In accordance with the provisions of the Act, the tariff regulations framed by the Commission under section 61 of the Act and the approval granted under the said regulations by the Commission to the distribution licensee for the power purchase and procurement and the licence conditions every distribution licensee shall purchase or procure electricity required for the business of the distribution licensee in an economical and efficient manner and under a transparent power purchase and procurement process and generally based on the principles of least cost purchase.
1 [50-A. Petitions for approval of Power Procurement Purchase Agreements.- (1) The petitions for approval of the power procurement purchase agreements shall be submitted before the Commission jointly by the contracting parties i.e. the distribution licensee and the generating company with ten hard copies, alongwith a soft copy, and shall be supported by affidavits and accompanied by such fees (to be shared equally between the contracting parties) as specified in the Schedule to these regulations.
(2) The provisions of this regulation are in addition to and not in derogation of any other provisions of these regulations].
HAPTER –VII INVESTMENT APPROVALS