Kolkata, May 12 (IANS): State-run Coal India Limited (CIL) will conduct on May 24-25 the second phase of a special forward e-auction for power producers, including captive producers, for the current fiscal, the company said.

"The special forward e-auction for 2016-17 for power producers-phase-II will be conducted as per the terms and conditions followed for special forward e-auction phase I and as per the schemes of special e-auction for power producers," a company notice said.

A total of 24 million tonnes of coal is to be tentatively offered by the miner for three months, taking around eight million tonnes per month from May to July, the notice said.

According to the notice, the reserve price for power sector consumers will remain at 10 percent over the notified price of coal for power sector and for captive power plants, it will remain 10 percent over the notified price for non power sector. This is however applicable for G6 and below grades of coal.

Subsidiary coal companies will notify the source and grade-wise reserve price of coal on their respective websites, the notice said.

The notice said that bidders would have to bid for source-wise grade-wise quantity for aggregate of three months and month-wise coal value to be deposited as per extant.

The notice also said: "Biomass-based power plants already commissioned shall be eligible to participate in the auction...bidders who have already registered for participating in the earlier phase of special forward e-auction and special e-auction conducted earlier shall be eligible to participate..."