The darkening of the near future for revenue sources and fundraising discos

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Mumbai, Ta. 13 April 2020, Monday

The near future is looking bleak for state-owned power distribution companies (DISCOMs), with funds and revenue sources hanging. Banks are turning their backs on financing the Rs 5 crore debt discos. Considering this fact, the state of discos will be improved.

Discoms have become a major source of revenue as large customers, such as industrial and commercial units, have closed due to the current lockdown.

In addition, the demand for electricity is expected to remain low in the coming days due to slow industrial activity. Absent its large customer base, Descoms is currently supplying electricity to the domestic consumption, agricultural sectors and other general sectors.

In most states of the country, the rate of industrial electricity consumption is double the normal rate. In addition, additional surcharges on industrial electricity bills are imposed to compensate the subsidies provided to the weaker sections and the agricultural sector in the electricity rate.

In the last financial year, the total revenue of DISCOMs is estimated at Rs 3 trillion. Due to inefficient power supply system, Discos' Aggregate Technical and Commercial loss stood at 8.9 per cent last fiscal. According to a research firm's report, the financial loss of the DISCOMs was Rs 1 crore by the end of December 1.

In order to improve the status of DISCOMs, the rise schemes were put in place which expired on March 7. Discoms have begun to lose again after issuing bonds and eliminating debts in Botan's balance sheets. There are a number of reasons for this, one of the reasons being the failure to bring down the aggregate technical and commercial loss ratio and the impractical subsidy standard.

Demand for electricity has declined by an average of 7.5 per cent in March due to lockdown. On the other hand, the country's power generation capacity has increased. Discoms' money position has almost stopped funding lenders.

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