Despite a PFC-REC loan, discoms’ dues increased by 8% at the end of April
State-run electricity distribution companies’ (discoms’) overdue — pending receivables of 45 days or more — from private power producers grew 8% year on year to Rs 36,018 crore at the end of April, despite their overall overdue falling 9.6% year on year to Rs 68,330 crore.
Invoices cleared in April were still 76% more than the value of bills paid in April FY21, owing to PFC-REC loans obtained by dicsoms under the Centre’s Rs 1.25-lakh-crore liquidity infusion programme.
Receivables from federal government power plants declined 39% year on year to Rs 20,978 crore.
Discoms paid Rs 12,361 crore in bills in April with the help of such loans, compared to Rs 38,286 crore in March — they typically pay a more considerable percentage of dues in the last month of a fiscal year.
Invoices cleared in April were still 76% more than the value of bills paid in April FY21, owing to PFC-REC loans obtained by dicsoms under the Centre’s Rs 1.25-lakh-crore liquidity infusion programme.
In addition, if the disputed bills of Rs 22,680 crore had been accounted for, the total overdue dues at the end of April would have been higher. The disputed sum for central government-owned power plants was Rs 1,511 crore, whereas it was far higher for commercial power producers, at Rs 21,157 crore.
According to the government’s Praapti site, Adani Power’s disputed bills totalled Rs 20,582 crore. The majority of the disputed amount in the industry relates to different modifications under the ‘change-in-law’ provision and late payment levies, which are likely to be paid. “Cases involving more than 90% of the disputed sum have already been resolved by competent authorities and must be paid by discoms,” a senior power sector veteran stated. PFC-REC loan is meant to provide financial aid to distribution companies.
Adani Electricity has the biggest pending overdue of Rs 18,608 crore among the generators that supplied their inputs on the power ministry’s ‘Praapti’ site. Overdue at NTPC amounted to Rs 5,176 crore, while the same for state-run DVC was Rs 5,156 crore.
GMR Energy (Rs 1,894 crore), Tata Power (Rs 2,486 crore), Jindal Steel and Power (Rs 1,517 crore), and Sembcorp were the other private power providers owing to the most by discoms at the end of April (Rs 2,365 crore).
At the end of April, the major states owing the most to electricity generators: Maharashtra (Rs 9,749 crore), Tamil Nadu (Rs 13,717 crore), Rajasthan (Rs 10,326 crore), and Uttar Pradesh (Rs 10,326 crore).
