‘Set up panel to overcome debt burden’

Tamil Nadu Power Engineers Organisation (TNPEO) has written to the chairman and managing director of TNEB seeking set up of such a committee.

“The reports of the TNEB being in dire straits and in unbearable debt has caused great concern, confusion, fear and shock among all the workers, engineers and officers of the board. The news reports cities various reasons for the mounting debts including high level of corruption among the top officials and it should be curbed,” K Arul Selvan, general secretary of TNPEO said.

Tangedco’s financial burden seems to be going haywire with its accumulated debts crossing Rs 1 lakh crore. Union Power Ministry, in its 7th annual integrated ranking of the distribution companies in the country, stated that Tangedco’s net worth remains at Rs (-) 44,357 crore and its debts has mounted to Rs 1,01,294 crore. The utility’s losses increased to Rs 9,256 crore in 2018-19 from Rs 7,760 crore in the last financial year.

TNPEO general secretary has asked the Tangedco to share the details of its debts from 1992 to 2018 and interest paid for it. He also asked the utility to share the details on the sale of power to various categories of consumers, cost per unit and years wise subsidy provided by the government. He also sought details on the cost of power purchase from various sources including solar and wind power companies.

“We urge the Tangedco to share the requested financial details from 1992 to 2018 with all the trade unions to revive the board from its present scenario. To discuss the revival plan with the trade unions, Tangedco should form a committee comprising of the serving and retired senior officers,” he said.