The State power sector undertakings incurred an overall net loss of ₹3,328.13 crore as per their latest financial accounts, said the report of the Comptroller and Auditor General (CAG) on public sector undertakings (PSUs).
“The turnover of eight power sector undertakings was ₹79,543.51 crore in 2017-18 as per their latest financial accounts. This turnover was equal to 3.19% of the State GDP. The power sector undertakings incurred an overall net loss of ₹3,328.13 crore,” the report said.
The investment in eight power sector undertakings was ₹2,18,749.40 crore as of March 31, 2018. Of this, the State government had an investment of ₹88,120.58 crore, which consists of ₹88,086.99 crore towards equity and ₹33.59 crore towards long-term loans. Maharashtra contributed ₹7,853.62 crore towards equity, loans, and grants/subsidies in 2017-18. The Maharashtra State Electricity Transmission Company Limited did not revise the agreements for limiting the packages to the number of sub-stations approved by the Maharashtra Electricity Regulatory Commission in a project costing ₹1,835.69 crore.
“The company granted interest-free mobilisation advance. However, the completion of the project was delayed. In the absence of any clause for time-based recovery of the advance, it could not adjust the advance in time, leading to loss of interest for the delay beyond the scheduled date of completion,” the report said.
