Tamil Nadu's power woes are multi-faceted.In the latest case, GMR Power, which had gone to court over its Power Purchase Agreement (PPA), has won a Rs 537 crore judgment. GMR had a dispute with the state electricity board with respect to its 15 year PPA ending 2014 on non-payment of dues.TNERC by its order in April 2010 had allowed the claims of GMR Power Corporation and directed Tamil Nadu Electricity Board (TNEB) to pay approximately Rs 480 Crore with interest in six equal monthly instalments.However, unhappy with the verdict of the regulator, Tamil Nadu state electricity board challenged the verdict of Tamil Nadu Electricity Regulatory Commission before the national body in December 2010.The Appellate Tribunal for Electricity has now dismissed an appeal filed by TNEB.
And inevitably enough, GMR Power had only to gain: its stocks promptly went up 3 percent.
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