Modi govt shocks Jagan on Power PPAs

Modi govt shocks Jagan on Power PPAs

Modi govt shocks Jagan on Power PPAs
July 14
11:45 2019

For AP Chief Minister YS Jaganmohan Reddy the BJP led Center had given a shock by supporting the PPAs of power sector entered by his opponent Chandrababu Naidu.
Jagan move and an election promise to cancel all power purchase agreements entered by TDP regime has faced rough water due to central interfe. The union power ministry cautioned Jagan that such a move was detrimental to attract foreign investment in AP.
Union Minister RK Singh enclosed a comparative analysis of wind and solar energy bids approved by various States. He asked Jagan Mohan Reddy to thoroughly examine all the documents before taking a decision on PPAs of TDP regime .
Andhra Pradesh government has plans to issue recovery notices to all wind and solar power purchase agreements (PPAs) for the losses caused etc and cancel PPAs for the projects in the so called “in- pipeline inked by Chandrababu govt. , These PPAs include 21 wind contracts, Siemens Gamesa 600 MW hybrid project, Axis Energy hybrid project, energy storage projects and 600 MW of schedulable power.
The AP government decision to revisit and reverse tenders would shake up the confidence of investors in the sector and adversely affects the future bids and investment in the State and the country, the union minister said .
According to YSRC spokesman there was a ₹2200 crore scam in PPAs Of both new projects and in ongoing purchases .

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