Adani Power shares in focus as SC agrees to hear appeal in Punjab State Electricity Regulatory Commission case
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Adani Power shares will remain in focus on Tuesday, January 7, after the Supreme Court on Monday agreed to examine the company's appeal against the Punjab State Electricity Regulatory Commission's (PSERC) refusal to approve a 2006 power purchase agreement (PPA) between the former Udupi Power Corp and a Punjab state discom. A Bench led by Justice PS Narasimha issued a notice to the Punjab State Electricity Regulatory Commission (PSERC) and Punjab State Power Corp (PSPCL) on Adani Power's appeal challenging the Appellate Tribunal for Electricity’s September order that upheld the Commission’s decision to refuse approval. The agreement was signed between Udupi Power Corp and Punjab State Power Corp for the supply of 101.5 MW of power, which was 10% of the then proposed installed capacity of the 1,015 MW project located in Udupi, Karnataka. Adani Power is the successor in interest of Udupi Power. The generating company having a 600...