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Home News Power Sector News TANGEDCO completes financial restructuring plan

TANGEDCO completes financial restructuring plan

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Tamil NaduThe Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), power utility arm of the Tamil Nadu Government, has completed its financial restructuring. It may be noted, TANGEDCO will be the first power utility in the country to complete the financial restructuring.

Addressing the Power Ministers' Conference at New Delhi today Natham R Viswanathan, Minister for Electricity, Prohibition and Excise, Tamil Nadu Government said that assistance to the tune of Rs 19,155 crore in the last two years was provided to Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), which is the highest ever financial assistance TANGEDCO has received from the Government, and this helped the Corporation to large extent.

"TANGEDCO has completed its financial restructuring as the first power utility in the country thanks to the generous support of the Government of Tamil Nadu in agreeing to take over 50% of the restructured bank loans," said the Minister.

It may be noted, Tamil Nadu Electricity Board TNEB reported an accumulated loss of Rs 54,500 crore and last year it suffered loss of Rs 12,110 crore.

Speaking about new power projects, the Minister said, Mettur Thermal Power Project with 600 MW capacity has already reached the rated capacity and will be commissioned by the end of this month. Two units of North Chennai Thermal Power Project with 600 MW each will also be commissioned shortly. Two units of our joint venture with National Thermal Power Station (NTPC) at Vallur near Chennai with a capacity of 500 MW each have been commissioned.

TANGEDCO also called for tenders for five Supercritical Thermal Power Plants with a capacity of 660 MW each totaling 3300 MW. In addition, TANGEDCO is also developing Supercritical Thermal Power Project at Uppur in Ramanathapuram District with a capacity of 1600 MW with two units of 800 MW each.

TANGEDCO is also procuring 500 MW of power for three years under medium term power purchase from June 2013. TANGEDCO has also successfully signed long term power purchase agreements for 15 years for a capacity of 1208 MW with supply commencing from February 1, 2014.

TANGEDCO has also proposed to enter into long term power purchase agreement for 15 years for a capacity of 2122 MW with the approval of the Tamil Nadu Electricity Regulatory Commission (TNERC).

"With these major initiatives, Tamil Nadu is confident of not only wiping out the current power deficit but also the growth in future demand for the 12th plan period," said the Minister.

Source- Business standard


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