What sectors does Growthifye cover?

We work across the clean-energy value chain — utility-scale solar and wind, battery energy storage (BESS), power transmission networks, and the green financing structures that fund them.

Do you handle both engineering and financing?

Yes. Our differentiator is combining engineering-led advisory and EPC with an in-house green financing and debt syndication desk, so technical and financial workstreams stay aligned all the way to financial close.

Can you support transmission and grid connection?

Absolutely. We engineer HV substations and transmission lines, run grid connection and evacuation studies, and manage the interface with utilities and grid operators.

What does green financing include?

Sustainability-linked loans, green debt, blended finance and non-recourse project finance — structured, syndicated and negotiated to secure competitive, long-tenor capital.

How do we start working with you?

Share your project or mandate through the contact form or WhatsApp. We'll set up a discovery call and outline a tailored engagement across advisory, engineering, EPC or financing.

All MERC orders

Original order PDF

GROWTHIFYE ONE-PAGER·MERC · Maharashtra·tariff order·Case 231 of 2022·Order dated 2023-03-31

MERC trued-up AEML-D's FY19-20 to FY21-22 costs, approved FY22-23 provisional truing-up, and fixed revised ARR/tariffs for FY23-24 & FY24-25, capping CSS at 20% of ACOS

Case of Adani Electricity Mumbai Limited (Distribution Business) for Approval of Truing-up of FY 2019-20 to FY 2021-22, Provisional Truing-up for FY 2022-23 and Revised Aggregate Revenue Requirement for FY 2023-24 and FY 2024-25

Background · what was sought

AEML-D filed a petition (30 Nov 2022, revised 13 Jan 2023) under the MYT Regulations 2019 seeking truing-up of actual costs for FY2019-20 to FY2021-22, provisional truing-up for FY2022-23, and a revised ARR for the remaining Control Period years FY2023-24 and FY2024-25. The petition sought recovery of a large cumulative revenue gap (mainly on the Wires Business) arising from COVID-related sales shortfall, along with revised Wheeling Charges, Cross Subsidy Surcharge (CSS) and tariffs.

What the Commission decided

Approved truing-up for FY2019-20 to FY2021-22 and provisional truing-up for FY2022-23, disallowing part of AEML-D's claimed costs.
Approved cumulative Distribution Business revenue gap of ₹1,973.11 Cr till FY2022-23 (vs ₹2,165.73 Cr claimed) — Wires ₹1,781.01 Cr and Supply ₹192.10 Cr.
Directed recovery of the past gap to be spread over FY2023-24 and FY2024-25 (with 9.55% carrying cost) so tariff increase is similar in both years, rather than AEML-D's proposed staggering.
Approved Net ARR: Wires ₹2,548.54 Cr (FY23-24)/₹3,194.36 Cr (FY24-25); Supply ₹6,870.39 Cr (FY23-24)/₹7,155.35 Cr (FY24-25) — both lower than AEML-D's ask.
Fixed Wheeling Charges lower than proposed: HT ₹1.00/kWh (FY23-24)→₹1.17/kWh (FY24-25); LT ₹2.21/kWh (FY23-24)→₹2.60/kWh (FY24-25); EHT wheeling charge kept NIL.
Recomputed and capped Cross Subsidy Surcharge (CSS) at 20% of Average Cost of Supply per Electricity (Amendment) Rules, 2022, resulting in HT/EHT CSS of ~₹1.71/kWh (FY23-24) and ~₹1.75/kWh (FY24-25), lower than AEML-D's category-wise proposal.

Way forward agreed by the Commission

AEML-D to implement approved Wheeling Charges and CSS for HT/LT/EHT categories from FY2023-24.
Recovery of the approved past cumulative gap (₹1,973.11 Cr, Distribution Business) to be spread over FY2023-24 and FY2024-25 with carrying cost.
AEML-D to file next tariff/ARR petitions as per MYT Regulations for subsequent control period.
EHT wheeling charge applicability to be revisited depending on outcome of TPC-D's Bombay High Court challenge to Supply Code Regulations.
Tariff schedules to be revised and notified reflecting approved Wheeling Charges, CSS and overall ARR for both years.
Commission to monitor and true-up FY2022-23 actuals in a subsequent proceeding once final figures are available.

What it means for C&I buyers, OA users & developers

• Open access/C&I consumers get lower Wheeling Charges (HT ₹1.00-1.17/kWh) and CSS (capped at 20% of ACOS, ~₹1.71-1.75/kWh) than AEML-D proposed, reducing OA cost of switching from AEML-D supply.
• EHT consumers (e.g., Metro-type high-tension users) pay zero wheeling charge to AEML-D since network is transmission-licensee owned, improving OA economics for large EHT loads pending court outcome.
• Phased recovery of the ~₹1,973 Cr past gap over two years smooths tariff shock, giving C&I buyers more predictable tariff trajectory into FY2024-25 rather than a one-time spike.
• Lower approved ARR versus AEML-D's ask signals tighter regulatory scrutiny of capex/O&M claims, useful benchmark for developers negotiating PPAs/OA terms in AEML-D license area.

Growthifye take

This is a routine but consequential MYT true-up: MERC trimmed AEML-D's claimed revenue gap by ~₹190 Cr and capped CSS at the new 20%-of-ACOS ceiling, both favorable for C&I open-access users in Mumbai. The two-year staggered gap recovery avoids a tariff shock but embeds a ~9.55% carrying cost, so OA/C&I buyers should model wheeling+CSS trajectories for both FY23-24 and FY24-25 rather than a single year. EHT players evaluating direct transmission-connected supply should track the Bombay HC case on wheeling applicability, as it could change OA economics materially.

Growthifye does not take responsibility for the accuracy of this information. Values are compiled from tariff orders published on the websites of State Electricity Regulatory Commissions and distribution licensees (plus CEA / MoP / Grid-India), parsed automatically and shown with their source. Always verify against the signed order before any commercial decision. This one-pager is a Vidura-assisted summary of the official order; the signed order prevails.