Cabinet waives off upfront premium to NEEPCO

SHILLONG, May 25: The state Cabinet on Wednesday decided to waive off the up-front premium of Rs 1 lakh per mega watt to the North Eastern Electric Power Corporation Limited (NEEPCO) under the Wah Umiam Stage I and Stage II hydroelectric power project in the Umiew river basin of East Khasi Hills.
Informing that a request was made by the Power Ministry that the upfront premium be waived off, Chief Minister Conrad Sangma said, “Based on that, since NEEPCO is a public sector undertaking, we have agreed that the upfront payment will be waived which amounts to approximately Rs 1 lakh per mega watt.”
The CM, however, said, “But we will not waive the 12 per cent of the free power that they should give to the state.” He informed that under the 50 mega watt Wah Umiam Stage 1 and 100 mega watt Wah Umiam Stage II hydroelectric power project, the Power Ministry and NEEPCO had requested that the initial amount of upfront payment be waived off and that the free power that comes up to 12 per cent, which has to be given to the state government should also be waived off besides waivers in other issues as well.

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