Bhubaneswar December 30 : The Odisha Electricity Regulatory Commission (OERC) has issued an order vesting the management and control of two distribution companies, Southco and Wesco, with Tata Power Company Ltd (TPCL) with effect from January 1, 2021.The order was issued on December 28 amid concern that Tata Power may take same recourse as in the case of CESU asking for a review of the Commission order.
The Commission had issued letter of intent (LoI) to TPCL for Southco and Wesco on December 3. The distribution licences of Southco will be transferred to Tata Power Southern Odisha Distribution Ltd (TPSODL) and Wesco to Tata Power Western Odisha Distribution Ltd (TPWODL).The new entities will act as special purpose vehicles in which TPCL and GRIDCO will hold 51 per cent and 49 per cent (pc) equity shares respectively. the odisha electricity regulatory commission (oerc) has issued an order vesting the management and control of two distribution companies, southco and wesco, with tata power company ltd (tpcl) with effect from january 1, 2021.the order was issued on december 28 amid concern that tata power may take same recourse as in the case of cesu asking for a review of the commission order.
the commission had issued letter of intent (loi) to tpcl for southco and wesco on december 3. the distribution licences of southco will be transferred to tata power southern odisha distribution ltd (tpsodl) and wesco to tata power western odisha distribution ltd (tpwodl).the new entities will act as special purpose vehicles in which tpcl and gridco will hold 51 per cent and 49 per cent (pc) equity shares respectively.