New Delhi (NVI): The Ministry of Power, in consultation with the Bureau of Energy Efficiency (BEE) has notified the price of per metric tonne of oil equivalent as Rs 18,402 for the year 2018-19.
“The Ministry of Power, Government of India, in consultation with the Bureau of Energy Efficiency (BEE) has notified the price of per metric tonne of oil equivalent as INR 18402 only for the year 2018-19, vide G.S.R 779 (E) dated 14th December 2020,” the Power Ministry said in a statement.
For the succeeding target years, the price shall be such amount as may be specified by the Central Government, by notification in the Official Gazette. Such price will come into force on the date of their publication in the Official Gazette, the Ministry said.
The price of one metric tonne of oil equivalent discovered for the year 2018-2019 is based on the changes in corresponding energy mix due to addition of new sectors viz. Petroleum Refinery, Railways and Electricity Distribution companies under the Perform, Achieve and Trade Scheme and further streamlining of price calculation methodology, as per notification G.S.R. 373 (E), dated the 31st March, 2016, it said.
According to the Ministry, for compliance under Energy Consumption Norms and Standards of Designated Consumer notified under PAT scheme, price of one metric tonne of oil equivalent is calculated based on the fuel mix used by various notified Designated Consumer in a specified target year.
Accordingly, the Ministry of Power, Government of India, notifies such price applicable for Designated Consumers of a specified cycle of PAT scheme for quantification of their compliance, in case of any default to meet the specified norms and standards.
BEE is a statutory body under the Ministry of Power which assists in developing policies and strategies on energy conservation and efficiency with the primary objective of reducing the energy intensity of the Indian economy.
BEE coordinates with designated consumers, designated agencies of the states, and other related organization to identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act, 2001.