Petition for Approval of PPA and Adoption of tariff for procurement of RE-RTC power up to 8 MW for a period of 11 months – EQ

Summary:

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## 1. Case Overview

| Parameter | Detail |
|———–|——–|
| **Case No.** | 251 of 2025 |
| **Petitioners (Buyers)** | M/s Mindspace Business Parks Pvt Ltd (MBPPL)<br>M/s Gigaplex Estate Pvt Ltd (GEPL)<br>M/s KRC Infrastructure and Projects Pvt Ltd (KRCIPPL) |
| **Respondent (Seller)** | M/s Energy Edge Power Trading Limited (Trader) |
| **Actual Generator** | Mahakaushal Sugar & Power Industries Ltd (Bagasse-based cogeneration, MP) |
| **Procurement Mode** | Short-term (11 months) Competitive Bidding under Section 63, EA 2003 |
| **Quantum** | Total 8 MW (4+2+2 MW) |
| **Period** | 1 January 2026 to 30 November 2026 |
| **Tariff Adopted** | ₹5.30/kWh to ₹5.90/kWh (Maharashtra State Periphery) |
| **Order Date** | 22 April 2026 |

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## 2. Background & Need for Procurement

| Existing PPAs (Wind) | Expiry | Weighted Avg. Tariff |
|———————-|——–|———————-|
| MBPPL – 13.3 MW | Nov 2025 | ₹3.30/kWh |
| GEPL – 13.8 MW | Nov 2025 | ₹3.55/kWh |
| KRCIPPL – 13.3 MW | Nov 2025 | ₹3.64/kWh |

> The existing wind PPAs were expiring in **November 2025**, creating a **base load gap** of ~8 MW (4 MW + 1.7 MW + 1.7 MW). The petitioners rounded this to **4 MW, 2 MW, 2 MW** for procurement.

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## 3. Bidding Process – Key Details

| Parameter | Detail |
|———–|——–|
| **Bid floated on DEEP Portal** | 10 October 2025 |
| **Public Notice** | Hindustan Times (Mumbai) + Business Standard (Delhi) |
| **Period initially sought** | 1 Dec 2025 – 30 Nov 2026 (later revised to Jan–Nov 2026) |
| **Minimum bid quantity** | 1 MW per requisition (12 monthly requisitions) |
| **Number of bidders** | **Only one bidder** – Energy Edge Power Trading Pvt Ltd |
| **Technically qualified** | 4 November 2025 |
| **e-RA conducted** | 4 November 2025 |
| **Initial Price Offer (IPO)** | ₹6.00/kWh |
| **Final e-RA Price** | ₹5.30 – ₹5.90/kWh (monthly variation) |
| **PPA signed** | 26 November 2025 |

> **Single bidder situation** – As per Short-Term Competitive Bidding Guidelines, the procuring entity can proceed with single bidder **with consent of the Commission** (which MERC has now granted).

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## 4. Adopted Tariff (Month-wise)

| Licensee | Period | Quantum | Tariff (₹/kWh) |
|———-|——–|———|—————-|
| MBPPL (4 MW) | Jan–Mar 2026 & Aug–Nov 2026 | Up to 4 MW (24×7) | **5.30** |
| GEPL (2 MW) | Jan–Mar 2026 & Aug–Nov 2026 | Up to 2 MW (24×7) | **5.30** |
| KRCIPPL (2 MW) | Jan–Mar 2026 & Aug–Nov 2026 | Up to 2 MW (24×7) | **5.30** |
| MBPPL (4 MW) | Apr–Jun 2026 | Up to 4 MW (24×7) | **5.90** |
| GEPL (2 MW) | Apr–Jun 2026 | Up to 2 MW (24×7) | **5.90** |
| KRCIPPL (2 MW) | Apr–Jun 2026 | Up to 2 MW (24×7) | **5.90** |
| MBPPL (4 MW) | Jul 2026 | Up to 4 MW (24×7) | **5.40** |
| GEPL (2 MW) | Jul 2026 | Up to 2 MW (24×7) | **5.40** |
| KRCIPPL (2 MW) | Jul 2026 | Up to 2 MW (24×7) | **5.40** |

> **Higher tariff in Apr–Jun 2026** likely reflects summer demand / lower RE availability.

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## 5. MERC’s Rationale for Adoption

| Factor | Finding |
|——–|———|
| **Single bidder** | Allowed with Commission’s consent under Guidelines Clause 7.1 |
| **Competitiveness test** | Tariff compared with recent short-term procurements (₹4.75–₹6.80/kWh) |
| **DEEP Portal benchmark** | RTC short-term tariffs ranged from **₹4.85–₹12.50/kWh** |
| **Reasonable range** | ₹5.30–5.90/kWh is within prevailing market rates |
| **RPO & green energy** | RE-RTC helps meet RPO targets & offer green power to consumers |

> **Key comparison references** (MERC orders):
> – EON SEZ: ₹4.75/kWh (Hydro)
> – Nidar Utilities: ₹5.35–₹5.65/kWh
> – JNPA: ₹6.30/kWh
> – MSEDCL: ₹6.30–₹6.80/kWh

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