The State-run power trading company Gridco is in a deep financial crisis due to non-payment of arrears and bulk supply bills by the distribution companies (Discoms).
The four Discoms – Central Electricity Supply Utility (Cesu), North Eastern Electricity Supply Company (Nesco), Southern Electricity Supply Company (Southco) and Western Electricity Supply Company (Wesco) – owe a whopping Rs 7,657.11 crore to the bulk supplier of power till the end of November 2018.
However, Energy Minister Dibya Sankar Mishra said the outstanding dues of Discoms were Rs 6,846 crore by the end of March 2019.
The company sustained a cumulative loss of Rs 5,326.70 crore since 2008-09 mostly due to purchase of costly power to meet Odisha demand and non-approval of the actual cost by the regulatory commission. Read more
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