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Special Investigation: Jharkhand changed its energy policy to buy power from Adani at a higher price, with a government auditor saying it could cost the state an additional *Rs 7,410 crore*. Read @aruna_sekhar's report (1/n) scroll.in/article/881928…
@aruna_sekhar Why is coal sourced all the way from Australia going to be used at an Adani power plant in Jharkhand to generate electricity that will be sold to Bangladesh? @aruna_sekhar takes a look: (2/n) scroll.in/article/881928…
@aruna_sekhar Here's how it unfolded: Until 2014, India's energy assistance to Bangladesh came in the form of government-built power plants. When Narendra Modi came to power, he brought in the private sector (3/n) scroll.in/article/881928…
@aruna_sekhar In 2016 Adani Power Ltd signed an MoU with Jharkhand for a power plant in Godda, near the West Bengal border to supply power to Bangladesh. Per state policy, Jharkhand would have access to 25% of this power (4/n) scroll.in/article/881928…
@aruna_sekhar But, unusually, Adani said it would provide that 25% power to Jharkhand from another plant, not the new one in Godda. Energy researchers have questioned this approach (5/n): scroll.in/article/881928…
@aruna_sekhar Not long after signing the MoU, Adani asked for changes to the document: It wanted Jharkhand to pay more than was initially negotiated, or give it concessional coal (6/n): scroll.in/article/881928…
@aruna_sekhar Power projects are supposed to let Jharkhand buy 25% of their electricity. Of this 12% is supposed to bought at a price that covers only variable costs (fuel), and 13% to cover fixed and variable costs (fuel+construction+operations) (7/n): scroll.in/article/881928…
@aruna_sekhar But Adani asked for changes in its MoU: It wanted Jharkhand to pay a price covering fixed and variable costs for the entire 25% (8/n): scroll.in/article/881928…
@aruna_sekhar A confidential audit report said this would be "preferential treatment" to Adani and could cost Jharkhand Rs 296.40 crore a year. This comes to Rs 7410 crore over 25 years (9/n):
@aruna_sekhar Jharkhand’s amended energy policy raises a larger question: in the absence of concessional coal, should companies be allowed to sell power to host states at higher prices? (10/n) scroll.in/article/881928…
@aruna_sekhar To support more investigations like this that take a close look at what government policies actually entail, subscribe to Scroll+ scroll.in/subscribe
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