enron india newsdesk may 5 7 newsclips stinson vince news articles read first one second last one regards sandeep forwarded sandeep kohli enron _ development 05 07 2001 09 10 nikita varma 05 07 2001 07 42 nikita varma enron _ development enron _ development cc bcc sandeep kohli enron _ development subject enron india newsdesk may 5 7 newsclips economic times may 7 2001 enron ceo casts vote save dpc tina edwin soma banerjee economic times may 7 2001 maha sore delay naming godbole nominee times india 7 may 2001 maharashtra unhappy delay naming godbole nominee business standard monday 7 may 2001 reliance allowed hawk power patalganga third parties arijit de ravindran renni abraham mumbai economic times may 7 2001 need patalganga bhadravati power mseb also appeared following newspaper times india may 7 2001 need patalganga bhadravati power business standard may 7 2001 global bankers ask govt honour dpc obligations business standard saturday 5 may 2001 ge may pull dpc supplier ravindran mumbai hindu businessline may 5 2001 agenda fresh talks enron chalked economic times may 6 2001 http 216 34 146 167 8000 servlet form godbole panel meets sans dabhol representation economic times may 5 2001 http 216 34 146 167 8000 servlet form ntpc buy power enron govt times india may 7 2001 mseb recovers rs 3 06 cr arrears one day economic times may 7 2001 enron ceo casts vote save dpc tina edwin soma banerjee amul creative directors may gone back ad libbing enron enr big kahuna american utility dabhol still worthwhile project entire enron board almost decided call quits proceed termination 2 9 billion power project dabhol veto exercised company chairman kenneth lay saved project least timebeing sources said meeting held tuesday energy major headquarters houston could sounded death knell big foreign investment indian power sector although future project still pretty uncertain lenders unwilling continue disbursements unless payment obligations honoured contractual obligations left unfulfilled veto exercised juncture chairman parent company come big boost indian venture company sources said know went true pulling engineering procurement construction contractors ge equipment suppliers bechtel cautious mode mode dpc finding even difficult continue construction project per schedules sources said stand taken rest directors board would view backlash company would face shareholders project actually flopped enron similar bitter experiences pakistan difficult parent company justify investments shareholders enron planned major investments india infrastructure sectors oil gas lng gas transportation telecom broadband network already pulled personnel operations company mous various majors like indian oil corporation limbo us major stake oil gas venture grabs however even though lay still hoping find solution controversy back home dpc mseb still get negotiations economic times may 7 2001 maha sore delay naming godbole nominee maharashtra government expressed unhappiness centre delay appointing nominee nine member godbole committee renegotiate power purchase agreement signed enron promoted dabhol power company state electricity board committee hold discussions enron officials houston may 11 month time renegotiations dpc termination notice threat hanging head time actually running yet official represent union government said senior state government official media reports solicitor general harish salve would appointed yet hear anything side said official said state expected centre announce representative may 11 would appreciate crucial presence first session discussions enron officials lenders gas suppliers sources mantralaya added government also unhappy centre rigid stand allowing state owned national thermal power corporation buy excess capacity dpc total 2 184 mw project let ntpc power trading corporation india come together sell dpc surlpus power already mooted suggestion favourable reply yet come union power ministry official said times india 7 may 2001 maharashtra unhappy delay naming godbole nominee maharashtra government expressed unhappiness centre delay appointing nominee nine member godbole committee renegotiate power purchase agreement ppa signed enron promoted dabhol power company dpc maharashtra state electricity board mseb committee hold discussions enron officials houston may 11 month time renegotiations dpc termination notice threat hanging head time actually running yet official represent union government senior state government official said sunday media reports solicitor general harish salve would appointed yet hear anything side said official said state expected centre announce representative may 11 would appreciate crucial presence first session discussions enron officials lenders gas suppliers sources mantralaya added government also unhappy centre rigid stand allowing state owned national thermal power corporation ntpc buy excess capacity dpc total 2 184 mw project let ntpc power trading corporation india ptc come together sell dpc surlpus power already mooted suggestion favourable reply yet come union power ministry official said official said centre also responsible dpc project provided counter guarantee enron india form special purpose vehicle sale excess power states state government reaction comes wake union power minister suresh prabhu discussion chief minister vilasrao deshmukh delhi days ago learnt prabhu told deshmukh question ntpc buying power project since long term ppas signed ntpc buying states deshmukh suggested central power utility sell excess power 300 400 mw needed state dpc 740 mw phase soon commissioned phase ii 1 444 mw needy states considering high cost power generated dpc recent months hovered around rs 7 per unit average cost rs 2 30 2 80 unit central state utilities would takers power dabhol power minister reportedly said deficit states buy dpc power cost power brought said adding power ministry would facilitate wheelng power buyers business standard monday 7 may 2001 reliance allowed hawk power patalganga third parties arijit de ravindran renni abraham mumbai unusual departure normal practice maharashtra government allowed reliance group sell power generated 447 mw patalganga power project directly third parties maharashtra state electricity board mseb lift power project power purchase agreement ppa clause effect state government permission reliance hawk power third parties seen context dithering forwarding centre dabhol power company bid mega power status could sell power third parties dpc sources told business standard several weeks ago company application pending chief minister office months state government authorised godbole committee negotiate dpc third party sales outside state dpc project facing threat closure following mseb inability buy power thanks board weak financial position reliance group sell power third parties within maharashtra sell power utilities outside state ppa expressly bar specify category customers power sold effect suggests group could sell power industrial commercial customers maharashtra emerge rival mseb state electricity board derives 80 per cent revenue consumers apart captive power plants independent power producers india allowed sell power state electricity boards sell power outside state qualify mega power project status 447 mw capacity patalganga project eligible status mega power rojects supposed minimum capacity 1 000 mw speaking sidelines press conference last week reliance industries managing director anil ambani told business standard provision third parties ambani answering question whether mseb weak financials inability offer escrow cover project emphasised godbole committee report set defuse dabhol crisis would derail patalganga project ppa express restriction third party sale outside state reliance spokesperson confirmed friday faxed response questions senior mseb official explained state government cleared private power projects years ago basis unrealistically high demand projections contained report former mseb official subsequently realised state would stuck excess power reliance group permitted sell power third parties said patalganga project along ispat group 1 082 mw bhadravati project put hold till godbole committee submits second report economic times may 7 2001 need patalganga bhadravati power mseb axe seems finally fallen much delayed reliance industries promoted patalganga ispat industries bhadravati power projects maharashtra state electricity board firmly told government need projects power loss making board communicated government mseb interest patalganga bhadravati escrow able capacity also industrial demand power slowed tremendously maharashtra state government sources said sunday last november mseb sent official intimation state government informing decision favour cancellation two projects several grounds including unviable unaffordable sources said reliance project different dpc patalganga also naphtha based ppa similar lines enron experience mseb even dream another gas based power plant state senior mseb official said said mseb already asked state government provide escrow 447 mw patalganga 1 084 mw coal based bhadravati us energy major almost squeezed us finances contacted mseb chairman vinay bansal said reliance ispat projects put hold per godbole committee recommendations expressed inability give details currently bhadravati patalganga projects put hold per godbole committee report set review dpc mseb ppa energy scenario maharashtra go ahead project without escrow cover committee believed asked ispat reliance representatives reply negative sources added sources said projects able achieve financial closure leading financial institutions willing fund projects guaranteed payment mechanism mseb incidentally promised dpc three cleared fast track projects enron reliance ispat caught quagmire especially bhadravati hanging afire since last nine years added moreover mseb official opined given current situation dpc calls quits india bhadravati safer bet reliance patalganga patalganga power would mere 50 paise less dpc ranges anywhere around approximately rs 4 50 per unit high rs 7 bhadravati cost could around rs 3 80 rs 4 per unit informed mseb installed capacity ended march 31 2001 wasl 4 000 mw generated 45 000 million units transmission distribution losses high 39 per cent pti business standard may 7 2001 global bankers ask govt honour dpc obligations tamal bandyopadhyay surajeet dasgupta santosh tiwary mumbai newdelhi global arrangers dabhol power company mounted fresh pressure finance ministry honour union government counter guarantee also set strict conditions reconsidering termination power purchase agreement ppa dpc maharashtra state electricity board mseb related development dpc sent note lenders saying would bear consequences turn events prevented dpc serving ppa termination notice last month lenders turn sent statement prepared new york based legal firm white case defending stance saying working best interest project lenders expected meet london next fortnight take stock situation deadline resolving issues drawing close 10 days three week reprieve passed dpc board meeting london may 25 lenders managed stall issuance termination notice got three weeks time convince centre well maharashtra government resolve impasse controversial project letter finance secretary ajit kumar dated april 30 global arrangers said government must responsibility meet obligations without delay among stiff conditions set arrangers demand central government ensure payment pending bills mseb december 2000 january 2001 february 2001 march 2001 remain unpaid without protest reservation may 7 monday payment previously made protest 8 made free clear protest reservation center ensure timely payment future bills mseb said meanwhile sources said finance secretary expected meet international lenders dabhol projects london stand issue lenders list demands also include asking mseb take steps required existing contracts activate escrow arrangements put place time financial close phase ii project may 7 demanded union government maharashtra government take required actions ensure government agency take step impede operation phase construction operation phase ii without due cause lenders also asked ensure relevant customs authorities permit import goods equipment required project may 21 csfb anz export finance citi bank america abn amro global arrangers phase well phase ii project state bank india also global arranger phase ii sign letter ten days passed since lenders bought three weeks time company delaying declaration termination ppa since nothing moved material level barring mseb payment january bill tune rs 134 crore protest said source among global arrangers come forward meet obligations lenders planning meet around mid may london time left choice give go ahead company terminate ppa unless finance ministry comes forward settle issue source added lenders however ready take blame delay termination ppa implied company white case statement said lenders concerned fate project exploring intermediate steps choosing last option termination ppa business standard saturday 5 may 2001 ge may pull dpc supplier ravindran mumbai us based bechtel turn general electric review participation equipment supplier controversial 2 184 mw power project maharashtra set dabhol power company bechtel epc contractor project ge supplied equipment primarily turbines general electric like bechtel also holds 10 per cent dabhol power company dpc bechtel general electric worried future payments dpc sources familiar project said far dpc defaulted payments general electric worrying general electric possible scenario june 7 700 mw power commissioned second phase trial runs dpc maharashtra state electricity board mseb locked payments dispute months mseb continues stance dpc turn may able pay general electric situation ge may walk project final decision taken june said sources general electric respond faxed questionnaire sent business standard senior executives public relations agency burson marsteller roger pereira said dpc executives authorised speak issue dpc spokesman declined comment issue first phase 740 mw already commissioned second phase 1 444 mwis commissioned december 2001 mseb pay dpc minimum rs 500 crore per month escrow account made operational april 7 2001 mseb refused earlier dpc invoked political force majeure clause contract board mseb arguing invocation clause absolved dpc liabilities consequently operationalise escrow account casts shadow dpc ability pay general electric bechtel worrying lenders project well situation taken turn worse dpc practically refusing negotiate contract second phase godbole panel constituted maharashtra government hindu businessline may 5 2001 agenda fresh talks enron chalked officials state government maharashtra state electricity board mseb members madhav godbole committee recently submitted review dabhol power project met saturday meeting chart agenda renegotiation enron officials senior mseb official said enron officials scheduled attend meeting backed may 3 enron informed state government would accept recommendations godbole committee understandable company find recommendations acceptable report bound personal opinions official said next meeting decide direction renegotiation process enron scheduled may 11 economic times may 6 2001 godbole panel meets sans dabhol representation godbole committee set renegotiating estranged power purchase agreement us energy major enron promoted dabhol power company state electricity board saturday held first internal meeting sans representatives multinational internal meeting take stock current situation decide matter pertaining may 11 meet officials enron ge bechtel dpc foreign lenders said state government sources meeting lasted almost four hours discussed strategy present committee recommendations made public last month said nine members committee saturday meeting attended five members including godbole mseb chairman vinay bansal state energy secretary v lal state finance secretary sudhir shrivastava kirit parekh indira gandhi institute developmental research absent hdfc chairman deepak parekh teri director r k pachauri former union energy secretary eas sarma yet appointed representatives centre central electricity authority negotiating committee would suggest solutions bring exorbitant power tariff separating liquefied natural gas facility restructuring dpc allowing sale excess power central utilities mainly national thermal power corporation said sources pti economic times may 5 2001 ntpc buy power enron govt centre ruled possibility national thermal power corporation buying power generated us energy giant enron promoted dabhol power company union power minister suresh prabhu learnt stated meeting maharashtra chief minister vilasrao deshmukh last month convened finance minister yashwant sinha discuss enron crisis said government sources friday prabhu pointed question ntpc buying power project since long term power purchase agreements signed ntpc buying states maharashtra chief minister vilasrao deshmukh meeting suggested central power utility sell excess power 300 400 mw needed state 740 mw phase soon commissioned phase ii 1 444 mw needy states contacted prabhu said entire controversy payment default maharashtra state electricity board owing high cost power generated dpc resolved state government dpc centre limited role play dpc already slapped one conciliation notice centre three arbitration notices state government non payment dues amounting rs 213 crore plus interest rate towards bills due months december 2000 january 2001 pti times india may 7 2001 mseb recovers rs 3 06 cr arrears one day special day long drive nagpur rural zone maharashtra state electricity board mseb recovered rs 3 06 crore arrears defaulters pay handsome dividend disconnectedl 5 000 connections erring customers last week according mseb sources drive initiated chief engineer manohar bapat assistance 5 000 employees including engineers accounts staff linesmen door door campaign launched meet 25 000 customers leading recovery dues power supply 15 000 customers disconnected spot due non payment arrears chandrapur gadchiroli wardha bhandara gondia nagpur districts said release drive met stiff resistence public police called many places assist powermen added