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Even after selling 70 % of power, JKSPDC fails to end JK’s electricity shortage
1/6/2021 11:37:16 PM

EARLY TIMES REPORT

JAMMU, Jan 6: The power paucity being faced by the erstwhile state of Jammu and Kashmir could be gauged by the fact that even when Jammu and Kashmir State Power Development Corporation (JKSPDC) has been selling more than 70 percent of its power to J&K, yet the dearth of power continues to remain unaddressed.
The documents in possession of the Early Times reveal that the power scarcity of Jammu and Kashmir was not being taken up by the past regimes due to which the huge deficit between demand and supply remains albatross around the neck of the present helmsmen.
As per documents, when Jammu and Kashmir State Power Development Corporation (JKSPDC) sells most of power generated (ranging from 64 per cent to 77 per cent) to State Government, it was able to meet only around 18 per cent to 25 per cent of power requirement of the State. JKSPDC sells entire quantum of power from its power plants other than the 450 MW Baglihar-I plant to the State Government. Part of the power from Baglihar-I power plant is sold to other State utilities through the Power Trading Corporation (PTC). Arrangement for sale of power by JKSPDC is governed by Power Purchase Agreements (PPA) entered into by the JKSPDC with the respective buyers. This arrangement is made for meeting the debt servicing obligations on loans taken for construction of projects and to meet the Operation and Maintenance expenditure. Rates obtained on sale of power through PTC is higher Rs 3.60 (short term PPA) and Rs 3.65 (long term PPA) per unit than those obtained on sale to JKPDD (Rs 1.85 to Rs 2.25 per unit). The Public Sector Undertakings are expected to yield reasonable return on investment made by Government in the undertakings. The financial position and working results of six power sector Companies as per their latest finalized accounts.
The amount of investment in the power sector PSUs was Rs 2,883.13 crore consisting of Rs 1,056.64 crore as equity and Rs 1,826.49 crore as long term loans. Out of this, Govt of J&K has made an investment of equity share capital of Rs 5.20 crore only in five 20 power sector PSUs. JKSPDC, the only active power PSU having Government investment, was a profit making Company, with profits ranging from Rs 433.41 crore to Rs 668.95 crore in respect of four accounts finalized during last five years.
The total investment of State Government and others in these non-power PSUs wasRs 4,219.64 crore consisting of equity of Rs 590.33 crore and long term loans of Rs 3,629.31 crore. Out of this, Govt of J&K has made an investment of Rs 2,189.11 crore in 26 PSUs 21 consisting of equity of Rs 496.92 crore and long term loans of Rs1,692.19 crore.
Another major issue is that Jammu and Kashmir is receiving a mere 12 per cent free power as royalty from the NHPC projects. This is particularly alarming as nearly crores are being spent for the power purchase. Much of this power is purchased from the Northern Grid, to which the J&K itself contributes.
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