Even as the State-owned Grid Corporation of Odisha (Gridco) is under deep financial crisis, the four power distribution companies (discoms) owe a whopping '4,461.92 crore to the public sector utility as on September 30, 2014.
The Central Electricity Supply Utility (Cesu), currently managed by Odisha Electricity Regulatory Commission (OERC), is the major defaulter with an arrear dues of '1,856.80 crore. The utility had an outstanding of '2,178 crore as on March 31, 2014.
According to a Gridco report, three other discoms owned by Reliance Infrastructure Limited (RIL) - North Eastern Electricity Supply Company (Nesco), Western Electricity Supply Company (Wesco) and Southern Electricity Supply Company (Southco)- have outstanding dues of '919.49 crore, '953.77 crore and '731.86 crore respectively.
The cumulative energy bill (bulk supply tariff) pending against the RIL managed discoms from 2011-12 to September 2014 is estimated at '1,501.87 crore while '336.70 crore is pending against Cesu towards year-end adjustment bill.
Of the total outstanding amount of '4,461.92 crore, '1,838.57 crore is towards bulk supply tariff (BST) bill, '3,923.87 crore as securitised dues and '196.45 crore towards servicing of '400 crore power bond and ' 341.70 crore for other dues, including the transfer scheme receivables.
While Cesu has cleared the BST bill of Gridco during the last three years, Wesco owes the highest amount of '646.97 crore followed by Nesco '559.38 crore and Southco '295.52 crore (towards BST, both current and arrear).
As the discoms failed to pay energy bill amounting '1,113.96 crore from 2011-12 to 2014-15 (up to September), Gridco had availed '500 crore term loan from Odisha Mining Corporation (OMC) to meet the deficit.
The regulatory commission, in its December 1, 2008 order, considered securitisation of power purchase dues amounting to '2,862.20 crore recoverable from the four discoms in 120 instalments ending with 2015-16 financial year. However, the discoms have failed to pay '1,771.96 crore of the securitised dues by the end of March, 2013 out of which the major outstanding of '1,149.23 crore relate to Cesu.
"In spite of repeated directives from the regulatory commission, the discoms have defaulted in payment of the arrear dues, thereby seriously affecting the cash flow of the company," said a senior Gridco officer.
Source- Indian Express