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Home News Power Sector News Facts incorrect, you lied, DERC tells private discom NDPL

Facts incorrect, you lied, DERC tells private discom NDPL

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DERCThe Delhi Electricity Regulatory Commission (DERC) came down heavily on private discom North Delhi Power limited (NDPL) for pushing in for a tariff hike by concealing facts about its financial health. Replying to NDPL's letter where the discom had claimed that credit rating agency, ICRA, has placed its borrowings under rating watch with negative implications as part of the periodic sur- veillance audit, DERC said the discom has reported health profitability in 2009-10. In the letter, the regulatory authority has noted that after scrutinising every available record, including the ones submitted by the discom, it has concluded that the NDPL has recorded "healthy profitability in the fiscal year 2009-2010".

This goes against the petition submitted by the discom to the Delhi government, in which it pleaded for an increase in tariff citing it had incurred heavy losses.

Accusing the discom of denying to furnish details about its debt equity ration and debt service coverage ration, the DERC wrote, "You are denying furnishing such ratios saying that ‘nowhere in our representation to GoNCTD (Delhi government) have we provided information on any liquidity ratios or any debt servicing parameters'. This is factually incorrect and a total lie."

Along with its petition, the NDPL had attached a communication from the State Bank of India to show that the bank had rejected a loan to the discom due its poor credit image.

The DERC in its Monday letter said the bank had merely raised queries on the company's request and misrepresenting it as a rejection was a "total lie".

The regulator said as far as financial health is concerned, the NDPL has the best record among all three discoms.

Source- Indian Express

 

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