After days of load shedding due to the regulation of power supply by NEEPCO, Meghalaya today got a reprieve at least for now as NEEPCO has decided to restore electricity supply to the State.
Power supply to the State was restored at around 2 pm today much to the relief of people who have been affected by continued load sheddings since February this year.
However, the restoration of power supply has come with a cost as NEEPCO remained firm with its conditions that Meghalaya Energy Corporation Limited (MeCL) should clear the entire pending dues amounting to Rs 504.41 crore by June this year in three installments.
After the MeECL has agreed to the conditions laid by NEEPCO, the power supply to Meghalaya was restored today afternoon. Meghalaya gets 147.53 Mega Watt (MW) of electricity from eight power stations of NEEPCO.
It may be noted that on March 19, MeECL has paid Rs 127.50 crore to NEEPCO for the power dues from the loan provided by Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) under the Liquidity Infusion Scheme.
But under the new conditions laid by NEEPCO, the MeCEL has to pay the remaining dues in three equal installments on or before April 30, May 31 and June 30.
According to sources, MeECL has agreed to clear the dues in three installments and within the timelines set by NEEPCO. These include outstanding and late payment surcharges that are more than seven months.
Sources informed that the dues of MeECL to NEEPCO continue to escalate and the outstanding have piled up to Rs 156.70 crore as on March 15 plus late payment surcharge (LPS) of Rs 347.71 crore. The total dues as on March 15 stand at Rs 504.41 crore.
As per the conditions, NEEPCO has also made it clear that it would regularly update the disbursal request by MeECL with REC and PFC for the second tranche of loan including fulfillment of “enabling pre-conditions” set for disbursement of the loan.
In a warning, NEEPCO has said that its further course of action (next round of power regulation) would be guided by the outcome of such updates.
NEEPCO had earlier said that an amount of Rs 125 crore of the Rs 198.44 crore paid by MeECL as the first installment in January this year should be adjusted against late payment surcharge.
It may be mentioned that the Union Power Ministry has recently asked the Meghalaya government to clear the power bills of NEEPCO.
So far MeECL through its subsidiary – Meghalaya Power Distribution Corporation Limited has availed of Rs 386.86 crore from REC and PFC and this amount was disbursed to NTPC and other central power sector undertakings in January 2021 as the first installment of the first tranche of the loan.
The Central government has launched the Liquidity Infusion Scheme to enable power distribution companies to clear their outstanding dues to central power sector undertakings.
A loan of Rs 1345.72 crore has been sanctioned to Meghalaya Power Distribution Corporation Limited by the REC and PFC under this scheme.
