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NHPC & PFC Inked MoU with Power Ministry detailing targets for FY 2020-21

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NHPC-signs-MoU-with-Power-Ministry-detailing-targets-for-the-year-2020-21On September 29, 2020, Power Finance Corporation Ltd (PFC) and NHPC Limited (erstwhile National Hydroelectric Power Corporation) have signed a performance-based Memorandum of Understanding (MoU) with Ministry of Power (MoP) in New Delhi detailing various targets to be achieved during FY 2020-21.

MoU between NHPC Limited and Ministry of Power:

The MoU was signed by Sanjiv Nandan Sahai, Secretary, MoP and Abhay Kumar Singh, Chairman & Managing Director (CMD), NHPC in the presence of senior officers from MOP and NHPC.

Targets set under MoU:

–Generation target under excellent rating has been set as 27500 MUs (Mega Unit) as against the 2019’s target of 26000MUs. 

–Excellent Targets for Revenue from Operations (Net) has been kept as Rs. 8900 crore.

–Operating Profit as a percentage of Revenue from Operations (Net) has been kept as 38.00% 

–Profit After Taxes (PAT)/ Average Net Worth set as 10.50%.

— Milestones in respect of restoration of Unit #1 & Unit #2 of Chamera-II Power Station (Chamba, Himachal Pradesh) and Assets Monetization parameters have also been included in the MOU.

About NHPC (erstwhile National Hydroelectric Power Corporation):

It is Government of India’s premier hydropower utility and a Scheduled ‘A’ Mini Ratna Enterprise.
Headquarter– Faridabad, Haryana

MoU between PFC Limited and Ministry of Power:

The MoU was signed by Sanjiv Nandan Sahai, Secretary (Power), Govt. of India and Ravinder Singh Dhillon, CMD, PFC in presence of senior officials of MOP and PFC. 

Targets set under MoU:

Centre has set an ambitious revenue target of Rs. 36,000 crore along with various performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT as a percentage of Average Net worth and Non-financial parameters.

About Power Finance Corporation Ltd (PFC):
It is a Schedule ‘A’ Navratna Central Public Sector Enterprise (CPSEs).
Headquarter– New Delhi

–NHPC hosted 44th Annual General Meeting

On 29th September 2020, NHPC Limited also hosted its 44th Annual General Meeting (AGM) through video conferencing from its Corporate Office, Faridabad (Haryana) where it was recommended to provide a dividend of Rs.1.50 per equity share for the year 2019-20, which is inclusive of interim dividend of Rs.1.18 per equity share paid in March, 2020. Company had earned total revenue of Rs. 9,771.59 crore, revenue from operations (net) of Rs. 8,735.41 crore and Net PAT of Rs. 3,007.17 crore during the FY 2019-20.

  • NHPC has issued Letter of Award (LOA) to solar power developers for Inter State Transmission System (ISTS) grid connected photovoltaic projects aggregating to 2,000 MW.

Future Projects of NHPC:

–Floating solar projects of 500 MW (Megawatt) each in Odisha and Telangana and 50 MW in Kerala under Ultra Mega Renewable Energy Power Parks (UMREPPs) Scheme of Ministry of New and Renewable Energy (MNRE).

–Enhancement of Solar Park capacity (from 100 MW to 140 MW) in Odisha, which envisages development of two projects of 40 MW and 100 MW. 

–Development of utility scale solar projects in different States/UTs (Union Territories) such as Telangana (293 MW), Tamil Nadu (2 X 25 MW) and Leh (50 MW).

Recent Related News:

i.On July 20, 2020, Minister of State (MoS) for Power, and New & Renewable Energy, Raj Kumar (RK) Singh inaugurated two initiatives by Energy Efficiency Services Limited (EESL) focusing on energy efficiency (EE), improving indoor air quality (IAQ) and promoting e-mobility.

ii.On June 5, 2020, as a part of World Environment Day (WED) celebrations, Minister of State (IC) (Power, New & Renewable Energy) Raj Kumar Singh has initiated the “#iCommit” Campaign for building an energy resilient future.

About Ministry of Power (MoP):

Raj Kumar Singh Constituency– Arrah (Bihar)