UPPCL unable to liquidate power over drawl dues of Rs.2574 crore
V K Gupta December 12th, 2012 0

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UPPCL unable to liquidate power over drawl dues of Rs.2574 crore
Wednesday December 12, 2012
New Delhi
Uttar Pradesh Power Corporation Ltd. (UPPCL) has not been able to liquidate its dues amounting to Rs.2574.66 crore for power over drawl from northern grid despite Central Electricity Regulatory Commission(CERC) directions.
Northern regional load Desptach Centre had reported that the outstanding payment for over drawl of power from grid amounts to Rs.2561.31 crore as on August 31 this year. UPPCL was directed by CERC to liquidate the payment by October 31.
UPPCL in its affidavit has submitted before commission that distribution utilities are incurring huge financial losses due to inadequate tariff, high losses and other reasons. UPPCL is now depending upon the financial restructuring plan announced by Ministry of Power. The acceptance of scheme is however , subject to acceptance of mandatory conditions ,the funds will be provided by banks and financial institutions to liquidate the outstanding power purchase liability. UPPCL has submitted details of outstanding loans to Ministry of Power and awaiting for its acceptance.
UPPCL has sought three months further extension to liquidate the outstanding dues. CERC after considering the submission of UPPCL has directed to CMD of UPPCL to appear before commission on next date of hearing with a firm payment schedule for liquidation of outstanding dues and why he should not be held personally responsible for non-compliance of directions of commission.
The next date of hearing has been fixed for January 8.