Bureau of Energy Efficiency BEE has assigned Grade 1 ESCO grading rating to Tata Power in recognition of their ESCO (Energy Service Company) business performance. BEE an autonomous body constituted under the Ministry of Power, is responsible for driving policies and strategies for the overall reduction the energy intensity of the India economy. A Grade 1 rating for energy audit and energy efficiency project implementation business, indicates a 'Very High' ability to implement energy saving measures for customers. There this accreditation formally recognizes Tata Power's ability to conduct detail energy audits and implement projects to improve energy efficiency for all types of energy-intensive businesses that in turn translates into improved financials, productivity and reduced carbon footprint for its customers.
This year, BEE have given various levels of accreditation to 25 agencies, out of which only Tata Power has been assigned Grade 1 ESCO rating. There are only 13 Grade 1 accredited agencies in India and Tata Power is the only utility company to feature with this ranking.
On behalf of BEE, ICRA one of India's leading rating agencies, has undertaken this assessment and credits Tata Power's diversified and reputed client-base across various sectors coupled with an established track record in the power and energy management sector as the drivers for the company's ESCO business ratings. It also believes that the company's excellent project management performance in the energy efficiency/management industry along with its strong inhouse research and development team for innovative energy efficiency technologies are other important parameters to facilitate this rating.
Tata Power has been performing energy efficiency project activities for more than a decade through the installation of various waste heat recovery projects for power and steam generation. It has also been working on the energy efficiency of power plants both in the conventional and nonconventional sector. It has been an ESCO since the past nine years though it has always been instrumental in providing these services to its commercial and industrial customers in Mumbai and Delhi where Tata Power is responsible for the distribution of electricity.
Mr. Praveer Sinha, CEO & Managing Director, Tata Power, said, "Efficient energy consumption is a critical part of every business entity. ICRA's high rating of ICRA-BEE Grade 1 for our ESCO vertical is a testimony of the robustness of our offering and its ability to take on challenging energy saving projects to add value to our customers. In today's business environment this is not only crucial for better financials but also helps businesses in lowering their carbon footprint thereby achieving their sustainability objectives."
Tata Power's ESCO projects in the pipeline include replacement of existing streetlight points with LED and maintenance of the same for North Delhi Municipal Corporation, Ludhiana Municipal Corporation and Nashik smart street lighting project.
Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.66.3 as compared to the previous close of Rs. 66.35. The total number of shares traded during the day was 510430 in over 1467 trades.
The stock hit an intraday high of Rs. 67.2 and intraday low of 66. The net turnover during the day was Rs. 33905476.