# CERC Power Grid Corporation of India Limited Station Tariff Order for FY2024-25 to FY2028-29 (Case No. 597/TT/2025)

- **Issuing authority:** Central Electricity Regulatory Commission (CERC)
- **Case number:** 597/TT/2025
- **Order date:** 6 December 2025
- **Petitioner:** Power Grid Corporation of India Limited (PGCIL)
- **Order type:** Station Tariff Order
- **Tariff regime:** Section 62, Electricity Act 2003
- **Length:** 73 pages
- **Official PDF:** https://cercind.gov.in/2025/orders/597-TT-2025.pdf

## Section index

| Section | Title | Page |
|---|---|---|
|  | Background | 5 |
|  | Truing up of Annual Fixed Charges for 2019-24 tariff period | 8 |
|  |  Capital Cost for 2019-24 Tariff Period | 10 |
|  |  Additional Capital Expenditure (ACE) | 10 |
|  |  Debt-Equity ratio | 10 |
|  |  Depreciation | 11 |
|  |  Interest on Loan (IoL) | 11 |
|  |  Return on Equity (RoE) | 15 |
|  |  Operation & Maintenance Expenses (O&M Expenses) | 18 |
|  |  Interest on Working Capital (IWC) | 20 |
|  |  Trued-up Annual Fixed Charges for 2019-24 Tariff Period | 21 |
|  | Determination of Annual Fixed Charges for the 2024-29 Tariff Period | 23 |
|  |  Capital Cost | 26 |
|  |  Additional Capital Expenditure (ACE) | 27 |
| 25 |  Additional Capitalisation within the original scope and after the cut-off date | 29 |
|  |  ACE Justification (item-wise replacements, Assets I & II) | 30 |
|  |  Debt-Equity ratio | 47 |
|  |  Depreciation | 50 |
|  |  Interest on Loan (IoL) | 55 |
|  |  Return on Equity (RoE) | 57 |
|  |  Operation & Maintenance Expenses (O&M Expenses) | 60 |
|  |  Interest on Working Capital (IWC) | 63 |
|  |  Annual Fixed Charges of the 2024-29 Tariff Period | 63 |
|  |  Filing Fee and Publication Expenses | 66 |
|  |  Fees and Charges of Central Transmission Utility of India Limited (CTUIL) | 66 |
|  |  License Fee and RLDC Fees and Charges | 66 |
|  |  Goods and Services Tax | 66 |
|  |  Security Expenses, Insurance and Capital Spares | 68 |
|  | Sharing of Transmission Charges | 70 |

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