IN THE APPELLATE TRIBUNAL FOR ELECTRICITY (Appellate Jurisdiction)

APPEAL No. 204 of 2016 Dated : 22^nd July, 2025 Present: Hon’ble Mr. Sandesh Kumar Sharma, Technical Member Hon’ble Mr. Virender Bhat, Judicial Member In the matter of:

Aravali Power Company Private Limited NTPC Bhawan, Core-7, Scope Complex, 7, Institutional Area, Lodi Road, New Delhi – 110 003 …Appellant Versus

1. Haryana Power Purchase Center (HPPC)

Through its Chief Engineer, Shakti Bhawan, Sector-VI, Panchkula, Haryana - 134109

2. Tata Power Delhi Distribution Ltd. (TPDDL)

Through its Chief Executive Officer, 33 KV Grid Substation, Hudson Road, Kingsway Camp, Delhi – 110009

3. BSES Rajdhani Power Ltd. (BRPL)

Through its Chief Executive Officer, BSES Bhawan, Nehru Place, New Delhi - 110019

4. BSES Yamuna Power Ltd. (BYPL)

Through its Chief Executive Officer, Shakti Kiran Building, Karkardooma, Delhi – 110092

5. Central Electricity Regulatory Commission Through its Secretary

3^rd & 4^th Floor, Chanderlok Building, 36, Janpath, New Delhi – 110001 …Respondents Counsel for the Appellant(s) : Anand K. Ganesan Swapna Seshadri Ritu Apurva Amal Nair Ashabari Basu Thakur Karthikeyan M Sarthak Sareen for App. 1 Counsel for the Respondent(s) : Ranjana Roy Gawai K. Hema Vasudha Sen Ujjwal Jain Chaitanya Mathur Ananya Chug Prachi Golechha Vineet Kumar for Res. 2 Raj Bahadur Sharma Mohit K. Mudgal Sachin Dubey Mohit Jain for Res. 3 Mohit K. Mudgal Apar Gupta Tulika Bhatnagar Sachin Dubey Mudit Marwah Mohit Jain Naman Kumar for Res. 4 Sethu Ramalingam for Res. 5

J U D G M E N T

PER HON’BLE MR. VIRENDER BHAT, JUDICIAL MEMBER

1. In this appeal, assail is to the order dated 6^th May, 2015 passed by the 5^th Respondent – Central Electricity Regulatory Commission (hereinafter referred to as “the Commission”) in petition No. 229 of 2019 whereby the Commission has approved tariff for Indira Gandhi Super Thermal Power Project stage-I of the Appellant for the period from the date of commercial operation of its unit-I upto 31^st March, 2014.

2. The Appellant – M/s Aravali Power Company Private Limited is a generating company within the meaning of Section 2(28) of the Electricity Act, 2003. It has been promoted as a joint venture by NTPC Limited, a Govt. of India undertaking holding 50% of the equity share capital along with Indraprastha Power Generation Company Limited, a Govt. of Delhi enterprise holding 25% of the equity share capital and Haryana Power Generation Corporation Ltd., a Govt. of Haryana enterprise holding the remaining 25% equity share capital.

3. The Appellant has set up the Indira Gandhi Super Thermal power project with a total capacity of 1500 MW comprising of three units having capacity of 500 MW each. The three units of the power project i.e. unit- I, unit-II and unit-III were commissioned on 5^th March, 2011, 21^st April, 2012 and 26^th April, 2013 respectively. The electricity generated from the generating station is supplied to Respondent Nos. 1 to 4. 50% of the power generated from the generating station is supplied to 1^st Respondent – Haryana Power Purchase Centre and the remaining 50%

is supplied to Respondent Nos. 2 to 4 (Discoms operating in Delhi) based as on their respective power purchase agreements entered into with the Appellant.

4. The Appellant was formed as a joint venture company by NTPC, IPGCL and HPGCL in the year 2005. A Memorandum of Understanding (MoU) dated 24^th August, 2006 was executed between these three entities for development of 1500 MW coal based power project in the State of Haryana for exclusive use of Haryana and Delhi on long term management contract of at least 25 years on the terms to be decided by the parties.

5. In December, 2006, feasibility report was issued stating therein that site for the power project was finalized near village Jharli in Jhajjar District, Haryana. It was specifically stated therein that the proposed super thermal power project is to be commissioned prior to Common Wealth Games, 2010.

6. The Board of Directors of the Appellant, i