PV Clauses & Prices/Indices
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Why Price Variation Clause?

The variation in prices in the Electrical Industry created unexpected conflicts between the Client and the Manufacturers. To resolve this problem the Manufacturers came together to form the Indian Electrical manufacturers’ Association (IEMA, later with addition of Electronics changed to IEEMA).IEEMA came up with the concept of Price Variation Clauses as a strong solution to contend with these problems. The Price Variation Clauses, based on robust allocation & analysis of prices of various raw materials become not only the most reliable but also the only source of realistic solution for variation matters.

What are Price Variation Clauses?

IEEMA Price Variation Clauses (PVC) are used in settling claims between purchaser and supplier for variation in the basic price of raw materials from the period of tendering till the date of delivery. These clauses are widely accepted by the industry and purchasing organizations, since they give variations on both sides, either upwards or downwards. By substituting the prices of raw materials in the given formulae appropriately the percentage variation over quoted price can be worked out mathematically.

Price Variation Clauses

Code Description Download
Cir No. 59 Withdrawing of PV circular of Insulator of April 2017 having Index of Insulator
Cir No. 56 Revision in base of Wholesale Price Index Numbers (WPI) to 2011-12 =100 dated 16 Jun 2017
014/DIV/TRF/05 Clarification on applicability of CRGO (ES) price for BEE Star Three and above rated Distribution Transformers
Cir No. 029 Discontinuation of prices/indices for Transformers
Cir No. 008 Labor Index Link Factor
Cir No. 097 Discontinuation of prices/indices for Transformers
Cir No. 135 Inclusion of London Metal Exchange (LME) based Aluminium prices in the IEEMA PV Circulars
Cir No. 145 with annx Conductor PV formula with applicable two stage methodology
Cir No. 147 Revision in price variation formulae for distribution transformer w.e.f. from 1st June 2015
Cir No. 160 Discontinuation of Domestic Aluminium price and using only London Metal Exchange (LME) Aluminium prices in Cable PV circular w.e.f September 2014
Cir No. 160 with annx Discontinuation of domestic Aluminium price with two stage methodology
Cir. No. 169 Discontinuation of PV circulars for Transmission Line Towers giving Steel Angle Prices
Cir No. 195 & 223 Change in base of Whole Sale Price Index Number
Cir No. 261 Power Electronics
Cir. No. 353 Change in policy of Wholesale Index from Weekly to Monthly
Code Description Download
Arrester Surge Arrester – Polymer Housed
Battery Charger Battery Charger Equipments, Raw Material – Lead
Busduct Busduct
Cable PVC and XLPE Insulated Power and Control Cables up
Cable round Wire Steel Factors Cable Round Wire Steel Factors
Cable Round Wire Steel Factors_2012 Revised table P3 and P6 Cable Round Wire Steel Factors
Civil Works & Erection Civil Works & Erection associated with Electrical T&D Projects
Conductor_2012 Material Pricce Variation Clause for AAC/AAAC/ACSR
Conductor_2014 Conductor – Daily London Metal Exchange (LME) Aluminium
Distribution Transformer_2015 Distribution Transformers for Domestic Contracts w.e.f. 1st June 2015
Distribution Transformer_DE_2015 Distribution Transformers for Deemed Export Contracts w.e.f. 1st June 2015
Earth Wire_2015 Earth Wire w.e.f. 1st April 2015
EL-ES Elevator Works Contract & Comprehensive/Non-Comprehensive Maintenance Contracts
GLBL HTLS INVAR Conductors; supplied by domestic manufacturer; effective from 1st January 2017
HTLS INVAR Conductor Unclad Glass Fabric Laminated Components
INSLR_2013 Composite Insulators
Instrument Transformer Copper, CRGO, Epoxy Resin and TOBS used in manufac
Instrumentation Cable Instrumentation Cable wef 1st July 2014
Insulators Insulators – raw material
NSC Clause for Not Specifically covered electrical items
PLCC_2010 Power Line carrier Communication Equipment, Telemetering Equipment, Transducers and its Accessories PV clause
Power Capacitors Power Capacitors
Power Electronics Power Electronics
Power Electronics_2010 Basic prices of RMs like Copper, Aluminium, WPI & Labour index (Indigenous & Import)
Power Transformer_2015 Transformers for Domestic/DE Contracts – Power w.e.f. 1st April 2015
Rotating Machines Basic Price of Copper & Electrical Steel used for Rotating Machines
Star Rated Transformer_DE_2012 Star Rated Distribution Transformer PV clause for DE contracts w.e.f. 1 Jan 2012
Star Rated_Transformer_2012 Star Rated Distribution Transformer PV clause w.e.f. 1 Jan 2012
Switchgear Switchgear & Controlgear – Raw Materials
Switchgear_HT HT Switchgear (Above 36 kV) effective from 1st June 2007
TLA&H_2011 Transmission Line Accessories & Hardware
TLA&H_2014 Transmission Line Accessories & Hardware with effect from 1st April 2014
TLT_2010 Transmission Line Towers with effective from 2010
TLT_2014 Transmission Line Towers with effective from 2014
Transformer Oil Transformer Oil Base Stock
Transformer Oil_2011 Transformer Oil Base Stock_2011
Transformer_2003 Transformers for E/DE Contracts – Distribution, Dry type and Power
Transformer_2009 Transformers for Domestic Contracts – Distribution, Dry type and Power
Transformer_DE_2009 Transformers for DE Contracts – Distribution, Dry and Power
Transformer_REC_2009 REC range Transformer for Domestic Contracts – Distribution, Dry type and power
Transformer_REC_DE_2009 REC range Transformers for E/DE Contracts – Distribution, Dry type and Power
Wave Traps Wave Traps

Raw Material Prices/Indices

The basic prices and indices are calculated on the basis of raw material prices, exclusive of excise/C.V. duty wherever manufacturers are eligible to obtain MODVAT benefit.

These basic prices and indices are for operation of IEEMA’s Price Variation Clauses for various products. Basic prices variation clauses, explanation of nomenclature may be obtained from IEEMA office.

Every care has been taken to ensure correctness of reported prices and indices. However, no responsibility is assured for correctness. Authentic raw material prices and indices are available in IEEMA’s basic price variation circulars applicable to various IEEMA PV clauses. These circulars are available on a nominal remittance.

IEEMA Publications


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