IN THE APPELLATE TRIBUNAL FOR ELECTRICITY (Appellate Jurisdiction)

APPEALNO. 52 OF 2021 & IA NO. 176 OF 2021 AND APPEAL NO. 70 OF 2021 & IA NO. 289 OF 2021 Dated: 02nd July 2021 Present: Hon’ble Mr. Ravindra Kumar Verma, Technical Member Hon’ble Mr. Justice R.K. Gauba, Judicial Member APPEALNO. 52 OF 2021 & IA NO. 176 OF 2021 In the matter of:

SOLAR ENERGY CORPORATION OF INDIA LIMITED [Through its Managing Director]

First Floor, A-Wing, D-3, District Center - Saket, New Delhi-110 017 .... Appellant(s)

VERSUS

1. DELHI ELECTRICITY REGULATORY COMMISSION [Through its secretary]

Viniyamak Bhawan, ‘C’ Block, Shivalik, Malviya Nagar New Delhi-110 017

2. TATA POWER DELHI DISTRIBUTION LIMITED [Through its Managing Director] NPDL House, Hudson Lines, Kingsway Camp New Delhi – 110 009 …. Respondents Counsel for the Appellant(s): Mr. Tushar Mehta, Ld. Solicitor General of India Mr. M.G. Ramachandran, Sr. Adv.

Ms. Ranjitha Ramachandran Ms. Poorva Saigal Ms. Anushree Bardan Mr. Shubham Arya Ms.Tanya Sareen Counsel for the Respondent(s): Ms. Preeti Goel for R-1 Mr. S. Venkatesh Mr. Siddharth Joshi for R-2 APPEAL NO. 70 OF 2021 & IA NO. 289 OF 2021 In the matter of:

SOLAR ENERGY CORPORATION OF INDIA LIMITED [Through its Managing Director]

First Floor, A-Wing, D-3, District Center - Saket, New Delhi-110 017 .... Appellant(s)

VERSUS

1. PUNJAB STATE ELECTRICITY REGULATORY COMMISSION [Through its Secretary]

Site No.3, Block-B, Sector-18-A Madhya Marg, Chandigarh, Punjab-160 018

2. PUNJAB STATE POWER CORPORATION LIMITED [Through its Managing Director] The Mall, PSEB Head Office, Baradari, Patiala Punjab-147 001

3. ADANI GREEN ENERGY NINE LIMITED [Through its Authorized Representative]

Adani House, 56, Shrimali Society, Navrangpura Ahmedabad, Gujarat-380 009

4. ADANI GREEN ENERGY SEVEN LIMITED [Through its Authorized Representative]

Adani House, 56, Shrimali Society, Navrangpura Ahmedabad, Gujarat-380 009 …. Respondents Counsel for the Appellant(s): Mr. Tushar Mehta, Ld. Solicitor General of India Mr. M.G. Ramachandran, Sr. Adv.

Ms. Ranjitha Ramachandran Ms. Poorva Saigal Ms. Anushree Bardan Mr. Shubham Arya Ms.Tanya Sareen Counsel for the Respondent(s): Ms. Gargi Kumar for R-1 Mr. Anand K. Ganesan Ms. Swapna Seshadri Mr. Amal Nair for R-2 Mr. S. Venkatesh Mr. Siddharth Joshi for R-3 & R-4

J U D G M E N T

PER HON'BLE MR. JUSTICE R.K. GAUBA, JUDICIAL MEMBER

1. The interference by the State Electricity Regulatory Commission (“SERC”) in the negotiated trading margin in the back-to-back power purchase agreement (“PPA”) between the electricity generating company (“generator”) and power trading licensee (“trader”), on one hand, and power supply agreement (“PSA”) between the trader and the distribution licensee (“Discom”), on the other, is questioned by the trader on grounds of jurisdiction and propriety. These appeals assailing orders of different SERCs have raised common questions of law that need to be addressed and, hence, have been heard and are being decided by this common judgment.

THE APPELLANT

2. The appellant in each matter is Solar Energy Corporation of India Limited (for short, “SECI” and also variously referred to hereinafter as “the appellant” or “the trader” or “the trading licensee”). It is a Government of India Enterprise and a company incorporated under the provisions of the Companies Act. It (SECI) is designated as the inter-State Trading Licensee, the Intermediary Nodal Agency for implementation of the schemes of the Government of India for developing grid connected solar power capacity in the country including schemes for setting up of Inter- State Transmission System (ISTS) connected Solar/Wind/Wind-Solar Hybrid Power Projects. One of the main objectives of SECI is to assist Government of India and function as the implementing and facilitating arm of National Solar Mission (NSM) for development, promotion and commercialization of solar energy technology in the country. SECI has been granted the Inter-State Trading License under the Electricity Act, 2003 by