ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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THE ECONOMY-Liquidity Crunch

where they were. Second, he has made much of the fact that the levelised tariff after commissioning of Phase II would be Rs 1.86 per kwh and not Rs 1.89 per kwh. Given the hard bargaining that Enron has engaged m, it is most likely that it has got something in return which neutralises the effects of this 3 paise reduction in tariff. One possibility is an increase in the base load factor from its 90 per cent level. Unfortunately, when making his announcement, chief minister Joshi made no reference to the base load factor. That there is more to the new deal than has been publicly announced is suggested by the fact that without such a clear definition of terms Enron has been unwilling to withdraw arbitration proceedings relating to the cancellation of the original project.

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