Techno Electric loses Rs 50 cr on grid backdown in TN
Techno Electric and Engineering Company Ltd has reported a net profit of Rs 37 crore for the quarter ended September, compared with Rs 68 crore in the corresponding quarter of last year. In this plunge of profits lies the sad story of the wind industry in Tamil Nadu.
The company, along with its IFC-funded subsidiary, Simran Wind Project Pvt Ltd, has a over 190 MW wind farm in Tamil Nadu, and could have generated 120 million units of electricity more than it did, if the state-owned electricity generation and distribution company, Tangedco, had only been able to pick up the power.
Techno Electric’s generation loss, worth about Rs 50 crore, is but a small part of the huge loss in value that all the power producers in the state suffered during the wind season of June-September.
It is estimated that at least Rs 1,000 crore worth of electricity was lost due to grid ‘back-downs’.
Ironically, Techno Electric says in its Web site that it is into wind power business because of “predictable income flow and assured terms through credible power purchase agreements.”
Woes of the wind power generation in the state have been toggling between ‘grid is not available’ to ‘grid is available but Tangedco does not want wind power’.
Compounding this is the fact that the state does not allow power generation within the state to be sold outside.
Source: Business Line