEDA, vide letter dated 11 December, 2012, submitted that it had been highlighted earlier by GIPE that no separate accounting procedure was being maintained by any of the cogeneration plants visited Bagasse price largely depends on the availability of sugarcane, which is a seasonal crop and therefore, becomes a crucial factor while determining the Tariff. This is substantiated by the fact that price of bagasse considered by the Commission in FY was Rs per MT, whereas the price now assessed by GIPE shows wide variation in the cost of bagasse per MT across co-generation projects. This variation could be due to regional differences in availability of sugarcane vis-à-vis bagasse MEDA also stated that bagasse price of Rs per MT as per Tariff Order dated 30 March, 2012 may be considered. Also, an interim Tariff of Rs per kwh as assessed by GIPE in its report from the prevailing data may be provided and/or additional data forwarded by cogeneration plants to GIPE and appropriate bagasse price per MT may be derived by adopting prudent approach before determination of final Tariff GIPE submission on 11 December, GIPE submitted the draft report on Review of Tariff and Tariff Structure Based on Pricing and availability of bagasse for non fossil fuel based cogeneration plants in Maharashtra, on 6 December, 2012 and the final report on 11 December, 2012 to the Commission Out of 60 non-fossil fuel based cogeneration units in Maharashtra, only 12 units provided the required information complete in all respects. The data pertaining to FY viz., (i) Details of bagasse sale / purchase ; (ii) details of electricity generation from cogeneration unit during season and off season and captive use (iii) financial information such as CAPEX, interest on loan, was used for fair Tariff calculation. Data for FY , was not complete or was under audit so it was not be used for analysis. MERC Case No 46, 49 and 66 of 2012 Page 12 of 19

13 The major findings of GIPE report are as follows: i. Information about daily recording of quantity of bagasse produced & consumed has not been maintained by non-fossil fuel based cogeneration units. ii. Average operational days in season for selected units were 186 days during FY Bagasse produced in-house was sufficient to run cogeneration plants during season. However, it could not meet the demand of off-season operation of cogeneration units. iii. No organised market existed for trading of bagasse. The average purchase price of bagasse was Rs per MT in FY iv. As there is no measurement method followed for accounting use of bagasse within any plants it was hard to arrive at actual figures towards bagasse consumption for the purpose of co-generation. All the reported figures were calculated based on theoretical formulae working backwards. This posed a problem in allocating quantity, and so the cost, of bagasse while determining fair Tariff. v. The average capital expenditure for the selected units was approximately Rs. 436 Lakh per MW. As per the information about capital investment obtained from the office of the Sugar Commissioner, average capital investment per MW for bagasse based cogeneration plants was Rs. 446 Lakh. vi. With respect to the specific fuel consumption of selected units, it appears that that actual requirement of bagasse to generate one unit is far higher than the value considered in detailed project reports. However, it is difficult to ascertain bagasse consumption only for power generation purposes used in cogeneration plant as such consumption information is not maintained by cogeneration units Sixth hearing held on 11 December, The Commission, vide notice dated 30 November, 2012, scheduled the next hearing in the matter on 11 December, 2012.During the hearing; the Petitioners reiterated their prayers for review of Tariff. GIPE submitted its final report in the matter MCGGPPA submission dated 3 January, MCGGPPA vide additional submission dated 3 January, 2013, reiterated its stand on the need for review of Tariffs for non-fossil fuel based cogeneration units in Maharashtra for FY In addition to the points raised in the earlier submissions, MCGGPPA stated that required price of bagasse for Vidharbha region is Rs 3402 per MT and for Kolhapur region is Rs 2333 per MT. MERC Case No 46, 49 and 66 of 2012 Page 13 of 19

14 MCGGPPA requested the Commission to consider the realistic cost involved in its calculation for variable cost. MCGGPPA submitted that variable cost computed using the formula given below leads to a variable cost of Rs per kwh on export basis even if the fuel cost of Rs 1832 per MT is considered. VC = Station Heat Rate X 1 X Bagasse price in Rs. per MT Gross Calorific Value (1-Aux. Cons. Factor) MCGGPPA requested for fixation of interim Tariff for the bagasse based cogeneration plants at Rs per kwh for the period 1 April, 2012 till 31 October, 2012 and Rs.6.88 per kwh from 1 November, 2012 onwards along with escalation of 5% per year MCGGPPA also requested the Commission to make increased Tariff applicable with effect from 1 April, ANALYSIS AND COMMISSION S RULING 4.1. Fixed charge component of Tariff As per the limited data obtained from the various cogeneration plants in Maharashtra the average capital cost of such projects is observed to be around Rs 436 Lakh per MW The Commission, vide Order dated 11 January, 2010 in Case No.123 of 2008 stipulated the fixed cost for non-fossil fuel based cogeneration projects as Rs 2.26 per kwh. The same fixed cost was extended to such projects commissioned in FY by the Commission vide Order dated 30 March, 2012 in Case No. 10 of CERC has specified Rs 420 Lakh per MW as capital cost and Rs 1832 per MW as bagasse price in Maharashtra for such projects commissioned in FY Accordingly, the fixed cost for such projects for FY as per CERC RE Tariff Order dated 27 March, 2012, was Rs 2.22 per kwh The Commission is of the view that data submitted by the various cogeneration projects in Maharashtra is not adequate to justify the substantially higher capital cost as claimed by Petitioners. The analysis carried out by GIPE suggests that the capital cost involved in such projects is not substantially higher than that considered by the CERC for FY , same is reflected in terms of higher per unit fixed cost component of Tariff (i.e. Rs 2.26 per kwh as against Rs 2.22 per kwh) allowed to such projects by Commission for FY Further, upon referring to the submission made by MRSSKS dated 31 July, 2012 under present petition, on the details of cost of generation (CoG) for the seven co-generation plants, it can be observed that the fixed cost per unit of all the seven co-generation plants ranged from Rs per kwh to Rs per kwh, with per unit average fixed cost amounts MERC Case No 46, 49 and 66 of 2012 Page 14 of 19

15 to Rs per kwh. The same is not significantly different from fixed cost of Rs 2.26 per kwh already allowed by the Commission in its order dated 11 January, 2010 in Case No. 123 of In view of the above, arguments of Petitioners pertaining to revision in capital cost, interest cost, financing arrangements, fund availability, etc., which impact fixed cost do not justify revision of the fixed cost component of Tariff Variable charge component of Tariff As per GIPE analysis, the average purchase price of bagasse was Rs 1272 per MT in FY GIPE also submitted that, average number of operational days during the season is 186 days during which in-house production of bagasse is sufficient for power generation. For rest of the period, bagasse has to be purchased for power generation. GIPE also submitted that no organised market exists for trade in bagasse The analysis by GIPE is based on audited cost information available for FY , as data for FY was not complete or was under audit Based on the Petitioner s submissions, MEDA s submissions, and analysis of the information placed on record, the Commission observes that the information about bagasse consumption/fuel consumption for power generation purposes, monthly fuel usage statements and monthly fuel consumption statements are not readily maintained by the co-generators and are not submitted to MEDA on regular basis. The study undertaken by GIPE and financial consultant for number of co-generation projects indicate the following aspects / facts :- a) Details of Bagasse Purchase: Based on the data of purchased bagasse provided by the sample units, it was found that overall quantity of purchased bagasse was less than 8.00 per cent to that of total consumed bagasse. Moreover, the weighted average of the rates paid for bagasse purchase was Rs per MT. b) The valuation of closing stock: The prices of bagasse purchased were reported as high as Rs. 3000/- per MT, while, on the other hand, for internal purposes the valuation of bagasse as done by the SSKs in their valuation of closing stocks averaged at approximately Rs. 821 per MT. c) Sale of bagasse: Three SSKs with cogeneration units provided the information on sale of bagasse in the year Average Rate at which bagasse was sold in the year is Rs. 968 per MT. d) Capital expenditure: average capital investment per MW was Rs Crore. Incidentally, Rs.4.36 Crore/MW is the capital cost considered by CERC for the year Another list of 28 units was made available by the office of sugar Commissioner. This list gives the bifurcation of total project cost into investment in Cogeneration & investment in modernization and average proposed capital cost is between Rs Crore/MW to Rs 4.92 Crore/MW. MERC Case No 46, 49 and 66 of 2012 Page 15 of 19

16 Hence, based on study undertaken for co-generation projects, actual bagasse procurement forms only about 7-8% of the total consumption of bagasse by sugar mills. The prices of such bagasse procurement cannot be considered as basis for determination of cost for entire bagasse consumption for the co-generation purposes. Thus, Commission has continued with its existing methodology of the equivalent heat value approach for deriving bagasse price, which amounts to Rs 1832 per MT for FY , which is also equal to the bagasse price as stipulated by CERC under its generic RE Tariff order for FY The Commission opines that specific fuel consumption norm represents the performance parameter of the co-generation project and reflects operating efficiency of cogeneration plant. The specific fuel consumption norm for existing co-generation projects was based on sample co-generation project cases as outlined under Commission s Order dated 11 January, 2010 (Case No. 123 of 2008). In order to revise such norm, it is first necessary to ascertain present specific fuel consumption norm for existing operational co-generation projects. The need for conducting annual energy audits, which can establish actual specific fuel consumption of existing co-generation projects has been emphasized by the Commission from time to time and the Commission has also specified measurement and verification protocol for compliance monitoring under Regulation 60 of MERC RE Tariff Regulations, 2010 for the purposes of conducting such annual energy audit by co-generation projects. The relevant provision of the said RE Tariff Regulations is reproduced hereunder: 60. Measurement and Verification Protocol for Compliance Monitoring 60.1 An Energy Audit of the co-generation facility shall be conducted through Energy Auditor empanelled with State Nodal Agency (MEDA) during every crushing season (once a year). The dates of the audit should be intimated to the purchasing Licensees, who have the option to depute their representatives to participate in the Audit. The Licensee shall ensure scrutiny of such Audit reports to ensure compliance by the co-generation project The Audit shall be carried out during a period of steady load on the facility during the season In addition to any other, the following readings/stipulations shall be mandatory for such Audit: a) Duration of Test The duration shall be at least one hour of continuous operation. b) Input fuel (e.g. Bagasse) flow The total quantity of fuel supplied to a boiler for the duration of the test is to be measured (in case the continuous measurement of fuel inflow is not possible, an average figure of fuel intake/hour can be taken as the basis. To arrive at this average, the fuel weighment over a period of constant plant load operation either on 8-hour MERC Case No 46, 49 and 66 of 2012 Page 16 of 19

17 shift or 24 hours, as the case may be shall be considered). Mass flow rate of non-fossil fuel bagasse i.e. (m b is to be then calculated in kg/hr). c) A sample of input fuel (e.g. bagasse) is to be tested (certified laboratory test report to be included) for its Gross Calorific Value using a bomb calorimeter. d) Temperatures and pressures are to be measured at the different steam consumption points say, 1,2,...n (T1, P1, T2, P2,...Tn, Pn etc.) e) The steam flow rates at 1,2,...n (m1, m2,...mn) are to be measured with on line steam flow meters. The flow meters are to be calibrated before the Audit. f) Electrical output at generator terminals is to be recorded in kwh for the test period. g) A schematic of the configuration showing the instrument locations shall be provided The Audit shall include computation of the boiler efficiency (based on direct or indirect method), the turbine isentropic efficiency and the auxiliary electricity consumption of the co-generation facility Before entering into EPA the distribution licensee shall ensure that, the manufacturer test certificates for boiler efficiency and the turbine characteristic curves (steam flow rate vs power output) are made available along with the DPR The co-generation project entity shall appoint, at its cost, an independent Auditor for the purpose of conducting Energy Audit as above, from among a panel of such Auditors prepared by State Nodal Agency (MEDA) The Audit results shall be reported to the Commission (in addition to the reporting requirements already stipulated in the Order) by the concerned licensee The responsibilities for ensuring compliance monitoring and roles of various entities including co-generation project developer; concerned Licensee and MEDA have been clearly specified under above Regulations. In absence of any specific information of energy audits and specific fuel consumption pattern of existing co-generation projects, the Commission has decided to apply performance norms (Station Heat Rate, auxiliary consumption factor, etc.) as specified under the MERC RE Tariff Regulations for existing co-generation projects as well for FY The provision under Regulation No. 3.3 of MERC RE Tariff Regulations,2010 reads as follows: MERC Case No 46, 49 and 66 of 2012 Page 17 of 19

18 3.3 For existing and new projects based on renewable energy technologies having fuel cost component, like biomass power projects and non-fossil fuel based co-generation projects, the tariff, tariff structure and other conditions as specified under respective RE Tariff Order shall continue to be applicable for first three years of the Control Period, i.e., FY , FY and FY Hence, the Commission had determined Rs.2.53/unit as the variable cost under its Order dated 11 January, 2010 passed in Case No.123 of 2008 as follows: 63. Thus, the Commission has determined revised variable charge component of tariff for cogeneration project as Rs 2.53/unit = Earlier Variable Cost of Generation as per Order dt. August 16, 2002 (Rs 0.77/unit) x Revised bagasse price (1832 Rs./Tonne) / Earlier Bagasse fuel price as per Tariff Order dated August 16, 2002 (Rs 559/Tonne) = Rs 0.77/unit x Rs1832/Tonne / Rs 559/Tonne). The fixed charge component of tariff shall remain the average of the three power projects under consideration in the abovementioned Tariff Order for non fossil fuel cogen power project at Rs 2.26 per unit. 64. Thus, with effect from the date of this Order till March 31, 2010, the variable charge component for the non-fossil fuel based cogeneration power projects in the State of Maharashtra shall be Rs 2.53/unit. The fixed charge component of tariff shall remain at Rs 2.26 per unit. Thus, for the non-fossil fuel based cogeneration power projects, the total Tariff works out to Rs 4.79/unit from the date of issuance of this Order till March31, Thereafter, by Order dated 30 th March 2012 passed in Case No.10 of 2012 the aforesaid variable charge was made applicable to inter alia FY in terms of the following: TARIFF FOR NON-FOSSIL FUEL BASED CO-GENERATION PROJECTS FOR FY The Commission observes that the Tariff for non-fossil fuel based cogeneration projects for FY will have to be governed as per the relevant provisions under the RE Tariff Regulations. In accordance with RE Tariff Regulations, 2010, the tariff for new as well as existing non-fossil fuel based co-generation projects as specified under existing RE Tariff Order (dated January 11, 2010 in Case No 123 of 2008) shall continue to be applicable for first three years of the new Control Period (i.e., FY , FY , and FY ) In accordance with Regulation 49.1 and 49.2 of MERC RE Tariff Regulations, the performance norms and formula for variable cost component of Tariff shall be applicable only for new co-generation projects with effect from 1 April, Hence, it is clear from the above Regulation 3.3 of MERC RE Tariff Regulations, 2010, that for new as well as existing renewable energy technologies having fuel component, like non-fossil fuel based co-generation projects, the Tariff, Tariff structure and other conditions as MERC Case No 46, 49 and 66 of 2012 Page 18 of 19

19 specified under respective Tariff order shall continue to be applicable for first three years of the control period i.e. FY , FY and FY TARIFF FOR NON-FOSSIL FUEL BASED CO-GENERATION PROJECTS IN MAHARASHTRA FOR FY After taking a comprehensive review of all the submissions made before the Commission, hearings held, GIPE analysis, and for the various reasons stated in the aforesaid paragraphs, the Commission is satisfied that there is no need or reason to review or change the Tariff of Rs per unit (Fixed cost Rs per unit + Variable cost Rs per unit) for the year FY For future periods, the Commission is of the view that comprehensive review of cogeneration projects needs to be carried out to assess ground conditions in terms of specific fuel consumption upon undertaking scientific analysis of energy audits of such co-generation projects. The Commission directs concerned co-generators to undertake such energy audit studies in consultation with MEDA / MSEDCL within next three months during ongoing crushing season. MEDA should formulate action plan for such energy audit studies in consultation with Co-generators/Association/ Sakhar Sangh and submit the same for information of the Commission within Six weeks from date of this Order. With the above, the Petitions filed in Case No. 46 of 2012, Case No. 49 of 2012 and Case No. 66 of 2012 stand disposed off. Sd/- (Vijay L. Sonavane) Member Sd/- (V. P. Raja) Chairman MERC Case No 46, 49 and 66 of 2012 Page 19 of 19

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