New Delhi, July 24 (IANS): A new logo for India's power watchdog to symbolise the changing face of the Central Electricity Regulatory Commission (CERC) from being a just a "tariff setter" to a "facilitator of development" of the sector was unveiled on Friday by Power Minister Piyush Goyal.

The new logo has been designed by National Institute of Design, Ahmedabad.

"The regulator has to act as a bridge between developers and the consumers, simultaneously balancing the interest of both parties," Goyal said at the 17th anniversary celebrations of CERC.

In this regard, in a meeting with Goyal earlier this month, banks and financial institutions lending to the power sector raised concerns over the delay in the disposal of petitions by the CERC and the the Appellate Tribunal for Electricity (Aptel), saying that it has resulted in revenue shortfall for the developers affecting their ability to service debt.

They cited the compensatory tariff petitions filed before CERC by Tata Power and Adani Power nearly three years ago. A final decision is still awaited on the matter which is now with Aptel.

In 2011, both companies had petitioned CERC for a tariff hike after Indonesia hiked the price of its coal.

Last year, the CERC had separately allowed compensatory tariff to both Tata Power and Adani Power on the basis of a formula to make up for the increase in cost of imported coal.