Tangedco has highest legacy, current dues among distribution companies
The Hindu
Tangedco had highest legacy and current dues among State power dist. cos. Centre's scheme allows discoms to clear dues in up to 48 instalments, saving TN over ₹4,500 crore. Thirteen States opted for EMI options, with total outstanding of ₹1,39,747 crore. Tangedco had legacy dues of ₹11,677 crore, current dues of ₹4,578 crore. Discoms must pay current dues in time to avoid regulations.
Tamil Nadu Generation and Distribution Corporation Limited (Tangedco) had legacy dues of ₹11,677 crore and current dues of ₹4,578 crore, the highest among State power distribution companies, as per data shared in Parliament.
According to a White Paper on Tamil Nadu government finances, Tangedco had outstanding debt of ₹1,34,119.94 crore as of March 31, 2021. Last year, the Centre brought out a scheme to enable distribution companies to clear their legacy dues existing as of June 3, 2022.
As per the scheme, distribution companies will be given a one-time relaxation wherein the outstanding amount, including the principal and late payment surcharge, will be frozen without imposition of a further surcharge. The discoms are given the flexibility to pay the outstanding amount in up to 48 instalments.
Late payment surcharge is levied on the discom’s payment outstanding to a generating company at the base rate (pegged to SBI’s Marginal Cost of Lending Rate). It is applicable for the period of default at the base rate for the first month of default, and increases by 0.5% for every successive month of delay, subject to a maximum of 3% over the base rate at any time.
Tamil Nadu is expected to save over ₹4,500 crore from the scheme, the Centre had said. Thirteen States reported legacy dues and opted for EMI options under the scheme, with a total outstanding of ₹1,39,747 crore as of June 3, 2022, of which dues to generation companies was ₹1,20,540 crore, Union Minister for Power and New and Renewable Energy R.K. Singh told Rajya Sabha in a written reply to a question.
As per the data shared by him, Tangedco had legacy dues of ₹11,677 crore to generation companies after payment of the 12th EMI instalment, as of July 24. It was followed by Maharashtra State Electricity Distribution Co. Ltd., with legacy dues of ₹10,362 crore, and Rajasthan distribution companies at ₹6,114 crore. Distribution companies had paid ₹68,790 crore, out of which dues paid to generation companies is ₹59,516 crore, as per the data.
Tangedco had current dues of ₹4,578 crore, followed by Gujarat Urja Vikas Nigam Limited at ₹3,532 crore and Uttar Pradesh Power Corporation Ltd at ₹3,153 crore. Distribution companies are paying their current dues in time to avoid regulations. The rules also provide a framework for time-bound clearance of current dues, and disincentives of progressive withdrawal of open access as well as power regulations if the provisions of the rules are not followed, Mr. Singh added.
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