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All MERC orders

Original order PDF

GROWTHIFYE ONE-PAGER·MERC · Maharashtra·BESS·Case 156 of 2024 and IA No 49 of 2024·Order dated 2024-09-26

MERC adopts competitively-bid tariff for 3000 MW (incl. 2000 MW Green Shoe) 40-year Pumped Hydro Storage capacity for MSEDCL under Section 63

Interlocutory Application (IA) of Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for urgent listing in Case No. 156 of 2024. And Petition by Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) seeking approval for adoption of tariff discovered through the competitive bidding process held for procurement of 3000 MW (including 2000 MW under Green Shoe option) energy storage capacity (for 8 hours discharge with maximum 5 hours continuous discharge) for 40 years from InSTS connected Pumped Hydro Storage Plant/s.

Background · what was sought

MSEDCL, facing rising peak demand (CEA RA study projects 41,956 MW peak by FY2033-34) and RE/storage obligations, floated a tender for 2000 MW (+1000 MW Green Shoe) 40-year InSTS-connected Pumped Hydro Storage capacity (8-hr discharge, 5-hr continuous) via competitive bidding (tender CEPP/PHSP/T-01). Green Shoe was later expanded to 2000 MW (total 4000 MW) via earlier MERC orders. Five bidders offered 3500 MW; initial rates (Rs 1.64-1.70 cr/MW/annum) were high, so MSEDCL fixed a ceiling of Rs 1.05 cr/MW/annum and ran an e-Reverse Auction. MSEDCL sought MERC's approval to adopt the discovered tariff and execute Energy Storage Facility Agreements (ESFAs) with the two lowest bidders for 3000 MW.

What the Commission decided

Petition in Case 156 of 2024 allowed; IA 49 of 2024 (urgent listing) disposed of.
Commission held the competitive bidding process (5 bids, 3500 MW, ceiling price + e-RA) was fair and transparent.
Adopted tariff under Section 63 for 3000 MW (1000 MW bid + 2000 MW Green Shoe), 40-year PPA, from PSP plants.
JSW Neo Energy Ltd.: 1500 MW at Rs 84,66,129/MW/annum AFC, 24% cycle loss.
Torrent Power Ltd.: 1500 MW at Rs 83,98,400/MW/annum AFC, 25% cycle loss.
Found effective landed cost (Rs 6.77-6.80/kWh) reasonable vs MSEDCL's short-term/exchange procurement (Rs 7.44-7.90/kWh) and other PSP offers (Rs 7.75-9.70/kWh); directed MSEDCL to file signed ESFAs.

Way forward agreed by the Commission

MSEDCL to file signed Energy Storage Facility Agreements (ESFAs) with the Commission for record.
JSW Neo Energy to commission additional 1000 MW Green Shoe capacity from Pane PHSP (Raigad district); 12-month SCOD extension requested.
Total PSP capacity contracted by MSEDCL across related orders (Case 98/109/156 of 2024) stands at up to 4000 MW.
Adopted tariff and cycle-loss terms to feed into MSEDCL's power purchase cost and Energy Storage Obligation compliance under RPO Regulations.

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

• Sets a Maharashtra benchmark PSP storage tariff (~Rs 84-85 lakh/MW/annum AFC; effective ~Rs 6.77-6.80/kWh) useful for C&I buyers and developers evaluating storage-backed RE PPAs or captive/OA storage economics.
• Validates the ceiling-price + e-Reverse Auction bidding structure as a replicable model for future storage/PSP procurement in the state.
• Large firm storage capacity (3000-4000 MW) entering MSEDCL's portfolio should reduce reliance on costly short-term/exchange peak power, potentially easing pressure on cross-subsidy/peak tariffs affecting open-access and C&I consumers.
• Confirms storage capacity will support RE integration and Energy Storage Obligation compliance, relevant for RE+storage developers seeking co-location or hybridization opportunities with PSP-backed grids.

Growthifye take

This order is a useful pricing anchor: ~Rs 84-85 lakh/MW/annum AFC and ~Rs 6.8/kWh effective cost for 8-hr PSP storage in Maharashtra, discovered via a disciplined ceiling-price e-RA after initial bids came in ~55-60% higher. For C&I buyers and storage developers, it signals MERC's comfort with Section 63 adoption of long-tenure (40-year) storage PPAs and reinforces that DISCOMs will benchmark storage bids against short-term market rates (Rs 7.4-7.9/kWh) rather than absolute cost-plus. Expect more state-level PSP tenders using this template; developers should price competitively against this discovered band to remain viable in future MSEDCL/other DISCOM auctions.

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.