Investment by power PSUs to rise nearly 15% to Rs 60,805 cr in FY24

NEW DELHI: The government has proposed to increase the total investment by eight state-owned power companies by about 15 per cent to Rs 60,805.22 crore for the financial year 2023-24.

This compares to a revised estimate of Rs 52,878.08 crore for the current financial year. It was budgeted at Rs 51,470.14 crore for 2022-23. According to the budget document presented in Parliament on Wednesday, hydro power giant NHPC Ltd - the public sector undertaking (PSU) under the administrative control of the Ministry of Power - witnessed the highest increase to Rs 10,857.22 crore in 2023-24, from the revised estimate of Rs 7,128.95 crore for 2022-23. It was budgeted at Rs 7,361.05 crore for this fiscal.

The investment by SJVN Ltd has been hiked to Rs 10,000 crore for 2023-24, from the revised and budget estimates of Rs 8,000 crore for the ongoing fiscal.

In the case of Power Grid Corporation of India Ltd (PGCIL), the proposed investment was flat at Rs 8,800 crore for 2023-24 against revised estimates of the current fiscal. It was budgeted at Rs 7,500 crore for 2022-23.

Damodar Valley Corporation's investment has been pegged at Rs 2,708 crore for 2023-24, higher than the revised estimates of Rs 2,010 crore and budget estimate of Rs 2,009.87 crore for 2022-23. In the case of NTPC, investments for 2023-24 remained flat at Rs 22,454 crore against budgeted and revised estimates for this fiscal.

According to the Budget, North Eastern Electric Power Corporation will invest Rs 2,018.59 crore in 2023-24 compared to revised estimates of Rs 1,133.26 crore for this fiscal. The budget estimate was Rs 900.81 crore for 2022-23.

Tehri Hydro Development Corporation will invest Rs 3,900.41 crore in the next fiscal against revised estimates of Rs 3,315 crore for 2022-23. The budget estimate for the company was Rs 3,207.54 crore for the current fiscal. According to the Budget document, the total expenditure of the power ministry has also been pegged slightly higher at Rs 20,671.32 crore for 2023-24 against revised estimates of Rs 13,106.58 crore for this fiscal. It was budgeted at Rs 16,074.74 crore for 2022-23.