GERC approved recovery of past period gaps (net of revenue surplus of FY17) of Rs 470.50 crore by way of regulatory charge at 45 paise per unit, said the company.
Torrent Power shares rallied 4.7 percent intraday Monday after the Gujarat electricity regulator approved company's past recovery of Rs 470.5 crore.
Gujarat Electricity Regulatory Commission (GERC) approved recovery of past period gaps (net of revenue surplus of FY17) of Rs 470.50 crore by way of regulatory charge at 45 paise per unit, said the company.
GERC, on March 31, issued tariff orders for Ahmedabad Generation, Ahmedabad Distribution and Surat Distribution businesses of Torrent Power for truing-up of its financials for FY2014-15 and determination of tariff for FY2016-17.
These orders are effect from April 1, 2016.
According to order, recovery of regulatory charge has to be stopped once the said gaps are recovered in full during the year.
"GERC has endeavoured to reduce electricity bill of consumers by 18 paise per unit by capping recovery of FPPPA during FY17 at Rs 1.35 per unit compared to present FPPPA of Rs 1.98 per unit, in view of recent trend of reduction in fuel price," the company said.
At 09:34 hours IST, the scrip of Torrent Power was quoting at Rs 235.05, up Rs 6.00, or 2.62 percent on the BSE.
Posted by Sunil Shankar Matkar