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| Power Corporation to raise money through carbon trading | | |
Srinagar, July 19
State Power Development Corporation has decided to approach Asian Development Bank(ADB) for financial assistance needed to exploit hydropower wealth in Jammu and Kashmir.Once the request was conceded the money earned through carbon trading could be utilized for generation of electricity.
Chif Minister,Ghulam Nabi Azad, who is also the Chairman of SPDC, chaired the 47th meeting of Board of Directors of the Corporation here Wednesday and approved the proposal of carbon trading by the Corporation.
The Kyoto Protocol mandates developed countries to reduce emission of polluting gases by the year 2012, following which the developed nations are courting developing countries like India and China to buy carbon emission reduction units known as CERs. The Protocol is seen as an opportunity for SPDC to trade carbon accrued through hydro projects.
Chief Minister asked the SPDC to approach ADB for assistance to exploit hydropower potential of the State. In a recent communication from ADB Headquarters in Manila , the Bank has evinced interest in development of hydropower of J&K and assist SPDC in clean development. The ADB officials have shown interest in starting formal discussions on J&K energy sector for possible assistance. The officials have been invited to initiate the discussion.
The status of implementation of various power projects in the State, especially the 450 MW Baglihar Hydro Electric Project was reviewed in detail.
Chief Minister stressed the need for the consultant of the SPDC on Baglihar power project to submit regular reports on the execution of the project. He also issued instructions for regular visits to the project site by one Board member each including himself in a fortnight to monitor work on the ground. These visits, he said, would help putting pressure on the project executing agency to stick to the timeline given for the completion of the project. He said the power house should be ready by December this year as assured by the construction agency.
Azad asked the SPDC to identify the scheme under Prime Minister’s Reconstruction Programme from which money could be diverted to meet escalation in the cost of the Baglihar power project. He said he would write to the Prime Minister for diversion of this money. He highlighted the need for early corporatization of SPDC on commercial lines. For this purpose, an internationally reputed firm was decided to be engaged through open competition.
The Board also decided the creation of a Special Purpose Vehicle (SPV) for execution of New Ganderbal and Kirthai hydel projects. International tenders will be floated to invite competent offers for preparation of bid documents of 690 MW Ratle power project and its execution through IPP route.
The meeting was attended by Minister for Power, Ringzin Jora, Economic Advisor to Government, Haseeb Drabu, Chief Secretary, C Phunsog, Financial Commissioner, Planning & Development, S S Kapur, Principal Secretary to Chief Minister, Anil Goswami, Commissioner/Secretary, Finance, B B Vyas, , MD, SPDC, Sundeep Nayak and Commissioner/Secretary, Power Basharat Ahmad Dhar
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