#jerc

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The Joint Electricity Regulatory Commission for Goa and Union Territories has issued the True-up Tariff Order for FY 2024-25 for the Electricity Department, Government of Goa.

The order was issued on May 6, 2026.

It relates to Petition No. 163/2026.

The order finalises the regulatory treatment of actual power procurement and operational expenditure for FY 2024-25.

Power purchase cost

The most material deviation is in power purchase cost.

Against an originally approved power purchase cost of Rs. 2,081.55 crore, actual expenditure came in at Rs. 2,504.79 crore.

This represents an overshoot of Rs. 423.24 crore.

In percentage terms, the deviation is approximately 20.3%.

This is a significant variance and reflects the challenge of accurately forecasting power purchase expenditure.

Cost drivers

Power purchase costs can vary due to several factors.

These include changes in spot market prices, deviation settlement charges, renewable integration costs, and differences between projected and actual demand.

For a state like Goa, which depends significantly on external power procurement, such deviations can materially affect the annual revenue requirement.

The true-up process therefore becomes essential for regulatory closure.

O&M expenses

On the operations and maintenance side, actual expenses were largely in line with approved levels.

Actual O&M expenditure stood at Rs. 491.56 crore.

This compares with the approved estimate of Rs. 489.94 crore.

The overshoot was only Rs. 1.62 crore.

This indicates relatively tight control over operations and maintenance spending despite inflationary pressure.

Energy procurement gain

A notable feature of the order is the treatment of a Rs. 12.03 crore net gain on energy procurement.

JERC directed that this gain be shared equally between the utility and consumers.

The sharing ratio is 50:50.

This is consistent with incentive-sharing principles that encourage efficient energy procurement.

It allows the utility to retain part of the benefit while passing part of it to consumers.

Tariff implications

The power purchase cost overrun has prospective tariff implications.

To the extent the higher cost has not already been recovered, it may be reflected in future Annual Revenue Requirement filings.

This could exert upward pressure on consumer tariffs in the next revision cycle.

For consumers, the true-up order therefore matters even if it does not immediately translate into a tariff shock.

Goa demand context

Goa’s electricity demand profile is shaped by tourism, urban infrastructure, and industrial corridors.

These segments create a growing and sometimes variable demand base.

Efficient procurement planning is therefore strategically important for the Electricity Department.

The ability to manage demand variation without excessive dependence on high-cost procurement will influence future tariff stability.

Regulatory significance

The order provides regulatory closure on FY 2024-25 costs.

It also sets the stage for the FY26 true-up process.

For the Electricity Department of Goa, the key task is improving procurement forecasting and managing cost volatility.

For JERC, the order reflects a balanced approach.

It recognises actual cost escalation while also applying gain-sharing principles where procurement efficiency was achieved.

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