New Delhi, Jan 7 (PTI) PTC India on Friday said it has been appointed as aggregator for procuring 1,500-megawatt (MW) electricity for five years by Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO).

"Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO), owned by Government of Tamil Nadu, has appointed PTC India Ltd as aggregator for their recently floated tender for procurement of 1,500-MW power for five years covered under the medium term," the company said in a statement.

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PTC India will sign PPAs (power purchase agreements) with successful generators and PSAs with TANGEDCO, it added.

PTC India is a leading provider of power trading solutions in India and has maintained its leadership position in power trading since its inception. The company is a unique example of a successful public-private partnership with major PSUs of the Union Ministry of Power as promoters and a widely held ownership interest.

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The firm is also aggregator under the Pilot Scheme-I and Pilot Scheme-II of the Ministry of Power.

PTC has tied up a 400-MW power supply pact with TANGEDCO under Pilot Scheme-II.

TANGEDCO has appointed PTC for their balance requirement of power and floated a 1,500-MW tender for five years.

Rajib K Mishra, chairman and managing director (additional charge) of PTC, said, "PTC has a long association with TANGEDCO. We are confident that the price under the current tender would be competitive and it will reduce the power procurement cost of TANGEDCO. TANGEDCO is also taking various measures to strengthen its financial position in future."

PTC India, a Government of India initiative, is the pioneer in starting a power market in India. The company has maintained its leadership position in power trading since its inception. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)