What’s the progress on the existing UMPPs? 

In the case of the Sasan and Mundra projects, power purchase agreements have been signed. The deadlines have been advanced by 36 months for the Sasan project by Reliance Power and 17 months for the Mundra project by Tata Power. However, PFC is not involved in the day-to-day monitoring of these projects, so it is difficult for us to say at what stage the projects currently are. 

When is the National Power Exchange, whose co-promoter you are, likely to start functioning? 

It should start working from 2011. We have to come up with products to finance the working capital needs of the traders on existing exchanges, so we are presently concentrating on that. 

PFC is also the nodal agency for the Revised Accelerated Power Distribution Reform Programme (R-APDRP). What is the target for reducing the transmission and distribution losses (T&D) under this programme? How much funds you have committed for the purpose? 

Under the R-APDRP, if you meet the targets for reduction of T&D losses then the loan is converted into grants to the extent of the targets being met.  Hence there are incentives for meeting targets, and these targets vary from city to city and town to town. No standard target is set across the board. We have committed ourselves to the extent of Rs 2,300 crore under the programme. 

What’s the progress on setting up the National Electricity Fund where you and the Rural Electrification Corporation were to play an anchor role? 

The planning commission will be in a better position to answer that question. 

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