MePDCL pays Rs 325 crore out of total dues of Rs 640.43 crore
SHILLONG: NEEPCO has withdrawn the regulation of power supply to Meghalaya Power Distribution Corporation Limited (MePDCL) with effect from December 23 after dues were partially paid.
A.G West Kharkongor, the Chairman and Managing Director, in a statement issued here on Saturday said though the dues were only partially liquidated, in view of the hardship likely to be faced by the people of the State during this festive season as well as keeping in mind the various Board and University examinations in the coming months, NEEPCO has decided to withdraw the power regulation.
Power Minister Sniawbhalang Dhar had said on Friday the process of procuring Rs 469-crore from Power Finance Corporation (PFC) will be over shortly.
The statement of Kharkongor said, as on March 31 this year, the outstanding dues payable by MePDCL to NEEPCO against purchase of power stood at a staggering amount of Rs 519.87 crore, including late payment surcharge.
As a result, NEEPCO was finding it extremely difficult to meet its routine expenditure for operation and maintenance of its power stations.
“Despite vigorous persuasions by NEEPCO and arriving at a mutually acceptable one-time settlement scheme by way of which NEEPCO had agreed to waive 60 per cent of the accumulated surcharge, MePDCL had failed to commence liquidation of the dues,” the statement said.
In this context, NEEPCO said it reluctantly resorted to regulation of power supply to MePDCL from its power stations with effect from April 7 this year under provisions of relevant regulations of the Central Electricity Regulatory Commission with the purpose of recovering part of the dues by selling the regulated quantum of power elsewhere.
The Minister said though there was no load-shedding at the moment, power shortage is continuing.
MePDCL’s unpaid dues to NEEPCO, including late payment surcharge, rose to Rs 643.35 crore as on November 30.
“As a result of the protracted persuasion by NEEPCO, a settlement was finally worked out and MePDCL paid Rs 325 crore on December 21 towards partial liquidation of the mutually reconciled dues of Rs 640.43 crore as on September 30 while requesting NEEPCO to withdraw regulation of power supply,” the statement added.
In October this year, the State Cabinet had decided to be the guarantor for MeECL’s loan from PFC to clear the Rs 469.32-crore dues to NEEPCO, including Rs 98.44 crore in surcharge. The amount was calculated keeping in mind that NEEPCO would waive off 60 per cent of the total surcharge.
Besides this, MeECL also has to pay Rs 30.57 crore to NHPC, Rs 44.08 crore to NTPC, Rs 39.71 crore to other sources and Rs 36.44 crore to Power Grid and the total outstanding amount is Rs 767 crore. Replying to a question by reporters, Dhar said the department would try to manage resources soon to clear the pending bills of other agencies as well.