MERC Maharashtra State Power Generation Co. Ltd. Multi-Year Tariff (MYT) Order for FY2025-26 to FY2029-30 (Case No. 187 of 2024)

MERC order dated 28 March 2025 in Case 187 of 2024: a 295-page multi-year tariff (myt) order for Maharashtra State Power Generation Co. Ltd., covering FY2025-26 to FY2029-30. Full section index with printed page numbers, key facts, and a link to the official order.

Key facts

Issuing authority

Maharashtra Electricity Regulatory Commission (MERC)

Case number

187 of 2024

Order date

28 March 2025

Petitioner

Maharashtra State Power Generation Co. Ltd. (MAHAGENCO)

Entity

Maharashtra State Power Generation Co. Ltd. (MAHAGENCO)

Order type

Multi-Year Tariff (MYT) Order

Control period

CP-5 (FY2025-26 to FY2029-30)

Tariff regime

Section 62, Electricity Act 2003

Act sections cited

s.61, s.62

Licensee segment

generation

Asset segment

generation

State

Maharashtra

Length

295 pages

About this order

A Multi-Year Tariff (MYT) order determines a regulated entity’s Aggregate Revenue Requirement and tariffs for a full control period — typically five financial years — under Sections 61 and 62 of the Electricity Act, 2003. It usually combines a true-up of past years, a provisional true-up of the most recent year, and projections for each year of the new control period.

This order was issued by the Maharashtra Electricity Regulatory Commission, the electricity regulator for Maharashtra. It relates to the 5th control period, FY2025-26 to FY2029-30. The section index below is extracted from the order’s own structure; page numbers refer to the printed page in the official PDF.

Section index

1. 1. BACKGROUND AND BRIEF HISTORY10 sections · p. 17

   1. 1.1. INTRODUCTIONp. 17
   2. 1.2. MYT REGULATIONSp. 17
   3. 1.3. MYT ORDER FOR 4TH CONTROL PERIODp. 17
   4. 1.4. REVIEW ORDER ON MYT ORDER FOR 4TH CONTROL PERIODp. 17
   5. 1.5. MTR ORDER FOR 4TH CONTROL PERIODp. 17
   6. 1.6. REVIEW ORDER ON MTR ORDER FOR 4TH CONTROL PERIODp. 17
   7. 1.7. MYT REGULATIONS 2024p. 17
   8. 1.8. MYT PETITION FOR 5TH CONTROL PERIODp. 17
   9. 1.9. ADMISSION OF PETITION AND PUBLIC CONSULTATION PROCESSp. 22
   10. 1.10. ORGANISATION OF THE ORDERp. 22
2. 2. SUGGESTIONS/OBJECTIONS RECEIVED, RESPONSE OF MSPGCL AND COMMISSION'S VIEWS12 sections · p. 22

   1. 2.1. COAL QUALITY AND WASHED COALp. 23
   2. 2.2. USAGE OF GP II COALp. 29
   3. 2.3. USAGE OF IMPORTED COALp. 32
   4. 2.4. RELAXATION OF PERFORMANCE PARAMETERSp. 34
   5. 2.5. FUEL UTILISATION PLAN (FUP)p. 39
   6. 2.6. INSTALLATION OF EMISSION CONTROL SYSTEMp. 41
   7. 2.7. ADDITIONAL CAPITALISATIONp. 43
   8. 2.8. ANNUAL FIXED CHARGESp. 48
   9. 2.9. GHATGHAR AFC AND LEASE RENTp. 51
   10. 2.10. OUTSTANDING DUES AND LATE PAYMENT SURCHARGEp. 52
   11. 2.11. NEW THERMAL GENERATION AND RETIREMENT OF OLD UNITSp. 65
   12. 2.12. OTHERSp. 68
3. 3. IMPACT OF OTHER ORDERS10 sections · p. 68

   1. 3.1. ORDER IN CASE NO. 132 OF 2023p. 73
   2. 3.2. INCORRECT OPENING BALANCE OF GFA, ROE AND INTEREST ON LOAN FOR BHUSAWAL UNITS 4&5 AND KHAPERKHEDA UNIT 5 FOR FY 2019-20p. 73
   3. 3.3. INCORRECT RATE OF INTEREST ON LOAN FOR BHIRA HYDRO STATIONp. 73
   4. 3.4. ERRONEOUS COMPUTATION IN CUMULATIVE REVENUE GAP/(SURPLUS) UP TO FY 2022-23p. 75
   5. 3.5. IMPACT OF LD AMOUNT OF KORADI UNITS 8-10p. 76
   6. 3.6. IMPACT OF UDL OF KORADI UNITS 8-10p. 78
   7. 3.7. IMPACT OF LD OF BHUSAWAL UNIT 4 & 5p. 79
   8. 3.8. IMPACT OF UDL OF CHANDARPUR UNITS 8-9 AND PARLI UNIT 8p. 81
   9. 3.9. EXPENSES NOT CLAIMED IN THE MTR PETITIONp. 81
   10. 3.10. IMPACT OF CHANGE IN LAW DUE TO COAL TOLLING ARRANGEMENTp. 82
4. 4. FINAL TRUE-UP FOR FY 2022-23 AND FY 2023-2429 sections · p. 82

   1. 4.1. BACKGROUNDp. 82
   2. 4.2. NORMS OF OPERATIONp. 82
   3. 4.3. AVAILABILITYp. 84
   4. 4.4. PLANT LOAD FACTOR (PLF)p. 89
   5. 4.5. AUXILIARY ENERGY CONSUMPTION (AEC)p. 91
   6. 4.6. NET GENERATIONp. 92
   7. 4.7. GROSS STATION HEAT RATE (GSHR)p. 94
   8. 4.8. SECONDARY FUEL OIL CONSUMPTION (SFOC)p. 96
   9. 4.9. TRANSIT AND HANDLING LOSSp. 96
   10. 4.10. GROSS CALORIFIC VALUE (GCV) OF FUELSp. 97
   11. 4.11. LANDED PRICE OF FUELSp. 101
   12. 4.12. ENERGY CHARGESp. 108
   13. 4.13. ADDITIONAL CAPITALISATIONp. 111
   14. 4.14. MEANS OF FINANCE OF ADDITIONAL CAPITALISATIONp. 111
   15. 4.15. ANNUAL FIXED CHARGES (AFC)p. 111
   16. 4.16. OPERATIONS AND MAINTENANCE (O&M) EXPENSESp. 119
   17. 4.17. DEPRECIATIONp. 126
   18. 4.18. INTEREST ON LONG-TERM LOANS AND OTHER FINANCE CHARGESp. 129
   19. 4.19. INTEREST ON WORKING CAPITAL (IOWC)p. 132
   20. 4.20. RETURN ON EQUITY (ROE)p. 136
   21. 4.21. NON-TARIFF INCOME (NTI)p. 140
   22. 4.22. ANNUAL FIXED CHARGESp. 144
   23. 4.23. HYDRO LEASE RENTALp. 144
   24. 4.24. REVENUE GAIN/ (LOSS) DUE TO LOWER/ HIGHER AUXILIARY CONSUMPTIONp. 145
   25. 4.25. INCENTIVE FOR EXCESS HYDRO GENERATIONp. 146
   26. 4.26. REDUCTION IN AFC DUE TO SHORTFALL AGAINST TARGET AVAILABILITYp. 149
   27. 4.27. REVENUE FROM SALE OF POWERp. 149
   28. 4.28. SUMMARY OF TRUE UP OF FY 2022-23 AND FY 2023-24p. 150
   29. 4.29. OTHER ISSUES TO BE TRUED-UPp. 155
5. 5. PROVISIONAL TRUE-UP FOR FY 2024-2526 sections · p. 155

   1. 5.1. BACKGROUNDp. 155
   2. 5.2. NORMS OF OPERATIONp. 156
   3. 5.3. AVAILABILITYp. 156
   4. 5.4. PLANT LOAD FACTOR (PLF)p. 158
   5. 5.5. AUXILIARY ENERGY CONSUMPTION (AEC)p. 159
   6. 5.6. NET GENERATIONp. 159
   7. 5.7. GROSS STATION HEAT RATE (GSHR)p. 161
   8. 5.8. SPECIFIC FUEL OIL CONSUMPTION (SFOC)p. 161
   9. 5.9. GROSS CALORIFIC VALUE (GCV) OF FUELSp. 162
   10. 5.10. LANDED PRICE OF FUELSp. 162
   11. 5.11. ENERGY CHARGESp. 166
   12. 5.12. OTHER EXPENSES INCURRED DUE TO POWER PURCHASEp. 167
   13. 5.13. ADDITIONAL CAPITALISATIONp. 171
   14. 5.14. MEANS OF FINANCE OF ADDITIONAL CAPITALISATIONp. 171
   15. 5.15. AFCp. 171
   16. 5.16. O&M EXPENSESp. 174
   17. 5.17. DEPRECIATIONp. 179
   18. 5.18. INTEREST ON LONG-TERM LOANS AND OTHER FINANCE CHARGESp. 181
   19. 5.19. INTEREST ON WORKING CAPITAL (IOWC)p. 183
   20. 5.20. ROEp. 186
   21. 5.21. NON-TARIFF INCOME (NTI)p. 186
   22. 5.22. AFCp. 188
   23. 5.23. HYDRO LEASE RENTALp. 188
   24. 5.24. REDUCTION IN AFC DUE TO SHORTFALL AGAINST TARGET AVAILABILITYp. 189
   25. 5.25. REVENUE FROM SALE OF POWERp. 189
   26. 5.26. SUMMARY OF TRUE UP OF FY 2024-25p. 190
6. 6. CUMULATIVE REVENUE GAP/(SURPLUS)1 sections · p. 190

   1. 6.1. CUMULATIVE REVENUE GAP/(SURPLUS) UP TO FY 2024-25p. 192
7. 7. FUEL UTILISATION PLAN FOR FY 2025-26 TO FY 2029-3010 sections · p. 192

   1. 7.1. BACKGROUNDp. 194
   2. 7.2. ACTUAL COAL UTILISATION DURING FY 2022-23 AND FY 2023-24p. 195
   3. 7.3. PROPOSED COAL UTILISATION FOR H2 OF FY 2024-25 TO FY 2029-30p. 202
   4. 7.4. COAL ALLOCATIONp. 211
   5. 7.5. STRATEGY TO MEET SHORTFALL OF COAL IN REAL TIMEp. 211
   6. 7.6. PRICES AND GCV OF FUELS AND ESCALATION FACTOR FOR FUEL COSTp. 214
   7. 7.7. RELAXATION IN GCV VARIATIONS BETWEEN GCV AS BILLED (LOADING) VIS-À-VIS GCV ARB UNLOADINGp. 215
   8. 7.8. GAS SUPPLY FOR URANp. 215
   9. 7.9. USE OF BIOMASS PELLETSp. 216
   10. 7.10. COMMISSION'S ANALYSIS ON FUEL UTILISATION PLAN FOR FY 2025-26 TO FY 2029-30p. 218
8. 8. MULTI YEAR TARIFF FOR THE CONTROL PERIOD FY 2025-26 TO FY 2029-3027 sections · p. 218

   1. 8.1. BACKGROUNDp. 218
   2. 8.2. OPERATING CAPACITY DURING THE CONTROL PERIODp. 218
   3. 8.3. NORMS OF OPERATIONp. 227
   4. 8.4. AVAILABILITY AND PLFp. 232
   5. 8.5. AUXILIARY ENERGY CONSUMPTION (AEC)p. 232
   6. 8.6. NET GENERATIONp. 235
   7. 8.7. GROSS STATION HEAT RATE GSHRp. 238
   8. 8.8. SECONDARY FUEL OIL CONSUMPTION (SFOC)p. 239
   9. 8.9. TRANSIT LOSSp. 239
   10. 8.10. CONSIDERATION OF MOISTURE LOSS FOR GCVp. 241
   11. 8.11. GCV AND LANDED PRICE OF FUELSp. 243
   12. 8.12. ENERGY CHARGE RATEp. 250
   13. 8.13. CAPITALISATION PLANp. 254
   14. 8.14. MEANS OF FINANCE OF ADDITIONAL CAPITALISATIONp. 254
   15. 8.15. ANNUAL FIXED CHARGES (AFC)p. 254
   16. 8.16. O&M EXPENSESp. 265
   17. 8.17. SPECIAL ALLOWANCEp. 275
   18. 8.18. DEPRECIATIONp. 280
   19. 8.19. INTEREST ON LONG TERM LOANS AND OTHER FINANCE CHARGESp. 281
   20. 8.20. IOWCp. 282
   21. 8.21. RETURN ON EQUITY (ROE) & INCOME TAXp. 284
   22. 8.22. NON TARIFF INCOME (NTI)p. 284
   23. 8.23. ANNUAL FIXED CHARGES (AFC)p. 285
   24. 8.24. AFC REDUCTIONp. 286
   25. 8.25. MYT FOR THERMAL GENERATING STATIONSp. 286
   26. 8.26. HYDRO LEASE RENTALp. 289
   27. 8.27. TARIFF FOR HYDRO STATIONSp. 290
9. 9. PROVISIONAL TARIFF OF BHUSAWAL UNIT 67 sections · p. 290

   1. 9.1. BACKGROUNDp. 290
   2. 9.2. PROVISIONAL TARIFF OF BHUSAWAL UNIT 6 FOR 5TH CONTROL PERIODp. 292
   3. 9.3. O&M EXPENSESp. 292
   4. 9.4. DEPRECIATIONp. 292
   5. 9.5. INTEREST ON LOANp. 292
   6. 9.6. RETURN ON EQUITYp. 293
   7. 9.7. INTEREST ON WORKING CAPITALp. 295
10. 10. SUMMARY OF APPROVED TARIFF2 sections · p. 295

    1. 10.1. TARIFF FOR THERMAL GENERATING STATIONSp. 296
    2. 10.2. TARIFF FOR HYDRO STATIONSp. 296
11. 11. COMMISSION'S DIRECTIVES3 sections · p. 296

    1. 11.1. DIRECTIVES IN ORDER DATED 30 MARCH, 2020 IN CASE NO. 296 OF 2019p. 298
    2. 11.2. DIRECTIVES IN ORDER DATED 31 MARCH, 2023 IN CASE NO. 227 OF 2022p. 299
    3. 11.3. DIRECTIVES ISSUED IN THIS ORDERp. 302
12. 12. APPLICABILITY OF THE ORDERp. 307

Index extracted from the official order. Page numbers are the printed page in the PDF; front-matter (table of contents, abbreviations) is not indexed.

Ask CtrlPeriod about this order

• What ARR did MERC approve for MAHAGENCO in the FY26–FY30 MYT order? →
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Related orders

• MAHAGENCO Review Order (Case 96 of 2025) page pending
• APL Multi-Year Tariff (MYT) Order (Case 188 of 2024) page pending
• AEML-D Multi-Year Tariff (MYT) Order (Case 211 of 2024)
• ASL Multi-Year Tariff (MYT) Order (Case 215 of 2024) page pending
• AEML-T Multi-Year Tariff (MYT) Order (Case 184 of 2024) page pending
• ATIL Multi-Year Tariff (MYT) Order (Case 181 of 2024) page pending
• BEST Multi-Year Tariff (MYT) Order (Case 207 of 2024)
• All MAHAGENCO orders

About this page

Official order PDF (MERC) · 295 pages.

Case details, dates and the section index on this page are extracted directly from the official order published by MERC. This page was assembled by CtrlPeriod Research using automated document analysis; it does not reproduce the order’s determined tariff figures. It is a research aid, not legal or financial advice — verify against the official order before relying on it.