A. K. PATNAIK, J.

( 1 ) THE petitioner, orissa Power General Corporation Limited (for short, "opgc") is a Limited Company in which the State Government of Orissa holds 51 per cent of equity shares and ALS corporation, U. S. A. holds 49 per cent of equity shares. OPGC carries on the business of generation of electricity from thermal energy at its Thermal Station called "ib thermal Station". The opposite party No. 2, Grid corporation of Orissa Ltd. , (for short, "gridco") is a Government company and is engaged in the business of bulk purchase and supply and transmission of electricity in the State of Orissa. The Orissa Electricity reforms Act. 1995 (for short, "the Act, 1995")came into force with effect from 1-4-1996 and under the provisions of the Act, 1995 the opposite party No. 1, Orissa Electricity regulatory Commission (for short, "the Commission")was esiablished for regulating the electricity sector in the State of Orissa. Thereafter, on 13-8-1996, a Power Purchase agreement (for short, "ppa") was entered into between the OPGC and Gridco whereunder opgc agreed to supply electricity to the extent of the total available capacity of its Ib thermal Station to Gridco. The PPA was a