New Delhi: Powercom is in financial crisis that it will now have to take a loan to clear the dues of power purchased in the past.
Consumers’ ‘zero bills’ are yet to come from September 1, but even before that, Powercom seems to be stuck in a financial mayhem.
On the other hand, the Union Power Ministry has tightened the noose so much that Powercom will not be able to use any laxity in the arrears of power purchased. It will be no less than a challenge for the AAP government to give subsidy to people on electricity as promised.
According to sources, Punjab State Power Corporation Limited (PSPCL) is now preparing to raise a loan of about Rs 1,000 crore so that dues of more than Rs 500 crore can also be cleared. This is the first time that Powercom has no money for the monthly dues. Earlier the dues were cleared before the third week of every month. Powercom has already incurred a debt of Rs 17,000 crore. Even to buy coal, a loan of Rs 500 crore had to be taken.
PSPCL’s income from consumers was affected from July 27, following the free electricity bills of 300 units per month. The new income has come to a standstill and the second generation power subsidy is not being released to Powercom with a new proportion.
This week, the government has released a subsidy of Rs 200 crore to Powercom.
The Punjab government will have to pay an annual power subsidy of Rs 18,000 crore after the implementation of the ‘Zero Bill’. The old subsidy from the Punjab government is also pending with the tune of about Rs 9,000 crore.
Powercom is meeting the record demand for power despite such a situation. For the first time, the demand for electricity has crossed 14,000 MW in August and today the demand for power is 14,300 MW. According to experts, the demand for electricity usually decreases in August than in June-July, but this time the opposite is happening.
Powercom has been meeting the demand for power from all sources due to which there are no reports of power cuts. If the demand for electricity increases at this pace, then Powercom will have to incur additional expenses on purchasing power.