Mumbai, Jun 25 (PTI) Power tariffs in Maharashtra will be slashed by 26 per cent in five years, Chief Minister Devendra Fadnavis said on Wednesday, starting with 10 per cent in the initial year, which is the first in the history of the state.

"For the first time in the history of the state, electricity rates will be reduced by 10 per cent in the first year and 26 per cent in five years in phases. We are grateful to the Maharashtra State Electricity Regulatory Commission (MERC) for giving this verdict on the petition of Mahavitaran," Fadnavis, who holds the energy portfolio, posted on X.

Earlier, petitions for a 10 per cent increase in electricity tariffs were submitted to MERC. But, for the first time in the history of the state, Mahavitaran filed a petition to reduce electricity tariffs which was accepted by the MERC, he added.

The order will cover all three categories of domestic, industrial, and commercial consumers.

He said for 70 per cent of consumers using less than 100 units of electricity, the maximum rate reduction of 10 per cent will be achieved.

Fadnavis also said that the Mukhyamantri Saur Krishi Vahini Yojana 2.0 work is underway on a war footing to ensure day-time and reliable electricity supply to farmers.

"Along with this, due to the large emphasis on green energy in the power purchase agreements in the coming period, there will be savings in the cost of purchasing electricity," he added. PTI MR NSK

Electricity tariff reduction approved by regulatory commission to lower consumer rates across domestic, industrial and commercial sectors. Regulatory approval has been granted for a phased reduction in electricity tariffs after the state distribution utility's petition was accepted by the regulatory commission. The phased order applies to domestic, industrial, and commercial consumers, targets the maximum initial year reduction to the majority of low use consumers, and is accompanied by a state program to improve daytime agricultural supply and an increased emphasis on green energy in power purchase agreements to reduce procurement costs.