Coal India rejects profiteering allegations

Brushing aside allegations of profiteering made against it by private power producers, state-run Coal India has said it has been struggling to keep its committed supply under long-term contracts and conducting coal auctions for power plants at the cost of premium in spot market.

Coal India said the allegation raised against the company is baseless and contrary to the fact. It also said it will conduct auction in due course for power plants selling in short-term market without power purchase agreements (PPAs) under clause B(viiia) of amended Shakti Policy.

ET had on Monday reported allegations made by private power producers that the upcoming coal auctions to stressed power plants was an attempt by Coal India to maximise its profits as a state monopoly by exploiting the plight of fuel-starved projects. Read More

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