PSPCL forces to seek Rs 1K Cr loan for non payment of outstanding dues by Punjab Govt
Kanwar Inder singh/ royalpatiala.in
“Last year, September 2021, then CMD PSPCL A.Venu Prasad had disclosed that Punjab State Power Corporation Limited has earned a profit of Rs. 1446 crores for the year 2020-21 against the loss of Rs. 1158 crores in the year 2019-20. It seems the hard earned profit goes in free power” said a retired powercom employee.
Once again Punjab state power corporation limited financial situation turning from bad to worse.
The powercom is forced to seek a loan of Rs 1000 crore as the state government fails to clear the outstanding tariff compensation of Rs 9020 crore, till march 31,2022 for free/ subsidized supply of power to agriculture/ industrial / domestic/ weaker section consumers.
In the peak seasion to meet the power demand, to purchase the power, PSPCL is forced to take a loan of Rs 1000 crore.
The powercom has issue a request letter to all the affiliated financial institutions, banks to provide them Rs 1000 cr loan to meet the cash gap arisen due to non receipt of tariff compensation from Government of Punjab.
As per the requirement PSPCL seeks this loan for ten years , including moratorium period of 3 years.
As a security against this Rs 1000 crore loan, PSPCL is providing Punjab State Government Guarantee for the principal amount of loan.
In the run up of assembly elections, former chief minister Charanjit Singh Channi had announced a waiver of arrears of domestic electricity consumers upto 2 KW load thus benefitting nearly 20 lakh families with a relief of Rs. 1500 crore. Likewise, Power prices have also been reduced by Rs. 3/unit for domestic consumers with load up to 7 KW benefitting over 69 lakh families with a relief of Rs. 3316 crore per year. Arrears on tubewell power bills for public water distribution in both rural and urban areas would also be waived off. Channi has also decalred that his government would provide free power to all rural water supply (RWS).
With the formation of aam admi party (AAP) govt in Punjab, the power freebies remain continued and the PSPCL cash gap increases, which forced the powercom the seek a loan of Rs 1000 crore.
PSPCL forces to seek Rs 1K Cr loan for non payment of outstanding dues by Punjab Govt . Earlier in April this PSPCL has seeked rs 500 crore loan for power purchase.
June 2,2022
