Punjab State Power Corporation slips from Grade ‘A+’ to ‘A’ ranking, behind Haryana power utilities

PATIALA: The Punjab State Power Corporation Limited (PSPCL) has slipped from ‘A+’ grade in 2020 to ‘A’ grade this year in the annual integrated ranking report for the financial year 2020-21. It is now ranked seven in the country, while Haryana’s both power utilities have improved their performance and are placed at fifth and sixth position.
Union power minister R K Singh released the 9th Annual Integrated Rating of state discoms on Friday during the online meeting of Power Finance Corporation, which prepared the rating report by ICRA and CARE of 41 discoms (power utilities) in 22 states. The performance of state power distribution utilities was guaged on covering operational, financial, regulatory and reform parameters.
The key concerns about the PSPCL performance include absolute subsidy dependence coupled with delay in receipt of subsidy, high cost of power purchase and low cost efficiency on account of high employee costs among others.
In ‘A+’ grade, Gujarat’s all four discoms retained their top ranking in integrated ratings with Dakshin Haryana Bijli Vitran Nigam coming fifth. ‘A’ grade utilities included Uttar Haryana Bijli Vitran Nigam, PSPCL and Maharashtra State Electricity Distribution Company Ltd (in same order).
Ten utilities placed in ‘B+’ grade include four from Karnataka and one each from Madhya Pradesh, Himachal Pradesh, Uttarakhand, Kerala, West Bengal, and Uttar Pradesh.