Delhi power regulator DERC has directed distribution company BSES, an arm of Reliance Infrastructure (R-Infra), to present its plan for clearing dues of Rs 3,000 crore to power generation companies, including NTPC.
The Delhi government today informed DERC of its proposal to infuse equity of around Rs 500 crore in BSES to help it sustain. R-Infra also plans to infuse Rs 520 crore, which will enable BSES to avail a loan of Rs 5,000 crore from IDBI Bank after the initial payment of Rs 1,020 crore.
The Delhi government and R-Infra had infused Rs 576 crore in 2002, when BSES was formed. R-Infra holds 51 per cent equity in the discom. BSES had expressed its inability to pay the dues, and NTPC had served a notice to the company threatening suspension of power supply.
NTPC supplies a considerable share of Delhi’s power requirement to BSES. NTPC has now extended the deadline for BSES to make the payments to January 7. DERC had last month slapped a notice on BSES asking why its licence should not be suspended for failing to clear the dues.
A BSES spokesperson welcomed the equity infusion.
The power regulator has asked all discoms to give a detailed account of monthly revenue generation and expenditure to keep a tab on their accounts.
“We have asked them to give details of income and expenditure on a monthly basis,” said a DERC member.
The regulator today also said the process for announcing a new tariff order for 2011-12 will begin next month.
A BSES spokesperson official welcomed the decision to infuse fresh equity.
“The commitment to contribute Rs 520 crore by RInfra towards equity has now been followed up by the Delhi government’s decision to infuse their 49 per cent share (Rs 500 crore), thus ensuring that the equity structure of the companies remains undisturbed since their privatisation,” the spokesperson added.
