IN THE APPELLATE TRIBUNAL FOR ELECTRICITY (Appellate Jurisdiction)

APPEAL No. 214 OF 2016 &

APPEAL No. 75 OF 2018 Dated: 9^th July, 2024 Present: Hon’ble Sandesh Kumar Sharma, Technical Member Hon’ble Mr. Virender Bhat, Judicial Member APPEAL No. 214 OF 2016 IN THE MATTER OF:

M/s Everest Power Pvt. Ltd.

Through its authorised signatory Mr. Nitin Sharma, GM Having its Corporate Office at:

Hall A, First Floor, Plot No. 143-144 Udyog Vihar Phase IV, Gurgaon — 122015 Telephone: +91 - 124 - 4630870 Fax: +91 - 11 - 45823862 E-mail: regulatoryeverestpower.in ...Appellant VERSUS (1) Punjab State Electricity Regulatory Commission SCO: 220-221, Sector- 34 A, Chandigarh - 160022 PABX: +91 - 172 - 2645164 - 65 66 Fax: +91 - 172 - 2664758, 2645163, 2602435 E-mail: chairpersonpsercchdomail.com (2) Punjab State Power Corporation Ltd.

PSEB Head Office, The Mall, Patiala - 147001 Telephone: +91 - 175 - 2212005; 2300534; 2302531 Fax: +91 - 175 - 2213199; 2308698; 2302416 E-mail: cmd-pspcl@pspcl.in (3) PTC India Ltd.

2^nd Floor, NBCC Tower, 15, Bhikaji Cama Place New Delhi — 110066 Telephone: +91-11-41659500, 41659127 E-mail: da@ptcindia.com …Respondents Counsel for the Appellant(s) : Mr. Tarun Johri Counsel for the Respondent(s) : Mr. Sakesh Kumar for R-1 Mr. Anand K.Ganesan Ms. Swapna Seshadri for R-2 Mr. Amit Kapur Mr. Apoorva Misra Ms. Poonam Verma Sengupta Mr. Vishrov Mukherjee Ms. Raveena Dhamija for R-3 APPEAL No. 75 OF 2018 IN THE MATTER OF:

M/s Everest Power Pvt. Ltd.

Through its authorised signatory Mr. Nitin Sharma, GM Having its Corporate Office at:

Hall A, First Floor, Plot No. 143-144 Udyog Vihar Phase IV, Gurgaon — 122015 Telephone: +91 - 124 - 4630870 Fax: +91 - 11 - 45823862 E-mail: regulatoryeverestpower.in ...Appellant VERSUS (1) Chairman, Punjab State Electricity Regulatory Commission SCO: 220-221, Sector- 34 A, Chandigarh - 160022 PABX: +91 - 172 - 2645164 - 65 66 Fax: +91 - 172 - 2664758, 2645163, 2602435 E-mail: chairpersonpsercchdomail.com (2) Chairman & Managing Director Punjab State Power Corporation Ltd.

PSEB Head Office, The Mall, Patiala - 147001 Telephone: +91 - 175 - 2212005; 2300534; 2302531 Fax: +91 - 175 - 2213199; 2308698; 2302416 E-mail: cmd-pspcl@pspcl.in (3) Chairman & Managing Director PTC India Ltd.

2^nd Floor, NBCC Tower, 15, Bhikaji Cama Place New Delhi — 110066 Telephone: +91-11-41659500, 41659127 E-mail: da@ptcindia.com …Respondents Counsel for the Appellant(s) : Mr. Tarun Johri Counsel for the Respondent(s) : Mr. Sakesh Kumar for R-1 Mr. Anand K.Ganesan Ms. Swapna Seshadri Ms. Neha Garg for R-2 Mr. Amit Kapur Mr. Apoorva Misra Mr. Vishrov Mukherjee Mr. Yashaswi Kant Mr. Ameya Vikram Mishra Mr. Girik Bhalla Mr. Janmali Gopal Rao Manikala Ms. Raveena Dhamija for R-3

JUDGEMENT

PER HON’BLE MR. SANDESH KUMAR SHARMA, TECHNICAL MEMBER

1. The captioned appeals being Appeal No. 214 of 2016 and Appeal No.75 of 2018 have been filed by the M/s Everest Power Pvt. Ltd. (in short “EPPL” or “Appellant”) challenging the order dated 31.08.2015 (in short “Impugned Order-

214”) in Petition No.37 of 2014 alongwith Order dated 29.01.2016 (in short “RP Order-214”) in Review Petition no.09 of 2015 and order dated 18.12.2017 (in short “Impugned Order-75”) in Petition No.17 of 2017 passed by the Punjab State Electricity Regulatory Commission (in short “PSERC” or “State Commission”).

Description of the Parties:

2. The Appellant is a generating company and has developed 100 MW Malana-II Hydro Electric Project (in short “Project”) in District Kullu, Himachal Pradesh.

3. The Respondent No.1 is the Punjab State Electricity Regulatory Commission (`PSERC'), which is the Appropriate Commission under the Electricity Act 2003 for the purpose of determining the tariff of the Appellant. 4. The Respondent No. 2, Punjab State Power Corporation Ltd (in short “PSPCL”), is a successor company of the erstwhile Punjab State Electricity Board (in short “PSEB”), vested with the responsibility of generation and distribution of power in the State of Punjab.

5. The Respon