TERMS, CONDITIONS AND TARIFF FOR OF ELECTRICITY BY GENERATING COMPANY.

(1) A Generating Company may enter into a contract for the sale of electricity generated by it- (a) With the Board constituted for the State or any of the States in which a generating station owned or operated by the company is located; (b) With the Board constituted for any other State in which it is carrying on its activities in pursuance of sub-section (3) of Sec. 15-A; and (c) With any other person with consent of the competent Government or Governments. (2) The tariff for the sale of electricity by a Generating Company to the Board shall be determined in accordance with the norms regarding operation and the Plant Load Factor as may be laid down by the Authority and in accordance with the rates of depreciation and reasonable return and such other factors as may be determined, from time to time, by the Central Government, by notification in the Official Gazette: Provided that the terms, conditions and tariff for such sale shall, in respect of a Generating Company, wholly or partly owned by the Central Government, be such as may be determined by the Central Government and in respect of a Generating Company wholly or partly owned by one or more State Governments, be such as may be determined by the Government or Governments concerned.