The interest cost of states participating in Ujwal Discom Assurance Yojana (UDAY) scheme has come down by around Rs 11,989 crore for April-December of 2016-17 over the year-ago period.
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State to derive an Overall Net Benefit of approximately Rs. 11,000 crores through UDAY. The State would have savings of about Rs.950 cr. in annual interest cost through reduction of debt and through reduced interest rates on the balance debt.
In a significant move and following months of persuasion by the Centre, Tamil Nadu came on board the power ministry’s flagship scheme UDAY. By signing the MOU under UDAY, the State Government is taking over 75% of debt of Rs. 30,420 crores of TANGEDCO. The scheme also provides for the balance debt to be re-priced or issued as State guaranteed Discom bonds, at coupon rates around 3-4% less than the average existing interest rate.
In a new policy move, the Ministry of New and Renewable Energy (MNRE) has announced financial incentives for DISCOMs to support rooftop solar installations
Financial health of state power DISCOMs has been a big blot on the performance of state’s power sector and in order to make these DICSOMs financially viable and operationally sustainable, the scheme UDAY assumes a lot of significance.
Two more states of Assam and Telangana will be joining the power ministry’s flagship scheme, Ujwal DISCOM Assurance Yojana (UDAY)—taking the tally ofvstates having joined the scheme to 20.
Striving hard to bring down the power losses, DISCOMs have been constantly monitoring the situation and issuing directions to its officials for keeping a tight vigil on power thefts by strengthening vigilence.
Uttar Pradesh has benefited from the Centre's UDAY scheme with its AT&C losses down over 1% from 34.22% to 33.03% (as per provisional figures of MoP as on Sep 5, 2016). Rajasthan's AT&C losses are down 27.32% as against 28.9% while that of Haryana and Bihar by another 0.5-0.8%.
Bonds Worth Rs 1.7 lakh crore have been issued by states Under UDAY Scheme and the AT&C Losses are also Down by 1-2%. Rajasthan takes the lead in issuing bonds under the Centre’s UDAY Scheme at Rs 71k crore followed by Uttar Pradesh at 44,510 crore and Haryana at Rs 25,951 crore
The Minister gave the motto, ‘Together We Can’ and asked States to look beyond individual State and departmental issues and keep a National perspective in solving the challenges faced by the common man. “Improvement is best change that is possible”, the Minister said.
With a wide gamut of issues concerning the power, renewable energy, coal and mines sector on the agenda of the state power minister’s meet, there is a strong possibility that the bi-annual state power minister’s conference is now held thrice a year.
A Memorandum of Understanding (MOU) under UDAY was signed on October 7th between the power ministry (Government of India), the State of Maharashtra and the DISCOM of Maharashtra (MSEDCL).
Maharashtra has become the 17th State to join the UDAY – “Ujwal DISCOM Assurance Yojana”, the Centre’s financial and operational turnaround scheme for state power distribution companies (DISCOMs). The move will see the state reap benefits of Rs 9,725 crores by way of cheaper funds, reduction in AT&C losses and enable it to eliminate the gap between cost of supply of power and realisation.