MoP concludes third round of R-LNG auction

The Ministry of Power (MoP) has concluded the third round of reverse e-auction for the allocation of regasified liquefied natural gas (R-LNG) to gas-based power plants under the Scheme for Utilisation of Stranded Gas-based Generation Capacity. The ministry has allocated 7.62 million metric standard cubic metres per day of R-LNG across nine stranded gas-based plants of 5,942 MW aggregate installed capacity. The auction witnessed aggressive negative bidding with the lowest bid at Re 0.03 per unit. Previously, the third round of e-auctions (initiated on March 15, 2016) was annulled as bidders did not get an opportunity to bid below “zero” per unit, owing to technical inefficiency.