Order on Truing up of FY
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1 BIHAR ELECTRICITY REGULATORY COMMISSION Order on Truing up of FY For BIHAR STATE POWER HOLDING COMPANY LIMITED (BSPHCL) Case No. 21 of th February, 2014
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3 CONTENTS ORDER Introduction Bihar Electricity Regulatory Commission (BERC) Functions of BERC Background and Brief History Commission s Orders issued earlier Admission of Current Petition and Public Hearing Process Approach of this order Contents of this order Summary of Petition filed by BSPHCL for True up for FY Summary of ARR approved in FY (RE) Request to the Commission Stakeholder s Objections/Suggestions, Petitioner s response and Commission s observation Introduction: Issue-wise Stakeholder s Objections/Suggestions, BSPHCL s Response and Commission s observations Truing-up for FY Background Truing-up of ARR for FY Category wise energy sales Transmission and Distribution Losses BSEB s Own Generation Power Purchase Energy Balance Power Purchase Cost Disincentive for non-achievement of T&D loss reduction target Employee cost Repairs and Maintenance (R&M) Expenses Administrative & General (A&G) Expenses Operation and Maintenance (O&M) Costs Capital Expenditure Depreciation Interest and Finance Charges Interest on working Capital Interest on Security Deposit Return on Equity Non-Tariff Income Net Prior Period Credits / Charges Revenue from Sale of Power at existing Tariff for FY Resource gap funding received from the State Government for FY Approved ARR and Revenue Gap for FY Past Recoveries...93 ANNEXURE-I ANNEXURE-II Bihar Electricity Regulatory Commission Page i
4 LIST OF TABLES 1 Table 2.1: ARR approved in Tariff Order for FY , in review and now claimed in True up for FY Table 4.1: Category-wise actual energy sales proposed for FY Table 4.2: Summary of Category-wise energy sales approved for FY Table 4.3: T&D Losses proposed for FY Table 4.4: Approved T&D Losses for FY Table 4.5: Power Purchase proposed for FY Table 4.6: Source-wise Power Purchase quantum approved for FY Table 4.7 : Energy Balance proposed for FY Table 4.8: Energy Balance approved for FY Table 4.9: Proposed Power Purchase Cost for FY Table 4.10: Approved Power Purchase Cost for FY Table 4.11: Disallowed Power Purchase proposed for FY Table 4.12: Cost of Disallowed Power Purchase proposed for FY Table 4.13: Disincentive for Non-achievement of T&D loss reduction target for FY Table 4.14: Employee cost proposed for FY Table 4.15: Employee Cost approved for FY Table 4.16: Repairs and Maintenance Expenses proposed for FY Table 4.17: Summary of approved R&M expenses for FY Table 4.18: A&G expenses proposed for FY Table 4.19: Summary of approved A&G expenses for FY Table 4.20: Summary of approved O&M expenses for FY Table 4.21 Details of Capital works in progress proposed by the Petitioner Table 4.22: Estimation of CWIP Table 4.23: Gross Fixed Assets for FY Table 4.24: Net depreciation proposed for FY Table 4.25: Depreciation approved in the truing-up for FY Table 4.26: Interest and finance charges claimed in the truing up for FY Table 4.27: Computation of effective rate of interest for FY Table 4.28: Approved interest and finance charges for FY Table 4.29 Other interest and finance charges for FY Table 4.30: Other Interest and Finance Charges for FY Table 4.31: Approved interest and finance charges for FY Table 4.32: Proposed Interest on Working Capital for FY Table 4.33: Summary of Interest on working capital approved for FY Table 4.34: Interest on Consumers Security Deposit for FY Table 4.35: Proposed Return on Equity for FY Table 4.36: Return on equity approved for FY Table 4.37 Non-tariff income proposed for FY Table 4.38: Funding of DPS Table 4.39: Non-tariff Income approved for FY Table 4.40 Net prior period charges proposed for FY Table 4.41: Prior period charges as per annual accounts for FY Table 4.42 Revenue from sale of power for FY Table 4.43: Estimated Revenue from Sale of Power for FY Table 4.44: Actual Revenue received as per the audited Annual Accounts for FY Table 4.45: Details of Subsidy and Grant received during FY Table 4.46: Allocation of Resource Gap for FY Bihar Electricity Regulatory Commission Page ii
5 Table 4.47: Details of State Government Resource Gap Assistance/Subsidy for FY Table 4.48: Summary of Trued-up ARR and Revenue gap/surplus for FY Table 4.49: Summary of the interest on revenue surplus of FY permitted to be carried forward to ARR of FY Table 4:50: Approved Revenue Gap/ (Surplus) based on true-up to end of FY Bihar Electricity Regulatory Commission Page iii
6 ABBREVIATONS A&G Administration and General Expenses ACT Electricity Act ARR Aggregate Revenue Requirement BERC Bihar Electricity Regulatory Commission BSHPS Bihar State Hydro Power Station BSEB Bihar State Electricity Board BSPHCL Bihar State Power (Holding) Company Limited BSPTC Bihar State Power Transmission Corporation Limited BTPS Barauni Thermal Power Station CAGR Compounded Annual Growth Rate CAPEX Capital Expenditure CEA Central Electricity Authority CERC Central Electricity Regulatory Commission CGS Central Generating Station CTU Central Transmission Utility DISCOM Distribution Company DPS Delayed Payment Surcharge DS Domestic Service DSM Demand Side Management DT Distribution Transformer ERLDC Eastern Region Load Despatch Centre ERPC Eastern Region Power Committee FC Fixed Charges FPPCA Fuel and Power Purchase Cost Adjustment FY Financial Year GFA Gross Fixed Asset HT High Tension HTSS High Tension Specified Service KBUNL Kanti Bijlee Utpadan Nigam Limited KJ Kutir Jyoti KVA Kilo Volt Ampere KVAH Kilo Volt Ampere Hour KWH Kilo Watt Hour LT Low Tension MMC Monthly Minimum Charge MoP Ministry of Power MU Million Unit MVA Mega Volt Ampere MW Mega Watt MYT Multi-Year Tariff NBPDCL North Bihar Power Distribution Company Limited NDS Non Domestic Service NEP National Electricity Policy Bihar Electricity Regulatory Commission Page iv
7 NFA NHPC NTPC O&M PGCIL PLF PTC PWW R&M RE REA RGGVY RLDC RoE SAC SBPDCL SERC SS T&D ToD TPS UI Net Fixed Asset National Hydro Power Corporation National Thermal Power Corporation Operation and Maintenance Power Grid Corporation of India Limited Plant Load Factor Power Trading Corporation Public Water Works Repair and Maintenance Revised Estimates Regional Energy Accounting Rajiv Gandhi Grameen Vidyutikaran Yojna Regional Load Despatch Centre Return on Equity State Advisory Committee South Bihar Power Distribution Company Limited State Electricity Regulatory Commission Sub-station Transmission and Distribution Time of Day Thermal Power Station Unscheduled Interchange Bihar Electricity Regulatory Commission Page v
8 Bihar Electricity Regulatory Commission Ground Floor, Vidyut Bhawan II Jawahar Lal Nehru Marg, Patna Case No of 2013 In the matter of: True-up of Aggregate Revenue Requirement (ARR) for the Financial Year for Bihar State Power Holding Company Limited. And Bihar State Power Holding Company Limited.... Petitioner Present: U.N. Panjiar - Chairman S.C. Jha - Member ORDER (Passed 28 th Day of February, 2014) The erstwhile Bihar State Electricity Board (BSEB) is restructured on functional basis with affect from 1 st November, 2012 into five successor companies under Bihar State Electricity Reforms Transfer Scheme, 2012 vide notification no. 17 dated issued by Energy Department, Government of Bihar, namely; 1. Bihar State Power Holding Company Limited (BSPHCL) 2. Bihar State Power Generation Company Limited (BSPGCL) 3. Bihar State Power Transmission Company Limited (BSPTCL) Bihar Electricity Regulatory Commission Page 1
9 4. North Bihar Power Distribution Company Limited (NBPDCL) 5. South Bihar Power Distribution Company Limited (SBPDCL) BSPHCL, the holding company, has earlier filed the Multi Year Tariff (MYT) petition on behalf of successor generation, transmission and two distribution companies on 14 th November, 2012 for true up of ARR of FY , Review of ARR for FY and determination of ARR for generation and transmission companies separately and combined petition for two distribution companies for the control period from FY to FY The Commission taking into consideration all the facts brought before it and issued the order of true-up of the ARR for FY for erstwhile BSEB, reviewed the ARR and revenue for FY of erstwhile BSEB and its successor companies and also approved the ARR for the years FY to for BSPGCL, BSPTCL separately and combined ARR for the two distribution companies viz. NBPDCL and SBPDCL in the order dated 15 th March, BSPHCL has now filed the petition for true-up of ARR of FY on behalf of the erstwhile BSEB from to and the four successor companies BSPGCL, BSPTCL, NBPDCL and SBPDCL on 11 th November, In exercise of the powers vested to Bihar Electricity Regulatory Commission under section 62(1)(d) read with Section 62(3) and Section 64 (3)(a) of the Electricity Act, 2003 and Bihar Electricity Regulatory Commission (Terms and Conditions for Determination of Tariff) Regulations 2007 (hereinafter referred to as 'Tariff Regulations, 2007') and other enabling provisions in this behalf, the Commission issues this order, truing up of the Aggregate Revenue Requirement (ARR) for financial year (FY) , based on the Petition filed by Bihar State Power Holding Company Limited on behalf of erstwhile Bihar State Electricity Board and its successor companies. Regulation 22 of the Tariff Regulations, 2007 provides that the Commission shall undertake a review along with next Tariff Order, of the expenses and revenue approved by the Commission in the current year s Tariff Order. After audited accounts of the year are made available, the Commission shall undertake a similar Bihar Electricity Regulatory Commission Page 2
10 exercise based on the final actual figures as per the audited accounts. Accordingly BSPHCL has submitted petition for truing up of ARR and revenue for FY based on the audited annual accounts on behalf of erstwhile BSEB on the unbundled entities. As per Regulation 6(5) of the Tariff Regulation and for providing adequate opportunities to all stakeholders and general public for making suggestions/objections on the true up petition as mandated under section 64(3) of the Electricity Act, 2003, the Commission directed BSPHCL vide letter no dated to publish the True-up petition for FY in abridged form as public notice in newspapers having wide circulation in the State inviting suggestions/objections on the True-up petition. Accordingly BSPHCL published the tariff petition in the abridged form as public notice in various newspapers. The last date of submission of detailed suggestions/objections was fixed as 3 rd January, However, on request from stakeholders, the Commission extended the last date of submission up to 31 st January The Commission, to ensure transparency in the process of finalization true up petition for FY and for providing proper opportunity to all stakeholders and general public for making suggestions/objections on the tariff petition hold the public hearing at BERC Court Room, BERC office at Patna on 11 th January The true-up petition for FY was also placed before the State Advisory Committee on 23 rd January 2014 and the various aspects were discussed by the Committee. The Commission took into consideration the facts presented by the BSPHCL in the true up petition and subsequent various filings, the suggestion/objections received from stakeholders, consumer organizations, general public and State Advisory Committee and response of the Bihar State Power Holding Company Limited on the suggestions/objections and passed the trued-up order on the ARR and revenue for FY , of erstwhile BSEB and its successor companies. Bihar Electricity Regulatory Commission Page 3
11 The State Government has been giving resource gap grant to erstwhile BSEB which has been used for reducing the revenue gap of erstwhile BSEB. This treatment of resource gap has the effect of reducing the average tariff of all categories of consumers across the state till FY The State Government vide letter No dated 19 th September, 2011 has clarified that the resource gap grant being provided to the BSEB is meant for first compensating BSEB for the financial loss incurred by BSEB on account of additional power purchase due to difference in the actual T&D loss and the T&D losses as approved by the Commission and the balance amount of resource gap grant will be used to subsidize the agricultural and rural consumers. Accordingly in truing-up of ARR for FY the resource gap grant received during FY to erstwhile BSEB and its successor companies has been used to first compensate for the financial losses caused on account of additional power purchase due to difference in the actual T&D losses and the T&D losses approved by the Commission and the remaining portion of the grant has been used to subsidize the agriculture and rural consumers. The BSPHCL in its true-up petition for FY has claimed Rs crore revenue gap and prayed the Commission to carry forward the above gap with a carrying cost of Rs crore in the ARR for FY Against the above revenue gap, the Commission after proper scrutiny of data and facts, brought out a surplus of Rs crore including the carrying cost for one and half year for FY which is carried forward for adjustment, in the ARR of FY of the Distribution Companies. Sd/- (S. C. Jha) Member Sd/- (U. N. Panjiar) Chairman Bihar Electricity Regulatory Commission Page 4
12 1. Introduction 1.1 Bihar Electricity Regulatory Commission (BERC) The Bihar Electricity Regulatory Commission (hereinafter referred to as Commission or BERC ) was constituted by the Government of Bihar under Section 17 of the Electricity Regulatory Commission Act, 1998 vide Government of Bihar notification No dated 1 5 t h A p r i l The Electricity Regulatory Commission Act, 1998 along with Indian Electricity Act, 1910 and Electricity (Supply) Act, 1948 was repealed by Section 185 (1) of the Electricity Act, 2003 (hereinafter referred to as the Act ). The first proviso of Section 82 (1) has ensured continuity of the Bihar Electricity Regulatory Commission by laying down that the S t a t e Electricity Regulatory Commission established by the State Government under Section 17 of Electricity Regulatory Commission Act, 1998 and functioning as such, immediately before the appointed date, shall be the State Electricity Regulatory Commission for the purpose of the Act. 1.2 Functions of BERC As per Section 86 of the Electricity Act 2003, the State Commission shall discharge the following functions, namely, a) determine the tariff for generation, supply, transmission and wheeling of electricity, wholesale, bulk or retail, as the case may be, within the State: Provided that where open access has been permitted to a category of consumers under section 42, the State Commission shall determine only the wheeling charges and surcharge thereon, if any, for the said category of consumers; b) regulate electricity purchase and procurement process of distribution licensees including the price at which electricity shall be procured from the generating companies or licensees or from other sources through agreements for purchase of power for distribution and supply within the State; c) facilitate intra-state transmission and wheeling of electricity; Bihar Electricity Regulatory Commission Page 5
13 d) issue licenses to persons seeking to act as transmission licensees, distribution licensees and electricity traders with respect to their operations within the State; e) promote co-generation and generation of electricity from renewable sources of energy by providing suitable measures for connectivity with the grid and sale of electricity to any person, and also specify, for purchase of electricity from such sources, a percentage of the total consumption of electricity in the area of a distribution licensee; f) adjudicate upon the disputes between the licensees, and generating companies and to refer any dispute for arbitration; g) levy fee for the purposes of this Act; h) specify State Grid Code consistent with the Indian Electricity Grid Code specified with regard to grid standards; i) specify or enforce standards with respect to quality, continuity and reliability of service by licensees; j) fix the trading margin in the intra-state trading of electricity, if considered, necessary; and k) discharge such other functions as may be assigned to it under this Act. 1.3 Background and Brief History Bihar State Power Holding Company Limited The Government of Bihar under the provision of Bihar Electricity Reforms Transfer Scheme 2012 notified vide Notification No. 17 dated of the Energy Department, Govt. of Bihar restructured the Bihar State Electricity Board with effect from 1 st November, The Generation, Transmission and Distribution Businesses of the erstwhile Bihar State Electricity Board are transferred to four successor companies with one Holding Company as listed below: 1) Bihar State Power Holding Company Limited (BSPHCL) 2) Bihar State Power Generation Company Limited (BSPGCL) 3) Bihar State Power Transmission Company Limited (BSPTCL) 4) North Bihar Power Distribution Company Limited (NBPDCL) Bihar Electricity Regulatory Commission Page 6
14 5) South Bihar Power Distribution Company Limited (SBPDCL) Bihar State Power (Holding) Company Limited ( BSPHCL) is a holding company responsible for purchase of electricity from various sources and supply of electricity to Distribution companies and other activities including trading of electricity. The BSPHCL has filed the Petition for truing up of FY on behalf of erstwhile BSEB for the period from 1 st March, 2012 to 31 st October, 2012 and on behalf of BSPGCL, BSPTCL, NBPDCL and SBPDCL for the period 1 st November, 2012 to 31 st March, The Government of Bihar vide notification dated 30 th October, 2012, notified the provisional opening Balance Sheet of the transferee companies as on 1 st April, The value of assets and liabilities stand transferred from the erstwhile Bihar State Electricity Board to the transferee companies, including the Bihar State Power (Holding) Company Limited. Assets and liabilities (gross block, loans and equity), as on the date mentioned in the notification, have been considered by the Commission in line with the Financial Restructuring Plan (FRP) as approved by the Government of Bihar Background The Bihar State Power (Holding) Company Limited (herein after referred to as BSPHCL or Petitioner) has filed its Petition on behalf of erstwhile Bihar State Electricity Board (BSEB) and four unbundled entities for True up of FY based on Audited Accounts for FY on 11 th November, 2013 under Section 62 of the Electricity Act, 2003, read with Bihar Electricity Regulatory Commission (Terms and Conditions for Determination of Tariff) Regulations, 2007 (hereinafter referred as 'BERC Tariff Regulations, 2007'). 1.4 Commission s Orders issued earlier The chronology of the filing of tariff petitions and issue of Tariff Orders from FY are listed below: The BSEB had submitted its first Aggregate Revenue Requirement (hereinafter Bihar Electricity Regulatory Commission Page 7
15 referred to as ARR ) and tariff petition for the FY on 10 th April, The Commission passed the Tariff Order on that petition on 29 th November, The BSEB submitted its ARR and tariff petition for FY on 18 th December, As the tariff petition for FY was filed very late, the Commission vide letter no. BERC.Tariff-9/07-03 dated 2nd January 2008 directed the BSEB to file the ARR and tariff petition for FY along with data as specified by the Commission in the BERC (Terms and Conditions for Determination of Tariff) Regulations, 2007 by 31 st January The BSEB submitted its ARR and tariff petition for FY on 14 th February, The Tariff Order for FY was passed by the Commission on 26 th August, The Commission also undertook the Review of ARR for FY along with Tariff Order for FY The BSEB filed on 9 th October 2009 the petition for determination of ARR and approval of retail tariff for FY However, due to delay in filing of the ARR/ tariff petition for FY , the Commission directed the BSEB to file the ARR and tariff petition for the FY In view of the same, there was no approval of the ARR for FY The BSEB submitted its ARR and tariff petition for FY before the Commission on 3 rd February, The Commission passed the Tariff Order for FY on 6 th December, The Commission also undertook the Review of ARR for FY along with the Tariff Order for FY The BSEB submitted its ARR and tariff petition for FY before the Commission on 17 th February, The Commission passed the Tariff Order for FY on 1 st June, 2011, effective from 1 st May The True-up petition for FY , FY and FY , based on the audited annual accounts of BSEB, was filed by the BSEB on 01st September The addendum to this True-up petition was filed by BSEB on 17 th October The Commission passed its first truing up order for FY , FY and FY on 4 th January Bihar Electricity Regulatory Commission Page 8
16 Subsequently, the BSEB filed the Truing up petition for FY on 13 th October, The truing up order for FY was issued by the Commission on 27 th January BSEB also submitted a petition on 13 th October, 2011 vide letter No. Com/ FPPCA- 136/ for the review of ARR for FY based on their Audited Annual Accounts. The Commission vide its Order dated 3 rd November, 2011 directed BSEB to submit its petition for review of the expenses and revenues for the FY along with tariff petition for FY Commission also directed BSEB that, if the final audited accounts for the FY are made available to the Commission along with the petition or during the hearing of tariff petition for FY , a final true up of the expenses and revenues for the FY shall be considered by the Commission. The Board filed its ARR and tariff petition for FY on 15th November In this petition the Board also carried out review exercise for FY projecting the revised estimates for FY based on the provisional annual accounts of BSEB for FY A Supplementary petition for determination of ARR & retail tariff petition for FY was subsequently filed by the Board vide letter no. Com/ Tariff-152/ 2011-(Part-I) -017 on 2nd January BSEB vide letter No. Com/ Tar-132/ dated 2 nd March, 2012 submitted the audited annual accounts for FY along with the audit certificate issued by CAG to the Commission. Subsequently, BSEB vide letter No. Com/ Tar-132/ dated 16 th March, 2012 submitted the truing up petition of BSEB for FY based on the audited annual accounts for FY The BSEB filed petition for truing up for FY , Performance Review for FY and determination of ARR and Tariff for FY The Commission issued the Tariff Order on 30 th March, 2012 effective from 1 st April, The BSPHCL filed the Petition on behalf of Generation, Transmission and Bihar Electricity Regulatory Commission Page 9
17 Distribution Companies for provisional truing up of FY along with provisional Annual Accounts for FY , Performance Review for FY and MYT Petition for determination of ARR for FY to FY and determination of tariff for FY on 14 th November, 2012 vide their letter No. Com/Tariff petition- 160/2012/2857 dated Subsequently the Petitioner filed revised True up Petition for FY along with Audited Accounts on The Commission issued the Tariff Order for FY along with true-up of ARR for FY and APR of FY on 15 th march, 2013 effective from 1 st April, Admission of Current Petition and Public Hearing Process BSPHCL has filed the Petition for Truing up of FY on behalf of erstwhile BSEB for the period 1 st March, 2012 to 31 st October, 2012 and on behalf of BSPGCL, BSPTCL, NBPDCL and SBPDCL for the period 1 st November, 2012 to 31 st March, 2013 on the 11 th November, On preliminary verification of the Petition, the Commission has admitted the Petition (Case No. 21/2013) on 12 th November, 2013 and in accordance with section 64 of the Electricity Act, 2003 and sub clause 6(5) of BERC (Terms and Conditions of Determination of Tariff) Regulations, 2007, the Commission directed the BSPHCL to publish the Petition in the abridged form in at least two daily newspapers, one in English and the other in Hindi, having wide circulation in the State inviting objections and suggestions from its stakeholders on the ARR and Tariff Petition filed by it. The public notices were published in the following newspapers as given below: Sl. No. Name of the news paper Language Date of first publication Date of second publication 1 Dainik Jagran Hindi Prabhat Khabar Hindi Hindustan Times English The tariff petition was also placed on the website of BSPHCL for inviting objections/ suggestions on the petition and copies of the petition along with Annexure were also made available for sale in the office of the Chief Engineer (Commercial), Bihar Electricity Regulatory Commission Page 10
18 BSPHCL. The interested parties / stakeholders were asked to file their objections / suggestions on the Petition on or before 3 rd January, However, on request of some stakeholder s, the Commission extended the last date of submission up to 31 st January The proposal of BSPHCL was also placed before the State Advisory Committee (SAC) in its meeting held on 23 rd January 2014 and various aspects of the petition was discussed by the Committee. The Commission took the advice of the State Advisory Committee on the True up Petition filed by BSPHCL during the meeting of the Committee. The minutes of the meeting are given in Annexure-I. BSPHCL was also directed to publish the schedule for Public Hearings along with the public notice inviting objections/suggestions. The Commission received four (4) written objections / suggestions from consumers/ consumer organizations. The Commission directed Petitioners to submit the replies/ response to the suggestions/ objections to the Commission vide letter No. as mentioned below: BERC Letter No. Date No. of objection/suggestion sent to BSPHCL Date of submission of reply by BSPHCL /1/2014 Four (4) 31/01/ /02/2014 Separate communications were sent to the objectors to take part in the public hearing process for presenting their views in person before the Commission. The public hearing was conducted at BERC Office on 11 th January, The names of consumers / consumer organizations who filed their objections and the list of objectors participated in the public hearing for presenting their objections / suggestions are given in Annexure-II. A note on the main issues raised by the objectors in the written submissions and also in the public hearing in respect of the petitions, along with the response of Bihar Electricity Regulatory Commission Page 11
19 BSPHCL and the Commission s views on the response, are given in Chapter Approach of this order The BERC ( Terms and Conditions for Determination of Tariff) Regulations, 2007 provides for truing up of previous year (FY ). The BSPHCL has now approached the Commission with the present Petition on behalf of erstwhile BSEB for the period 1st April, 2012 to 31st October, 2012 and other unbundled entities from 1st November 2012 to 31st March, 2013 for truing up of FY based on Audited Annual Accounts for FY The Commission has examined the Petition and observed that certain additional data / information and clarifications are required for taking up detailed analysis of the Petition. The Commission directed Petitioners to submit the additional data / information and clarifications through various letters. In response, the Petitioner has submitted their rep lies. The status of the Commission s letters and the Petitioners replies are as follows: Commission s Petitioner s Date even letter no. even letter no. Date /11/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /01/ /02/ /01/ /02/2014 The Commission has undertaken truing up of the FY based on Audited Annual Accounts. While considering the truing up of the ARR for FY , the Commission has been primarily guided by the following principles: 1. Controllable parameters have been considered at the level approved under the Tariff Order for FY unless the Commission considers there are Bihar Electricity Regulatory Commission Page 12
20 valid reasons for revising the same. 2. Uncontrollable parameters have been revised, based on the actual performance observed. The truing up for the FY has been considered based on the BERC (Terms and Conditions for Determination of Tariff) Regulations, Contents of this order The order is divided into Four (4) chapters as detailed below: 1. The First Chapter provides a background of BSPHCL, Commission s Orders in earlier years, the Petition, details of public hearing process, and the approach adopted for this order. 2. The Second Chapter contains a summary of True up Petition of BSPHCL. 3. The Third Chapter provides a brief Account of the public hearing process, including the objections raised by stakeholders, Petitioner s response and Commission s views on the same. 4. The Fourth Chapter deals with the Truing up for the FY filed by BSPHCL. Bihar Electricity Regulatory Commission Page 13
21 2. Summary of Petition filed by BSPHCL for True up for FY Summary of ARR approved in FY (RE) The summary of Aggregate Revenue Requirement (ARR) approved in Revi ew for FY in the Tariff Order dated 15 th March, 2013 and now claimed by BSPHCL in True up for FY is as given in the Table below: Table 2.1: ARR approved in Tariff Order for FY , in review and now claimed in True up for FY (Rs. Crore) SI. No Item of Expenditure Approved in review (FY12-13) Apr-Oct 2013(BSEB) Claimed in True up November 2012 to March 2013 BSPGCL BSPTCL NBPDCL SBPDCL Total 1 Cost of Power Purchase PGCIL Transmission Charge BSPTCL Transmission Charge Employee costs (Net) R&M Expenses Admin &General Expenses Depreciation Interest &Financial Charges Interest on working Capital Return on Equity Interest on Security Deposits Total Revenue Requirement Add: Prior Period Charges(net)/Other debits Less: Expenditure Disallowed due to higher T&D Losses Less: Non Tariff income Net Revenue Requirement ( ) Revenue from Existing Tariff Revenue from Gen/Trans Trans Tariff Revenue from sale of power to Nepal Revenue from sale of power to UI Gap / (Surplus) Additional Revenue Subsidy from 22 Govt Net Gap/ (Surplus) (950.44) Bihar Electricity Regulatory Commission Page 14
22 2.2 Request to the Commission BSPHCL has requested the Commission to: 1. Admit the Petition; 2. Examine the proposal submitted by the Petitioner in the Petition for a favourable dispensation; 3. Allow the Truing up for FY to be carried out on a consolidated basis and pass on the revenue gap/(surplus) in the respective Petitions of NBPDCL and SBPDCL as per the agreed principles; 4. Pass suitable orders with respective to approval for (surplus)/deficit in the True up for FY amounting to Rs Cr for erstwhile BSEB and unbundled entities on consolidated basis; 5. Pass separate order for the Petitioners against the present Petition; 6. BSPHCL may also be permitted to propose suitable changes to the respective ARRs, prior to the final approval by the Commission. The BSPHCL believes that such an approach would go a long way towards providing a fair treatment to all the stakeholders and may eliminate the need for a review or clarification. 7. Condone any inadvertent omissions/errors/shortcomings and permit BSPHCL to add/change/modify/alter this filing and make further submissions as may be required at a future date. 8. Pass such Order, as the Commission may deem fit, appropriate keeping in view the facts and circumstances of the case. Bihar Electricity Regulatory Commission Page 15
23 3. Stakeholder s Objections/Suggestions, Petitioner s response and Commission s observation 3.1 Introduction: In response to the public notice inviting objections/suggestions of the stakeholders on the Tariff Petition filed by BSPHCL, the Commission has received four (4) written objections from the following consumers/consumer organizations: 1) Bihar Industries Association, Patna 2) Balamukund Concast Limited, Patna 3) Bihar Chamber of Commerce & Industries, Patna 4) Kalyanpur Cements Limited, Patna The public hearing, as scheduled was held in court room of BERC office, Patna on 11 th January 2014 wherein the representatives of the above objectors have put forth their comments and suggestions before the Commission in the presence of the Petitioner i.e. BSPHCL. The Commission has examined the issues and concerns voiced by the representatives of the above mentioned objectors and in their written comments as well as those made in the public hearing and also the response of the Petitioner thereon. The comments/ suggestions submitted by the stakeholder in response to the ARR petition, the replies given by the Petitioner and the views of the Commission have been summarized under various sub-heads as given below: 3.2 Issue-wise Stakeholder s Objections/Suggestions, BSPHCL s Response and Commission s observations. Issue 1: Prior period Employees cost: M/s. Bihar Industries Association, M/s Balamukund Concast Limited, M/s Bihar Chamber of Commerce & Industries and M/s Kalyanpur Cements Limited have submitted that the State Government in its Transfer Scheme dated has Bihar Electricity Regulatory Commission Page 16
24 committed to fund the entire prior period expenses related to Employees cost and requested the Commission to disallow in truing up order. M/s Balamukund Concast Limited has stated that there should not be any prior period credit/charges as the truing up exercise for FY has already been completed on the basis of audited annual accounts for FY It is not understood as to how Rs Crore has been claimed as prior period employee cost. Petitioners submission: It is submitted that the expenses booked under prior period are those expenses which were not booked in that particular year to which they relate to due to non availability of actual details while finalizing the accounts of that particular year and represent actual expenses incurred and to be recovered from the consumers through tariffs. The State government has committed to fund the employee cost up to a particular date. As, the transfer scheme is yet to be finalized by the State Government and till date substantial amount is to be received, therefore, claimed in truing up. However, on finalization of transfer scheme and receiving the amount from Government, the Commission may adjust the cost accordingly in the ARR of the respective year. Commissions observations: The Commission has examined the prior period employee cost which has been provided/accounted towards terminal benefits of employees as on the effective date of transfer scheme i.e. 1 st November As per the transfer scheme the State Government shall fund the liability. Accordingly, the Commission has not considered the prior period employees cost. The Commission has aptly discussed the issue under Employee cost (Para 4.10) and also under Net Prior Period Credits / Charges (Para 4.21) of truing up order. Bihar Electricity Regulatory Commission Page 17
25 Issue 2: Prior period Consumer dues: M/s Bihar Industries Association, Patna has submitted that any adjustment of consumer dues should not be allowed as this will amount to double accounting. Petitioners submission: The expenses payable to the consumers not accounted earlier were claimed as prior period expenses and are not double accounted. Commissions observations: The Commission has examined other prior period expenditure and income and accordingly, the net income is considered in the true up. Issue 3: Prior Period Power Purchase Cost M/s Bihar Industries Association, M/s Bihar Chamber of Commerce & Industries and M/s Kalyanpur Cements Limited have submitted that prior period Power Purchase cost claimed by successor distribution companies is erroneous accounting as the petition filed is a consolidated petition of the erstwhile BSEB and its four successor companies and such prior period expenses have also resulted in revenue in BSEB and both have nullifying effect. Petitioners submission: It is submitted that true up petition is filed for all the successor companies as a whole. The prior period power purchase expenses relates to FY to FY which represents supplementary bills received from Central Generating Stations and PGCIL at a later date and are legitimate expenses incurred by the companies and need to be passed onto the consumers. Commissions observations: As stated by the Petitioner these are supplemental power purchase bills received during FY Further, the bills pertaining to the period of BSEB i.e. up to 31 st October 2012 received by the DISCOMs were accounted as prior period expenses, Bihar Electricity Regulatory Commission Page 18
26 since these DISCOMs came into existence w.e.f.1 st November However, the Commission has considered the prior period power purchase cost based on detailed verification of the bills as discussed at relevant paragraphs. Issue 4: Return on Equity: M/s Bihar Industries Association and M/s Balamukund Concast Limited have submitted that equity capital has been increased from Rs Crore to Rs crore. Neither authorized capital, paid up capital has been increased not fresh equity capital infused. As per transfer scheme dated on expiry of one year from the effective date, the transfer scheme shall become final. The increase in equity capital has not been notified before , it cannot be given effect now and has become invalid and in fructuous. M/s Bihar Chamber of Commerce & Industries and M/s Kalyanpur Cements Limited have submitted that no claims can be accepted on the basis of anticipation/expectation of higher equity capital to be provided by the State Government. RoE has to be determined with a prospective date and not with a retrospective date and requested the Commission not to allow the RoE claimed by the Petitioner. Petitioners submissions: It is submitted that the opening equity balances for the segregated entities were considered as per revised submission made by M/s PFC, which is at Rs crore as against the equity capital of Rs crore appearing in the audited annual accounts of the segregated entities for FY Further, it is submitted that Section 131(3) of the Electricity Act, 2003 specifies that notwithstanding anything contained in this section, where (b) a transaction of any description is effected in pursuance of a transfer scheme, it shall be binding on all persons including third parties and even if such persons or third parties have not consented to it. Bihar Electricity Regulatory Commission Page 19
27 Commissions observations: The Commission has examined the issue and considered RoE on the equity capital considered in the MYT order. This issue is discussed appropriately in the relevant para 4.19 in this order. Issue 5: Gross Fixed Assets (GFA): M/s Bihar Industries Association, M/s Balamukund Concast Limited, Patna have submitted that the GFA has been inflated from Rs crore to Rs crore and requested to disallow the consequential depreciation claim and other heads. Petitioners submissions: It is submitted that the opening and closing GFA for FY for erstwhile BSEB and segregated entities is as per adopted annual accounts and is exclusive of revaluation /re-classification of Land and Land Rights carried out in restructuring/transfer scheme process. Further it is submitted they have provided the total opening & closing GFA of new entities only as the balance from erstwhile BSEB would have been allocated in these companies. The depreciation claimed in audited accounts is actual and not computed on hypothetical/assumption basis. Further, whenever the life of the asset gets over, the value of such assets were reduced from the GFA and accumulated depreciation. Commissions observations: The Commission has not considered the revalued value of the land to the extent revalued included in the GFA by the Petitioner. The Commission has considered depreciation as per Regulation 73(2)(a) of BERC (Terms and Conditions for Determination of Tariff) Regulations, This issue is elaborated appropriately in the relevant para 4.15 in this order. Bihar Electricity Regulatory Commission Page 20
28 Issue 6: CTU Losses: M/s Balamukund Concast Limited has submitted that the total power purchase of MU has been claimed for FY and has indicated 446 MU of losses in CTU which works out to 3.36% at 400KV which is very high and requested the Commission to scrutinize the complete data of source wise power purchase and losses. The power injected by BSPHC, Sugar Mill, etc. should not be considered for working out the loss in Central Sector. The power purchase from NTPC, NHPC, PTC works out to MU and the loss of 446 comes to about 4%. The transmission loss of 446 MU is erroneous and requires proper validation and justification. Petitioners response The CTU losses presented in the Audited annual accounts are actual CTU losses and the percentage (%) worked out considering CTU losses and long term purchases. The CTU losses are applicable for the power injected by generating stations outside the State of Bihar and no CTU losses are applicable on power injected by state generating stations/co-generating stations within the State. The energy inputs are verified by the State Load Dispatch Centre (SLDC) and accordingly the same are considered by Distribution Companies. It was stated in the petition that the petitioner has considered the inter-state transmission loss or regional loss as per adopted annual accounts of erstwhile BSEB, NBPDCL and SBPDCL for FY Hence, the actual CTU losses as per audited accounts need to be considered and approved by the Commission as the same are out of purview and control of DISCOMs. Commissions observations The Commission has considered the CTU losses at 2.75% for FY as per the information available in the ERPC website. Issue 7: Energy Balance and Transmission and Distribution losses: M/s Balamukund Concast Limited, M/s Bihar Chamber of Commerce & Industries and M/s Kalyanpur Cements Limited have submitted that the Transmission and Bihar Electricity Regulatory Commission Page 21
29 Distribution losses were shown at 6054 MU (CTU regional loss -446 MU, State transmission loss 519 MU & Distribution loss 5089 MU) which comes to about 46% on total power purchase of MU. If the sales to Nepal and UI are excluded from power purchase, the loss comes to about 50%. It is prayed that the Commission to examine in detail before allowing the T&D losses. M/s Bihar Chamber of Commerce & Industries, Patna and M/s Kalyanpur Cements Limited, Patna have submitted that the disallowance of cost of power due to higher T&D loss adjusted against the State Government Grants could not be effected as penalty on the licensee for non-adherence of directives of the Commission and also the observations of the APTEL in T&D loss related appeals No.126/2008 and 128/2008 (Bihar Industries Association Vs BERC & others). It is requested not to adjust the disallowed cost of power against Government grants and the total amount of grants be treated as subsidy payable u/s.65 of the Electricity Act, Petitioners response It is submitted that various capital works are taken up viz. re-conductoring of dilapidated conductor, replacement of old transformers with star rated distribution transformers, system metering and consumer metering for proper accounting of energy and reduction in wastage, proper metering, billing, anti theft measures, etc. for reduction of losses in the system. However, the burden of higher T&D loss is not passed on to the consumers, but is borne by the DISCOM s from the State Government Grants. Commissions observations The objections and response are noted by the Commission. The Commission has considered the distribution losses as per the trajectory approved in the Tariff Order for FY and accordingly computed the energy balance. Issue 8: Power purchase cost: M/s Balamukund Concast Limited has submitted that the total power purchase in FY is MU at a total cost of Rs crore (average cost Bihar Electricity Regulatory Commission Page 22
30 Rs.3.13/unit). The power purchased from DVC, Adani and NVVNL is at a higher cost i.e. average cost of Rs.4.29/unit. If these sources cost is reduced from the total purchases and cost thereon, the average cost works out to Rs.2.85/unit. It is stated that they object the power purchase from DVC, Adani and NVVNL at a higher rate than Rs.2.85/unit and the losses on this account should not be passed on to the consumers and the state Government should compensate this amount through resource gap grant. M/s Bihar Chamber of Commerce & Industries, Patna and M/s Kalyanpur Cements Limited, Patna have submitted that there has been a decrease in the average cost of power purchased during FY and requested the Commission to determine the FPPCA rate for FY Petitioners response The power purchased by BSPHCL in FY includes DVC, Adani and NVVNL as per PPA and power allocation. All the sources from where power is being procured have been approved by the Commission in Tariff Order dated 15 th March It is submitted that the matter of FPPCA formula and its implementation is well settled by the Commission in its various FPPCA order and hence no comments. Commissions observations The Power Purchase quantum and cost from various sources is approved by the Commission after prudence check and verification of bills at random. Issue 9: Disallowed Power purchase: M/s Balamukund Concast Limited has submitted that the disallowed power has been calculated including UI sales and sales to Nepal and accordingly, the cost of power purchase of disallowed power is adjusted against Government resource gap. The Bihar Electricity Regulatory Commission Page 23
31 power purchased from DVC, Adani and NVVNL at higher rate should be disallowed and the cost should be adjusted from resource gap grant. Petitioners response It is submitted that methodology of computation of disallowance of power purchase is in line with that approved by the Commission in previous tariff orders i.e. average power purchase cost including PGCIL transmission charges, which is adopted for FY Commissions observations The additional power purchase due to excess T&D loss than that approved by the Commission in the Tariff Order for FY is computed after prudence check and the same is disallowed while arriving at the net power purchase cost. Issue 10: Depreciation: M/s Balamukund Concast Limited has submitted that BSPHCL has claimed Rs crore as depreciation for FY on the basis of closing GFA of Rs crore. It is stated that the Commission has considered closing GFA of Rs crore in truing up exercise for FY and it translate in to addition of Rs crore in its GFA, which appears to be erroneous and requires proper scrutiny of GFA. Besides above the accumulated depreciation on the closing GFA of FY has also to be looked in as some of the assets would have been fully depreciated. M/s Bihar Chamber of Commerce & Industries and M/s Kalyanpur Cements Limited, have submitted that the petitioner has claimed higher depreciation of Rs crore in a single year over the actual depreciation for FY which was only Rs crore. Depreciation details are not given in Schedule 11 of the respective company accounts. Depreciation claimed seem to be unrealistic and requested the Commission not allow. Bihar Electricity Regulatory Commission Page 24
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