The nine private power projects account for 10,580mw, and as government documents indicate, would corner over 24 million tonnes of domestic coal a year — enough to run a 5,000mw plant or feed Delhi's demand. They would get this coal at a price of Rs 1,500 per tonne notified by the government. Without government intervention, they would have to source coal from the open market — either import or buy in CIL's e-auction — at roughly Rs 4,000 a tonne.
The price differential works out to a benefit of Rs 6,085 crore per year. The total benefit over the 25-year life span of a power project would be Rs 1.52 lakh crore — a tad lower than the Rs 1.86 lakh crore windfall gains to private firms estimated in the federal auditor's Coalgate report.
The ministry's proposal is aimed at preventing public and private investments, made to create 18,580mw generation capacity, from turning sour and triggering a nightmare for bankers. These are promoters whose mines have been de-allocated on various counts or are stuck in the CBI's Coalgate probe. The plan would also help three promoters who planned their projects on imported coal but later sought domestic fuel.
But the timing of the move raises several questions since many power stations are facing coal shortage. Some of them, including those run by state-run utility NTPC, have shut down a unit or two due to coal shortage. Some 28 others have coal stocks for less than four days.
There are yet other projects that have been completed on the basis of LoAs (letters of assurance) and are waiting to sign fuel supply agreements (FSA) with CIL. FSAs are signed on the basis of LoAs.
In contrast, the nine projects do not have LoAs but would get firm supply if the power ministry's proposal goes through. Sources said the coal ministry had previously shot down the plan on the ground that it would be legally untenable.
There is an opinion in the coal ministry that diversion of cheaper coal to private entities when central and state generators, as well as projects with FSAs, are starving would be hard to defend.
But power and coal minister Piyush Goyal denied any discord between his two ministries. "I can tell you there is no difference. There were some issues that were raised, which helped us make things clearer. This is the beauty of this government. It works seamlessly," he told TOI on Sunday.
Earlier in a press conference, he said the government was working towards fulfilling its Budget promise of providing adequate coal to all projects that are already commissioned or would be commissioned by March 2015.
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