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CERC (Power System Development Fund) Regulations 2010

CERC (Power System Development Fund) Regulations 2010. Brief Outline. Background Constitution of Fund Utilization of fund Managing Committee, PSDF. Power System Development Fund (PSDF). Background. Loose Pool accounts Unscheduled Interchange Charges account Congestion Charges account

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CERC (Power System Development Fund) Regulations 2010

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  1. CERC (Power System Development Fund) Regulations 2010

  2. Brief Outline • Background • Constitution of Fund • Utilization of fund • Managing Committee, PSDF Power System Development Fund (PSDF)

  3. Background • Loose Pool accounts • Unscheduled Interchange Charges account • Congestion Charges account • Power Market Congestion Charge account • Reactive Energy Charges account • Accounts operated by RLDCs/ NLDC • Utilization for Regional benefits • CERC formed Power System Development Fund (PSDF) vide notification dated 4th June, 2010 • Utilization for Power System Development of National/ Regional Importance Power System Development Fund (PSDF)

  4. Constitution of Fund Other charges as may be notified by commission Power System Development Fund (PSDF)

  5. Utilization of Fund • Schemes as governed by the respective charges regulations • Other Schemes benefiting large number of utilities • Schemes having far reaching effect for Power System Development Power System Development Fund (PSDF)

  6. Utilization of Fund…. Power System Development Fund (PSDF)

  7. Utilization of Fund…. Power System Development Fund (PSDF)

  8. Utilization of Fund…. Power System Development Fund (PSDF)

  9. Managing Committee, PSDF • Constituted vide CERC order dated 14.09.2010 • Constitution Power System Development Fund (PSDF)

  10. Meetings of Managing Committee, PSDF • At least four meetings in a year shall be convened • Interval between any two meetings shall not, preferably, exceed six months • Secretary of the Fund may at any time convene a meeting of the Managing Committee by notice in writing of fourteen (14) days • A special meeting of the Managing Committee may be convened at any time by the Chairperson of the Managing Committee in case of urgency • Managing Committee may constitute Committees or sub- Committee(s) out of its own members to look after day-to-day operations or for any other specific purpose Power System Development Fund (PSDF)

  11. Functions of Managing Committee, PSDF • Opening accounts titled “Power System Development Fund” or by such other name with any of the Scheduled Banks/Nationalised Banks • Main account at New Delhi • Subsidiary accounts at such other branches of the said bank • Maintaining proper accounts and manage the Fund as an independent fund • Scrutinization of project proposals having regard to the objects of the Fund, the importance of the projects and quantum of fund required for such projects • Investing the money lying in the Fund in securities authorized under the Indian Trusts Act, 1882 • Framing guidelines from time to time with the approval of the Commission for the investment of balance funds Power System Development Fund (PSDF)

  12. Functions of Managing Committee, PSDF… • Submitting its recommendations in writing to the Commission for approval for disbursement from the Fund, after scrutinizing the proposals • An independent system for concurrent monitoring and evaluation of the projects, schemes and activities shall be evolved to ensure effective and proper utilization of the Fund • Power to withhold or suspend the release of balance sanctioned fund or part thereof, in case of fraudulent utilization Power System Development Fund (PSDF)

  13. Operation of the Fund • Any two persons designated as authorized signatories by the Managing Committee from time to time shall operate bank accounts • Authorized signatories shall not make any withdrawal from the accounts of the Fund except through proper authorization and/or after sanction from the Managing Committee Power System Development Fund (PSDF)

  14. Property and Income of the Fund, Audit of Accounts Property and Income of the Fund • All properties of the Fund, whether movable or immovable, shall vest in the name of the Fund • No part of the Fund shall be used directly or indirectly by way of dividend, bonus etc. Audit of Accounts • registered chartered accountant firm/ Chartered Accountant shall be appointed to audit the accounts of the Fund annually • Shall prepare an annual statement of accounts in such form as may be decided by the Managing Committee in consultation with the auditor appointed Power System Development Fund (PSDF)

  15. Annual Reports, Dissolution of Fund • Shall prepare the annual report of the Fund including the work undertaken during the year, together with balance sheet and audited account • Submission of Report to the Commission • shall prepare summarized quarterly reports of funds utilization which will be displayed on the website of the Commission • Commission may direct by notification on Official Gazette to dissolve the Fund from such date and for such period • all funds and other properties vested in the Fund shall during the period of dissolution, vest with such entity to be nominated by the Commission in this behalf • Fund shall be reconstituted after expiry of dissolution period Power System Development Fund (PSDF)

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