9.33% hike in Punjab power tariffs
Power tariffs are set to go up in Punjab with the regulator PSERC on Monday announcing a 9.33 per cent hike in electricity rates for 2017-18.
The hike will be implemented with effect from April 1 this year. However, increase in electricity charges will be recovered from consumers in instalments over a period of nine months, Punjab State Electricity Regulatory Commission (PSERC) Chairperson Kusumjit Sidhu said.
Addressing reporters here, Sidhu said the consolidated gap of Punjab State Power Corporation Limited was worked out at ?2,522.62 crore against power utility’s proposal of ?11,575.53 crore.
“To cover this revenue gap for financial year 2017-18, an overall increase of 9.33 per cent is required over the existing tariff,” said Sidhu while announcing the multi-year tariff for the year 2017-18 to 2019-20.
Under MYT regime which has been announced for the first time, the controllable and normative components of annual revenue requirement has been determined and fixed for the control period, she said.
Only uncontrollable costs, specified in MYT regulations will be reviewed during annual performance review exercise.
The hike in power tariff was announced after a gap of three years, the PSERC chairperson said. The Commission this year decided to introduce a two-part tariff structure in the new tariff order for all categories except for agriculture sector.