APPELLATE TRIBUNAL FOR ELECTRICITY AT NEW DELHI (APPELLATE JURISDICTION)

APPEAL NO. 265 OF 2013 & IA NO. 357 OF 2013 & IA NO. 110 OF

2014 & IA NO. 159 OF 2015 and APPEAL NO. 266 OF 2013 & IA NO. 358 OF 2013 & IA NO. 160 OF

2015 Dated: 11th September, 2025 Present: Hon’ble Mr. Justice Ramesh Ranganathan, Chairperson Hon’ble Mr. Sandesh Kumar Sharma, Technical Member (Electricity)

APPEAL NO. 265 OF 2013 & IA NO. 357 OF 2013 & IA NO. 110 OF

2014 & IA NO. 159 OF 2015 In the matter of:

BSES YAMUNA POWER LIMITED Having its Registered Office at Shakti Kiran building, Karkardooma … Appellant Delhi – 110032.

Address for service:

BSES Yamuna Power Limited C/o Mulla and Mulla and Craigie Blunt and Caroe

502, Nilgiri Apartments, 9, Barakhamba Road, New Delhi – 110001.

VERSUS DELHI ELECTRICITY REGULATORY COMMISSION Represented by its Secretary Viniyamak Bhavan, C-Block, Shivalik, Malviya Nagar New Delhi – 110017. … Respondent

Judgment in Appeal Nos. 265 & 266 of 2013 Page 1 of 314

Counsel on record for the Appellant(s): Amit Kapur Anupam Varma Rahul Kinra Aditya Ajay Isnain Muzamil Counsel on record for the Respondent(s): Dhananjay Baijal APPEAL NO. 266 OF 2013 & IA NO. 358 OF 2013 & IA NO. 160 OF

2015 In the matter of:

BSES RAJDHANI POWER LIMITED BSES Bhawan, Nehru Place, … Appellant New Delhi – 110019. Address for service:

BSES Yamuna Power Limited C/o Mulla and Mulla and Craigie Blunt and Caroe

502, Nilgiri Apartments, 9, Barakhamba Road, New Delhi – 110001.

VERSUS DELHI ELECTRICITY REGULATORY COMMISSION Represented by its Secretary Viniyamak Bhavan, C-Block, Shivalik, Malviya Nagar New Delhi – 110017. … Respondent Counsel on record for the Appellant(s): Buddy A. Ranganadhan Hasan Murtaza Aditya Panda Counsel on record for the Respondent(s): Dhananjay Baijal

Judgment in Appeal Nos. 265 & 266 of 2013 Page 2 of 314

JUDGEMENT PER HON’BLE MR. JUSTICE RAMESH RANGANATHAN, CHAIRPERSON I. INTRODUCTION:

Appeal No. 265 of 2013 is filed by M/s BSES Yamuna Power Limited aggrieved by the order passed by the Delhi Electricity Regulatory Commission (“DERC” for short) in Petition No.2 of 2013 dated 31.07.2013. The said petition was filed by the Appellant-Distribution licensee seeking approval of true-up for FY 2011-12, review and provisional true up of FY 2012-13, and Annual Revenue Requirement for Distribution (Wheeling and Retail Supply) Business for FY 2013-14. The reliefs, sought in Appeal 265 of 2013, are (i) to set aside the impugned tariff order dated 31.07.2013 passed by the DERC on true-up for FY 2011-12, and the Aggregate Revenue Requirement of the Appellant for FY 2013-14 to the extent challenged in the Appeal; and (ii) to grant the reliefs claimed for each of the issues listed at Paragraph 9 of the Appeal.

Appeal No. 266 of 2013 is filed by M/s BSES Rajdhani Power Limited challenging the order passed by the DERC in Petition No. 1 of 2013 dated 31.07.2013. The said Petition was filed by the Appellant seeking approval of the Commission for true-up for FY 2011-12, Review and provisional true up of FY 2012-13 and Annual Revenue Requirement for Distribution (Wheeling and Retail Supply) Business for FY 2013-14. The reliefs, sought in Appeal No. 266 of 2013, are (i) to set aside the impugned tariff order dated 31.07.2013 passed by the DERC on true-up for FY 2011-12, and the Aggregate Revenue Requirement of the Appellant for FY 2013-14 to the extent challenged in the Appeal; and (ii) to grant the reliefs claimed for each of the issues listed at Paragraph 9 of the said Appeal.

Judgment in Appeal Nos. 265 & 266 of 2013 Page 3 of 314

Elaborate submissions were made in challenge to the impugned tariff order in both the Appeals. Appeal No. 301 of 2015 was filed by another distribution licensee in Delhi, i.e. Tata Power Delhi Distribution Limited, aggrieved by the order passed by the DERC on 29.02.2015 in a petition filed by them seeking true-up of the Annual Revenue Requirement for FY 2013-14, the 2^nd Year of the Multi-Year Tariff (MYT) Control Period 2013-15 as well as for