MERC gives BEST nod for new electricity fare hike

MUMBAI: The Maharashtra Electricity Regulatory Commission (MERC) has given its approval to BEST for the new electricity fare hike for year 2011-2012.

The new fare hike would come into effect from June 1,2012. The Commission has also given its nod for the recovery of Rs 659 crore revenue deficit of the last three financial years (2009-10, 2010-2011 and 2011-12). The recovery would be done from June 1, 2012 from the new fare rates, a statement issued here said.

The Commission on an average has increased the electricity rates by 27.6 per cent, it said.

Due to the new fare hike it is likely that there will be an additional revenue of Rs 761 crore.