Discoms owe Rs 4787.11 cr to Gridco

The four distribution companies (discoms) in the state owe a whopping Rs 4787.11 crore to the state-owned bulk power purchaser Grid Corporation of Odisha (Gridco) as on April 1, 2012.

According to sources, about half of this outstanding dues are pending against Central Electricity Supply Utility (Cesu), currently managed Odisha Electricity Regulatory Commission (OERC). Cesu owes Rs 2345.72 crore to Gridco.

Similarly, three other discoms, owned and operated by Reliance Infrastructure-North Eastern Electricity Supply Company of Orissa Limited (Nesco), Western Electricity Supply Company of Orissa Limited (Wesco) and Southern Electricity Supply Company of Orissa Limited (Southco)- have to pay Rs 830.27 crore, Rs 948.71 crore and Rs 662.41 crore respectively.

The four discoms have to pay Rs 1793.40 crore towards bulk supply price, Rs 2393.22 crore as securitized due and Rs 163.03 crore for other dues including the transfer scheme receivables. Besides, Rs 258.46 crore is outstanding against three discoms of Reliance Infrastructure towards servicing of Rs 400 crore power bond issued by Gridco.

Wesco owes the highest amount of Rs 637.09 crore towards bulk supply price (BSP) both current and arrear to Gridco followed by Cesu-Rs 542.80 crore, Nesco Rs 414.92 crore and Southco-Rs 198.59 crore. The total outstanding of current BSP charges on discoms for 2011-12 is Rs 549.60 crore.

OERC sources say, discoms have not paid any money towards their past outstanding dues while they have not paid the current BSP for 2011-12 in full.

Out of the total power purchase cost of Rs 4945.01 crore in the last fiscal, Gridco has made payment of Rs 4651.04 crore to the generators. The outstanding amount of the bulk supplier comes to Rs 293.97 crore for 2011-12.

Meanwhile, the cash strapped Gridco is intending to raise funds by issuing bonds as a measure to check its swelling debt burden, besides meeting other expenses.