The Noida Power tariff order dated 2 July — effective 13 July — is a study in regulatory patience. UPERC approves an FY 2026-27 ARR of Rs 3,511.33 crore against projected revenue of Rs 3,192.04 crore at current tariffs including the 10% regulatory discount, an estimated in-year gap of Rs 319.29 crore — and keeps the discount intact.

The commission's cover is the past, not the year ahead. Its 17 June order implementing APTEL's November 2025 judgment recalculated NPCL's position to a Rs 593.81 crore regulatory surplus at end-FY24; carried forward, the cumulative position still shows a Rs 73.34 crore surplus at end-FY26 on the commission's computation — against NPCL's claimed Rs 629.37 crore gap for the same period.

"Since these are forecasted values only and there is regulatory surplus outstanding," the order says, no change to the discount now, with review once FY27 actuals land. Elsewhere, the commission records that fixed costs are 46% of NPCL's ARR while fixed charges recover only about 14% — a 32-point structural mismatch it names and leaves for another day.