Latest news with #Fadnavis.Chief

Economic Times

Maharashtra announces major power tariff cut; Here's how it will reduce your electricity bill

Maharashtra residents can expect lower electricity bills. Chief Minister Devendra Fadnavis announced a phased tariff reduction. The first year will see a 10% decrease. A total 26% reduction is planned over five years. Around 70% of consumers using less than 100 units will benefit most. The state is also promoting green energy. This will further reduce costs. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In major relief to the people of the state, Maharashtra Chief Minister Devendra Fadnavis announced a significant reduction in electricity tariffs across the state.A statement of Maharashtra Chief Minister's Office said that the electricity rates will be reduced by 10 per cent in the first year and there will be a 26 per cent reduction in phases over the next five proportion of people using less than 100 units of electricity in the state is 70 per cent. Work on Mukhyamantri Saur Krishi Vahini Yojana 2.0 has started on a war footing, CMO added."Good news on electricity tariffs! For the first time in the State's history, electricity tariffs will be reduced, starting with a 10 per cent cut in the first year, and a total 26 per cent reduction in phases over the next 5 years. Thanks to the Maharashtra Electricity Regulatory Commission (MERC) for approving MSEDCL's proposal to reduce tariffs, a move never attempted before. Previously, petitions used to be filed for tariff hikes of around 10%, but this time a petition was filed for a reduction -- benefitting domestic, industrial, and commercial consumers alike," said Minister mentioned that nearly 70 per cent of consumers in the State use less than 100 units and they will benefit the most from the 10 per cent tariff tariffs continue to be the highest in the state as compared to BEST, Tata Power and Adani Electricity."In the past, we witnessed a minimum 10% hike in tariff and this year we have changed the scenario. In the next five years, tariff is set to drop furthermore as we are procuring more green power through solar, hydro etc, saving Rs 66,000 crore in power purchase," MSEDCL managing director Lokesh Chandra told ToI, adding that tariffs will not go up next five years for all including industry ensuring more industries come to will drop eventually for all residential users till 2029-30. For example, in the 301-500 units consumption category, there is a drop of 13%, 26% for 0-100 units etc. "There is an 80% discount in solar hours in the residential category for smart meters and that's how all monthly bills will be lower than existing," Chandra feature of the order included an additional 10% TOD discount for daytime electricity use for residential consumers with smart meters and incentives for residential consumers generating solar energy.