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'Pooled price' for coal will hurt Discoms
The idea of distributing imported coal in the country using a price mechanism was mooted first in 2010. This was to focus on India growing interest in power-grade fuel over and above what Coal India Ltd (CIL) is in a position to provide from the mines.
This proposal from the Planning Commission, which envisages customers of domestic coal spending a slightly high price to partially subsidise the higher price of imported fuel,[link widoczny dla zalogowanych], did not begin to see the light of the day then. The main reason: Imports not materialising because of CIL delaying award of contracts.
The agenda has resurfaced again in the last couple of months, following disputes over CIL fulfilling fuel supply agreements (FSA) signed with power stations commissioned after March 2009.
A piece of power producers, led by the public sector NTPC Ltd, has put its foot down in seeking a minimum supply commitment of 80 percent of its coal requirements a demand virtually impossible to meet because of constraints to raising domestic production.
Since that makes imports imminent when the FSAs are to be workable,[link widoczny dla zalogowanych], the Centre, especially the Planning Commission,[link widoczny dla zalogowanych], has once again revived the pooled price mechanism idea.
But this time, it is for everyone a narrower purpose: The imported coal is now slated to become distributed to fulfil the FSA requirements of nearly one-third of the nation thermal power capacity, the majority of that is in private sector. The cost of this coal is proposed to be subsidised by existing generation utilities, mostly in the public sector.
Who gains?The CIL board approved the price pooling proposal on August 7, as it would have no impact on the company finances. However, it's left many wondering as how the power sector gains from the whole mechanism.
In a regulated environment, where power producers can pass-through their costs (so long as they don't claim that they can pay a lot more than the index price for imported coal,[link widoczny dla zalogowanych], as based on the regulator), the cost of fuel makes little impact on them. Most of the state-owned power plants work under this principle: Theoretically speaking,[link widoczny dla zalogowanych], therefore,[link widoczny dla zalogowanych], NTPC and others have little to achieve or lose from pooling of fuel prices.
While both CIL and also the Centre are yet to describe the explanation, logically subsidised imported fuel should largely help a section of privately-owned power producers, which in fact had entered into long-term power supply agreements with distributing companies or Discoms mainly controlled by State governments at a fixed,[link widoczny dla zalogowanych], levelised tariff. It is they who're currently in serious trouble, as a result of host of issues which range from inadequate domestic coal supplies,[link widoczny dla zalogowanych], unfriendly mining policies adopted by exporting nations, towards the rupee recent depreciation.
Needless to say, none of these issues was anticipated throughout the tariff bidding. Ideally, pooled-price mechanism should particularly help a few producers whicho banked on cheap domestic supplies either fully or partially to maintain the costs on tight leash.
Undoing a wrong?Incidentally, it was UPA-1 which implemented the fixed tariff bidding policy. With the private sector having locked in huge capital in new plants and the Discoms/regulators denying amendments in the terms and conditions from the original PPAs, the Centre is most likely now taking a look at roundabout methods to take action to its own mistakes.
In a bid to warrant pooling of coal prices, it has help with the argument that the proposed mechanism would end up increasing the cost of electricity by merely 10 paise a unit on an average, while providing some breathing space to the power sector.
It is, however, debatable if the entire nation should be spending money on safeguarding the risks of private capital and a faulty government policy. Also, you could ask why an initial entrant in the commercial (who gets adequate domestic coal and is operating in regulated tariff regime) ought to be making method for the late entrant (who were built with a relatively aggressive business plan), which is what the proposal suggests. But, that isn't all.
Once implemented, pooling of coal prices would eventually result in the burden being passed on to the Discoms. True, the truth that they have signed fixed-tariff PPAs with private producers would not oblige the Discoms to pay any extra with this power. However the most of power they're buying aren't from private producers,[link widoczny dla zalogowanych], but from generators operating in the regulatory cost-plus tariff regime.
In a scenario where they are also grappling with aggregate under-recoveries of Rs 200,000 crore, the proposed pooling mechanism would only add to the fiscal vulnerability from the Discoms. They will end up paying more for the electricity , without having a clue about how exactly they are able to recover the same.
All not overWhile the Planning Commission or the Power Ministry may be convinced from the merits of the proposal, matters might not end there.
As the CIL board has approved the proposal regarding price pooling from the coal to become imported because of it vis-à-vis its mined coal, the organization has additionally been mandated to go back to all of its existing consumers, like a pre-requisite to introducing the mechanism. That, willy-nilly, makes the proposal itself a national agenda.
If the consumers won't digest the prescribed pill, CIL may have to abort its import plans, as with yesteryear. It would,[link widoczny dla zalogowanych], then, force power producers to go back to enter board, while not pushing for 85 per cent supply commitments from CIL.
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