NHPC closes Sikkim power stations, shares drop by 1% due to floods.

In the wake of severe flooding in Sikkim, the National Hydroelectric Power Corporation (NHPC) reported to stock exchanges that their power projects within the Teesta Basin have been adversely impacted. Specifically, NHPC’s Teesta-V power stations, with a combined capacity of 510 MW, and the Teesta-VI Hydroelectric Project, generating 500 MW, were affected by the flooding crisis. NHPC promptly initiated the shutdown of all units in these power stations as an emergency measure, with a comprehensive evaluation of the losses and damages expected once water levels subside. Fortunately, NHPC’s assets and loss of profit for the Teesta-V power station are comprehensively insured under a Mega Insurance Policy, and all assets of the Teesta-VI project are covered by a Construction All Risk Policy, as confirmed by NHPC in their stock exchange communication.

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During the period when this information was reported, NHPC Ltd’s stock experienced a decrease of 0.90, corresponding to a 1.69% decrease

The devastating cloudbursts and flash floods in Sikkim have tragically claimed the lives of 14 individuals, while over 2,000 people have been successfully rescued. To aid those affected by the floods, state authorities have established 26 relief camps catering to more than 22,000 people. Regrettably, 102 individuals, including 22 Army personnel, remain missing. On a positive note, one soldier, initially reported missing, was later found and rescued.

The floodwaters wrought havoc, washing away eleven bridges, damaging pipelines, and demolishing or severely damaging over 270 houses across four districts. The epicenter of the flooding was the Teesta River in the Lachen Valley of Sikkim, and the situation was exacerbated by the partial collapse of a dam.

Numerous towns, including Dikchu and Rangpo in the Teesta basin, were inundated by the floodwaters, prompting the closure of schools in four districts until the forthcoming Sunday.In response to this catastrophe, the Prime Minister’s office, under the leadership of Narendra Modi, issued a statement pledging government support to assist state authorities in the aftermath of this calamity.

These floods were triggered by cloudbursts, characterized by sudden, extremely heavy rainfall, defined as more than 10 centimeters (3.9 inches) within a 10-square-kilometer (3.8-square-mile) area in the span of an hour. Cloudbursts have the potential to result in severe flooding and landslides, affecting a considerable number of people.The Himalayan region, where Sikkim is situated, has experienced notably heavy monsoon rains during this season, contributing to the flood crisis.

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