TNPDCL bought power at a cost of ₹7,953 crore from exchanges in 2023-24
The Hindu
TNPDCL incurred ₹7,953 crore buying 8,606 million units of power from exchanges in 2023-24, facing high demand challenges.
The Tamil Nadu Power Distribution Company Limited (TNPDCL) bought 8,606 million units of power from energy exchanges in 2023-24.
As per a true-up (reconciliation of actual and estimated accounts) petition filed by the TNPDCL with the Tamil Nadu Electricity Regulatory Commission (TNERC), it incurred a cost of ₹7,953 crore in 2023-24 for purchasing power from the exchanges.
The TNPDCL, the erstwhile Tamil Nadu Generation and Distribution Corporation (Tangedco), had estimated to buy 4,428 million units at the cost of ₹4,170 crore in 2023-24. The corporation was a major buyer of electricity from the High Price Day Ahead Market (HP-DAM) in power exchanges, according to data shared in the report on the short-term power market in India 2023-24, released by the Central Electricity Regulatory Commission (CERC).
The CERC had approved the introduction of the HP-DAM in February 2023. The dedicated market segment was introduced to enable high-cost generators who have otherwise not been able to participate in the day-ahead market due to the existing price ceiling.
For 2022-23, the TNERC had approved power purchase expenses after a true-up of ₹3,863.37 crore from power exchanges, with a total of 4,061.35 million units. The TNPDCL has also flagged the issue of higher demand and lower supply in the power exchanges during the summer months.
Upon analysing data from previous years, it was observed that during procurement of power through exchanges, even if the petitioner placed a bid during the summer period at maximum price, they could get only 30% of the bid quantum, as the buy bids were more than double the sell bids in some blocks, the TNPDCL said in a recent petition to the TNERC, seeking nod for procuring short-term power.
Tamil Nadu’s power demand this summer is expected to surpass its previous year’s all-time high peak demand of 20,830 MW, reached on May 2, 2024, and the record high daily consumption of 454.32 million units on April 30, 2024.
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