The Maharashtra government on Monday announced an average of 8 percent electricity tariff cut for the next five years to help businesses and people tide over the COVID-19 crisis.
While the industry has been given the highest benefits, farmers will have to contend with a 1 per cent reduction in electricity costs, according to an official statement.
For the consumers served by private sector discoms Adani Energy and Tata Power in the financial capital, industrial units will have their power rates slashed by 18-20 percent, commercial establishments by 19-20 percent and residential ones by 10-11 percent, it said.
The Maharashtra Electricity Regulatory Commission (MERC) has approved a move to cut tariffs by an average of 7-8 percent as part of the move, which is first such measure in the past 10-15 years, an official statement said.
Industrial consumers in the state, excluding the capital Mumbai, will enjoy a tariff cut of 10-12 percent.
In the financial capital, state-owned BEST’s tariffs for industrial consumers will go down by 7-8 percent, while the same for commercial establishments will be down 8-9 percent.
MERC Chairman Anand Kulkarni said the announcement has been made after extensive consultations with all the stakeholders and also made it clear that the revised tariffs will not be limited to the next one year alone.
The Commission has put up an in-built system through which the revisions will be applicable for five years, the official statement said.