Relief for Change in Law. 12.2.1 The aggrieved Party shall be required to approach the Appropriate Commission for seeking approval of Change in Law.
12.2.2 The decision of the Appropriate Commission to acknowledge a Change in Law and the date from which it will become effective, provide relief for the same, shall be final and governing on both the Parties.
Relief for Change in Law. 12.2.1 During Construction Period, the impact of increase/decrease in the cost of the Project on the Transmission Charges shall be governed by the formula given in Schedule 9 of this Agreement
12.2.2 During the Operation Period: During the operation period, if as a result of Change in Law, the TSP suffers or is benefited from a change in costs or revenue, the aggregate financial effect of which exceeds 0.30% (zero point three percent) of the Annual Transmission Charges in aggregate for a Contract Year, the TSP may notify so to the Nodal Agency and propose amendments to this Agreement so as to place the TSP in the same financial position as it would have enjoyed had there been no such Change in Law resulting in change in costs or revenue as aforesaid.
12.2.3 For any claims made under Articles 12.2.1 and 12.2.2 above, the TSP shall provide to the Nodal Agency documentary proof of such increase / decrease in cost of the Project / revenue for establishing the impact of such Change in Law. In cases where Change in Law results in decrease of cost and it comes to the notice of Nodal Agency that TSP has not informed Nodal Agency about such decrease in cost, Nodal Agency may initiate appropriate claim.
Relief for Change in Law. The aggrieved Party shall be required to approach the Appropriate Commission for seeking approval of Change in Law.
Relief for Change in Law. 15.2.1 The aggrieved Party shall be required to approach the KERC for seeking approval of Change in Law.
15.2.2 The decision of the KERC to acknowledge a Change in Law and the date from which it will become effective, provide relief for the same, shall be final and governing on both the Parties.
Relief for Change in Law. 9.2.1 In case Change in Law results in the Power Producer’s costs directly attributable to the Project being decreased or increased by one percent (1%), of the estimated revenue from the Electricity for the Contract Year for which such adjustment becomes applicable or more, during Operation Period, the Tariff Payment to the Power Producer shall be appropriately increased or decreased with due approval of GERC.
9.2.2 In case of Change in Law resulting on account of 9.1 (b) above, the Power Producer shall be allowed an increase / decrease in tariff of 1 paise / unit for every increase / decrease of Rs. 2 Lakh per MW of project capacity (AC) in the Project Cost which shall be allowed upon submission of proof of payment made by the Power Producer towards safeguard duty and/or anti-dumping duty to the concerned Authority and with due approval of GERC.
9.2.3 The Power Procurer / GUVNL or the Power Producer, as the case may be, shall provide the other Party with a certificate stating that the adjustment in the Tariff Payment is directly as a result of the Change in Law and shall provide supporting documents to substantiate the same and such certificate shall correctly reflect the increase or decrease in costs.
9.2.4 The revised tariff shall be effective from the date of such Change in Law as approved by GERC, the Parties hereto have caused this Agreement to be executed by their fully authorised officers, and copies delivered to each Party, as of the day and year first above stated.
Relief for Change in Law. 11.4.1 The aggrieved Party shall be required to approach the MERC for seeking approval of such Change in Law.
11.4.2 If a Change in Law results in any adverse financial loss/ gain to the SPV then, in order to ensure that the SPV is placed in the same financial position as it would have been had it not been for the occurrence of the Change in Law, the SPV / MSEDCL (as relevant) shall be entitled to compensation by the other party, subject to the condition that the quantum and mechanism of compensation payment shall be determined and shall be effective from such date as may be decided by the MERC.
11.4.3 If a Change in Law results in the SPV’s costs directly attributable to the Project being decreased or increased by 1% (one percent), of the estimated revenue from the electricity for the Contract Year for which such adjustment becomes applicable or more, during the Term, the Tariff to the SPV shall be appropriately increased or decreased with due approval of MERC.
11.4.4 In case of approval of Change in Law by MERC and the same results in any increase or decrease in the cost of generation, the said increase/decrease in cost shall be passed on in Tariff as per the formula below: Allowable Change in Law Compensation (P) = Actual per MW variation in expenses on account of Change in Law event x Allowable DC Capacity for Change in Law compensation. Then, the modification in Tariff (“MT”) for compensating the financial impact is given by M.T. = Y/X Where X = estimated monthly electricity generation (in kWh) = (1/12) X [Contracted Capacity of the RE power plant as per PPA (in MW) x Annual CUF declared in PPA (in %) x 8760-hour x 10]. and Y = [(PxMr){(1+Mr) n}] ÷ [{(1+Mr) n}-1] where, n = no. of months over which the financial impact has to be paid; and Mr = monthly rate of interest =; where R = annual rate of interest equal to 125 basis points above the average SBI 1 Year MCLR Rate prevalent during the last available 6 (six) months for such period. Further, the MT shall be trued up annually based on actual generation of the year so as to ensure that the payment to the SPV is capped at the yearly Change in Law amount.
11.4.5 MSEDCL or the SPV, as the case may be, shall provide the other Party with a certificate stating that the adjustment in the Tariff is directly as a result of the Change in Law and shall provide supporting documents to substantiate the same and such certificate shall correctly reflect the increase or decrease in costs.
11.4.6 The revised tariff sh...
Relief for Change in Law a) In case Change in Law on account of 9.1.1
(a) above results in the SPG’s costs directly attributable to the Project being decreased or increased by one percent (1%), of the estimated revenue from the Electricity for the Contract Year for which such adjustment becomes applicable or more, during Operation Period, the Tariff Payment to the SPG shall be appropriately increased or decreased with due approval of GERC.
b) In case of Change in Law on account of 9.1.1 (b) above, the SPG shall be allowed an increase / decrease in tariff of 1 paise / unit for every increase / decrease of Rs. 2 Lakh per MW in the Project Cost incurred upto the Schedulded Commercial Operation Date upon submission of proof of payment made by the SPG towards safeguard duty and/or anti-dumping duty and/or custom duty to the concerned Authority and with due approval of GERC. This increase / decrease in tariff due to this change in cost of solar PV modules shall be limited to actual DC capacity or 150% (One hundred & fifty percent) of contracted AC capacity, whichever is lower.
c) PGVCL or SPG, as the case may be, shall provide the other Party with a certificate stating that the adjustment in the Tariff Payment is directly as a result of the Change in Law and shall provide supporting documents to substantiate the same and such certificate shall correctly reflect the increase or decrease in costs.
d) The revised tariff shall be effective from the date of such Change in Law as approved by GERC.
Relief for Change in Law. 9.2.1 If a Change in Law results in the Generator’s costs directly attributable to the Project being decreased or increased by one percent (1%), of the estimated revenue from the Electricity for the Contract Year for which such adjustment becomes applicable or more, during Operation Period, the Tariff Payment to the Generator shall be appropriately increased or decreased with due approval of MERC.
9.2.2 The Generator / MSEDCL or the Generator, as the case may be, shall provide the other Party with a certificate stating that the adjustment in the Tariff Payment is directly as a result of the Change in Law and shall provide supporting documents to substantiate the same and such certificate shall correctly reflect the increase or decrease in costs.
Relief for Change in Law. 12.2.1 Save and except as provided under Article 12.1.3, the aggrieved Party shall be required to approach the Hon’ble CERC for seeking approval of Change in Law.
12.2.2 The decision of the Hon’ble CERC to acknowledge a Change in Law and the date from which it will become effective, provide relief for the same, shall be final and governing on SPD and Buying Entity.
12.2.3 In case of Change in Law as approved by the Appropriate Commission pursuant to Article 12.2.1 or as provided under Article 12.1.3, the SPD/ SECI/ Buying Entities (as the case may be) shall be entitled for relief as follows: Any such change, shall be considered upto three digits after the decimal point, and remaining digits, if any, shall be ignored. For e.g. in case the change in tariff payable is calculated as Rs. 0.14678/kWh, it shall be modified as Rs. 0.146/kWh.
12.2.4 In case Change in Law results in delay in commissioning or supply of power, where cause and effect between these two can be clearly established, the SECI under intimation to the Buying Entities may provide suitable time-extension in Scheduled Commissioning Date or Scheduled Date of Commencement of Supply of Power, as the case may be.
12.2.5 It the event of any decrease in the project cost by the SPD or any income to the SPD on account of any of the events as indicated above, SPD shall pass on the benefit of such reduction at a rate as provided in Article 12.2.3 to SECI which shall be further passed on to the Buying Entity. In the event of the SPD failing to comply with the above requirement, SECI shall make such deductions in the monthly tariff payments on immediate basis,. Further, at the time of raising of 1st Monthly Tariff Payment Xxxx, SPD shall be required to provide a statutory auditor certificate supported by Board Resolution in regard to implications (loss/ gain) arising out of Article 12.
Relief for Change in Law. The aggrieved Party shall be required to approach the AERC for seeking approval of Change in Law:
