Dr. Sanjay Varma

Senior Project Advisor

Dr. Sanjay Varma brings 24 years of expertise in regulatory and tariff matters in the power sector. In his capacity as Director/Tariff at the Haryana Electricity Regulatory Commission (HERC), he played a key role in shaping Haryana's energy landscape. He developed comprehensive tariff models encompassing conventional (coal) and diverse renewable sources of electricity viz. small hydro, biomass, cp-gen, solar PV/thermal, Waste to Electricity etc.  

He introduced innovative approaches like Demand Side Management, Time of Day tariff, Embedded Cost of Service model, Licensing, PPP projects and PPA/TSA contracts. His advisory work has addressed critical challenges including receivable management, unsustainable subsidies, AT&C losses, and the promotion of renewable energy. Prior to HERC, Mr. Varma gained valuable experience as Business / Industrial Economist and Investment Banking, holding Vice President / President positions at leading organizations such as Lazard Ltd. Mumbai, Trident Group Chandigarh / Punjab, TECS Mumbai (Tata Sons Ltd) and Greaves Ltd. Mumbai. He has contributed to the field through publications / developing concept papers on topics like discom reform, strategic turnaround, energy law, and rooftop solar, franchisee model in retail supply. Mr. Varma's academic credentials include a UGC Fellowship (TISS Mumbai), PG (Microeconomics), an advanced certificate in Research Methodology/Statistics (TISS Mumbai), and certifications in Business Management (WIMD, Mumbai), Energy Laws, and Utility Regulation (FLU Gainesville, Florida).