Chandigarh: Punjab State Power Corporation Ltd on Thursday (PSPCL) said it will spend over Rs 1,000 crore for procuring 3,150 million units of short-term power from suppliers for uninterrupted supply during summer season.

The state-owned power utility said it has been able to purchase power at Rs 3.83 per unit from energy suppliers, which is 2 percent less than from last year's power purchase rate.

"A sum of over Rs 1,000 crore will be spent on buying short-term power during summer season," a senior official of PSPCL said on Thursday. Punjab requires power during summer season when demand for energy goes up manifold in view of paddy sowing season and scorching heat.

Despite arranging power from all sources last year, PSPCL had to impose long-hour power cuts on all categories including industry because of "astronomical" rise in power demand.

Power purchase has been contracted for the period starting May till September 2013. "The average rate of power purchase is worked out at Rs 3.83 per unit which is less than the rate of Rs 3.91 at which we bought power last year," the official said.

Notably, 13 companies including Tata Power, Sterlite, PTC, Adani has shown interest in supplying energy to Punjab during summer, he added. State-owned power utility Punjab State Power Corporation Limited (PSPCL) had invited expression of interest from companies to supply short-term power. Other prominent companies which have intended to supply power are GMR Energy, JSW Power, National Energy Trading and Services Limited, NTPC VVNL, he said.

(Agencies)

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