JSW Hydro Energy had challenged the order dated March 17, 2022, passed by the Central Electricity Regulatory Commission, which had disallowed its claim for notional interest during construction on equity exceeding 30% infused during construction.
The claim relates to the truing-up of tariff for the 2014-19 period and determination of tariff for the 2019-24 period. In its order dated September 18, 2026, the Appellate Tribunal for Electricity allowed the interest during construction claim of JSW Hydro Energy and set aside the Central Electricity Regulatory Commission’s order.
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The tribunal further held that the carrying cost on the claim shall be reckoned from the date of filing of the true-up petition until its eventual adjustment. The matter has been remanded to the Central Electricity Regulatory Commission to undertake a prudence check of the data submitted in relation to additional interest during construction.
First Quarter Results
The company posted a 36.6% year-on-year decline in reported net profit to ₹471 crore for the quarter ended June, compared with ₹743.1 crore in the corresponding period last year.
Revenue from operations rose 1.2% to ₹5,207.1 crore, while EBITDA increased 3% to ₹2,873.2 crore. EBITDA margin improved to 55.18% from 54.22% a year earlier.
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Electricity generation during the quarter stood at 12.9 billion units (BU), down 5% year-on-year, although it improved 10% sequentially. Renewable generation continued to remain the standout performer, rising 11% to 3.4 BU on the back of higher solar and wind output, while thermal generation declined 6% to 8 BU.
Power supplied under long-term power purchase agreements (PPAs) slipped 4% year-on-year to 11.2 BU, while short-term PPA generation fell 7% to 1.6 BU.
Despite softer generation, the company said India witnessed robust electricity demand during the quarter, with nationwide consumption rising 8.5% year-on-year to 483 BU amid an extended heatwave and delayed monsoon. Peak power demand touched a record 271 GW in May before remaining elevated at 265 GW in June.
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Shares of JSW Energy Ltd ended at ₹517.80, up by ₹6.80, or 1.33%, on the BSE.