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Transparent coal auctions appreciated: Piyush Goyal

ower and coal minister Piyush Goyal on Thursday said the transparent coal auction process was being appreciated the world over and it was a new beginning in the development history of the country. "A success was made of the biggest crisis in the sector following the cancellation of 204 blocks by Supreme Court in September last," Goyal said at the Conference of Power, Renewal Energy and Mines of Ministers of States and Union Territories. A transparent process for auction was evolved using IT applications and an estimated revenue of Rs 1,71,961 crore was likely to be raised from 29 coal mines already auctioned. Apart from this, royalty of Rs 20,620 crore and upfront payment of Rs 930 crore accrues to the state, the minister said. Tariff concessions to the tune of Rs 69,310 crore to consumers would be achieved from 12 blocks auctioned for the power sector, he said. Auction money would flow to the states from 38 mines allotted to government companies with Rs 65,573 crore as revenue and Rs 76,281 crore as royalty. The ministry has also finalised a one billion tonnes production plan for Coal India Limited to be achieved by 2019-20. Coal dispatch to power sector from CIL/ SCCL sources had increased by nine percent , the minister pointed out. He further said that Standing Linkage Committee (SLC) has decided that linkage granted to old plant shall be automatically transferred to new plant of nearest supercritical capacity. An Inter-Ministerial Task Force was constituted last year to review the rationalisation of linkages and it submitted its report in February this year following which its States-I recommendations are under implementation.

source: http://www.moneycontrol.com