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2020-05-18 08:25:00

INDIA'S ELECTRICITY HELP $12 BLN

INDIA'S ELECTRICITY HELP $12 BLN

ENERDATA - 15 May 2020 - The Indian government has proposed an INR900bn (US$11.9bn) aid program for the power distribution sector, as part of an INR20,000bn (US$265bn) stimulus package. Distribution companies have accumulated significant late payments due to power generating companies, liquidity issues due to restricted cash flow, uncertain income due to closure of industrial and commercial operations and low power demand in the wake of the ongoing lockdown due to the coronavirus epidemic.

As part of the program, state-owned financial institutions Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) will raise the money from the market against state guarantees and lend it to the distribution companies. In return, distributions companies will have to pay their dues to the power generation and transmission companies and improve their operational efficiency, through the installation of smart meters, the improvement of billing and revenue collection as well as the reduction in electricity losses.

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Tags: INDIA, POWER, ELECTRICITY