MoU Signed with ONGC
28 July 2004
PTC India Ltd. (formerly known as Power Trading Corporation of India Ltd.) has entered into a milestone MoU with ONGC for trading of entire surplus power from ONGCs existing generating units as well as new power projects to be set up all over the country. The MoU was signed by Sh. Subir Raha, CMD, ONGC and Sh. T. N. Thakur, CMD, PTC on 28 July 2004
ONGC produces power from its existing power generating units and also has ambitious plans to increase its generating capacity to more than 3000 MW. ONGC is contemplating generating power from its dispersed, isolated and marginal gas producing fields, either on its own or through an SPV to set up IPPs.
PTC, the leading provider of power trading services, is empowering India by trading power on a sustained basis since FY 2002 through purchase from surplus utilities and sale to deficit ones at market determined price, providing best value to both the buyers and the sellers and ensuring that the resources are utilized optimally.
The two sides would conclude agreements having validity upto twenty five years depending upon the availability of adequate gas for the production of power. ONGC has also invited PTC for equity participation for development of the proposed IPPs and a separate MoU would be drawn for this purpose.
Recognizing PTCs services that enable power generators and utilities to trade power more efficiently and profitably, the oil and gas major ONGC has entrusted PTC, through this significant partnership, to manage its entire portfolio of surplus power both for short term and long term marketing. |
