The Dabhol Power Project Settlement大河电力工程结算.pdfVIP

The Dabhol Power Project Settlement What Happened? and How? Kenneth Hansen, Robert C. O’Sullivan and W. Geoffrey Anderson y late 2001, the $2.9 billion Dabhol Execution of the PPA followed in assumed that these payments consisted of Bpower project had become, for the December 1993. MSEB’s payment little more than bribes to procure official second time, a leading international obligations were guaranteed by both the support for the project. investment disaster. government of Maharashtra (GOM) and, The controversies blew up shortly Six months earlier, cash flow from the subject to a roughly $300 million cap, the after ground was broken, when, in 1995, a Maharashtra State Electricity Board Central Government. change in political control led state of (MSEDB), the sole offtaker, had stopped. Based largely on that PPA and those Maharashtra authorities to cancel the After a year or so of smooth operations guaranties, Enron raised $1.9 billion in project. That dispute was resolved with a followed by months of slow and defaulted project debt. It was raise from a coalition of renegotiation of the tariff, a reduction of payments, Dabhol Power Company (DPC) Indian government-owned banks, export project costs and by the sale by Enron to an sent MSEB a notice of arbitration in May credit agencies, a syndicate of offshore, MSEB affiliate of a 3