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·MYT·Case 226 of 2022·Order dated 2023-03-31

MERC approved MSEDCL's final ARR true-up for FY19-20 to FY21-22, provisional true-up for FY22-23, and revised ARR/tariff for FY23-24 & FY24-25, cutting claimed capex, depreciation, interest and RoE

Case of Maharashtra State Electricity Distribution Company Limited for Final True Up of FY 2019-20, FY 2020-21 & FY 2021-22, Provisional True Up for FY 2022-23 and Revised Tariff & Projection for FY 2023-24 to FY 2024-25 under Section 62 of The Electricity Act, 2003 and MERC MYT Regulations, 2019

Background · what was sought

MSEDCL filed a Mid-Term Review Petition on 27 Nov 2022 seeking Final Truing-up of ARR for FY2019-20 (under MYT Regs 2015) and FY2020-21 & FY2021-22 (under MYT Regs 2019), Provisional Truing-up for FY2022-23, and Revised ARR & Tariff for FY2023-24 and FY2024-25 under Section 62 of the Electricity Act, 2003. The petition covered sales, power purchase, capex/capitalisation, depreciation, interest, RoE, RPO, open access, cross-subsidy surcharge, tariff re-categorisation and ToD tariff issues, following public consultation and TVS.

What the Commission decided

Approved capitalisation of only Rs 3,618.64 Cr (FY23-24) and Rs 2,386.54 Cr (FY24-25) against MSEDCL's claim of Rs 10,288.21 Cr and Rs 14,981.66 Cr respectively
Disallowed Rs 6,669.74 Cr (FY23-24) and Rs 12,594.98 Cr (FY24-25) of DPR schemes pending Ministry of Power/Commission approval (RDSS PMA, System Strengthening, DT metering, Reactive Power Management)
Capped non-DPR scheme capitalisation at 20% of approved DPR capitalisation per Regulation 24.6/24.7 of MYT Regulations, 2019
Approved depreciation of Rs 2,762.36 Cr (FY23-24) and Rs 2,820.60 Cr (FY24-25), well below MSEDCL's projections, using 4.56% depreciation rate vs claimed ~5%
Approved interest on long-term loan of Rs 826.20 Cr (FY23-24) and Rs 670.11 Cr (FY24-25) using last available weighted average interest rate of 9.85% instead of MSEDCL's higher projections
Approved RoE at regulated rates of 14% (Wires) and 15.5% (Supply) business, resulting in far lower RoE (Wires: Rs 1,730.37 Cr & Rs 1,734.93 Cr; Supply: Rs 215.98 Cr) than MSEDCL's claims, due to reduced equity base from lower approved capitalisation

Way forward agreed by the Commission

MSEDCL to submit actual capitalisation data for Final Truing-up review of FY23-24/FY24-25 funding pattern and RoE, subject to prudence check
DPR schemes pending Ministry of Power approval (RDSS System Strengthening, PMA, DT metering, Reactive Power Mgmt) to be resubmitted once sanctioned for future capitalisation approval
MSEDCL directed to frame non-discriminatory guidelines for New Consumer Scheme rollout (DDF/departmental scheme selection)
Interest and funding pattern for FY23-24/FY24-25 to be reviewed again at time of Final Truing-up based on actual loan portfolio
Capitalisation restricted to 70% of Commission-approved capex for projection years pending further scrutiny
Commission to review RDSS-related schemes for approval only after Ministry of Power clearance is obtained

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

• Lower approved capex/depreciation/interest/RoE moderates ARR growth, which should temper retail tariff hikes for C&I consumers compared to MSEDCL's original ask
• Continued scrutiny and disallowance of RDSS and system-strengthening capex signals slower network upgrade pace, relevant for open-access/RE evacuation planning
• Non-DPR capex capped at 20% of DPR capex limits scope for ad-hoc/unplanned distribution spend recovery, indicating tighter cost discipline going forward
• C&I/open-access and RE/storage developers should track the Final Truing-up (post FY23-24/24-25 actuals) as RoE, interest and depreciation figures are provisional and subject to revision

Growthifye take

This order reflects MERC's continued tight prudence check on MSEDCL's capex claims, slashing capitalisation by roughly two-thirds for both years and correspondingly compressing depreciation, interest and RoE. For C&I buyers, this signals a somewhat lower ARR trajectory than MSEDCL sought, but also flags execution risk on RDSS/system-strengthening works pending central approvals — worth monitoring for network reliability and open-access feasibility. Developers should watch the Final True-up for actual capex reconciliation.

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.