GUWAHATI, May 12 – The North Eastern Electric Power Corporation (NEEPCO) Ltd. paid a dividend of Rs 1 crore to the Union Government for the year 2001-2002. The dividend cheque was presented to Union Minister of Power Anant G Geete by NEEPCO chairman and Managing Director S C Sarma recently, said a NEEPCO press release here.
During the above year, the press release said, the NEEPCO generated 2,762.53 MU of energy with an average machine availability of 86.6 per cent. The Union Government has declared the Assam Gas-based Power Station of the Corporation as ‘Centre of excellence’ for its excellent all round performance.
However, it said, though the Corporation had earned considerable profit during the year, the adverse financial position of NE Stares led to the non-realisation of revenue from the beneficiary States and consequently affected the liquidity position of the Corporation. The Board of Directors of the Corporation hence recommended a token dividend of Rs 1 crore only for the above year, the press release said.
Meanwhile, a separate press release of the NEEPCO said that a memorandum of understanding was signed recently between the Government of Manipur and the NEEPCO for execution of the Tipaimukh Hydro Electric (Multipurpose) Project at Tipaimukh in Churachandpur District of Manipur.
The Tipaimukh Project will generate 1500 MW of power when fully commissioned. The NE States which are likely to be affected by the project will be entitled to 12 per cent of power generated from the project free-of-cost, as per the existing power sharing formula. The project is expected to be commissioned within seven years, subject to receipt of all statutory clearances, said the press release.