Stop giving up of subsidy by TANGEDCO
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1.Due to the losses suffered by TANGECO during the last 8 years. It has a Revenue Gap of Rs. 70993 Crores (FY12-FY19) . Loan outstanding as on 31.03.2017 is Rs. 81782 Crores.
2. The debt of TANGEDCO has increased to Rs. 81782 Crores. Due to joining of UAY Scheme Rs. 22815 Crores of debt has been taken over by its promoters (State Government). This has reduced the interest burden of TANGEDCO by Rs. 2882 Crores.
3. TANGEDCO has to pay its sundry creditors like coal suppliers, central government power like NTPC, NLC & atomic power stations, wind electric generators, solar power generators, etc., for the past 24 months.
4. Due to saving interest of Rs. 2882 Crores , TANGEDCO is proposing to give up a portion of its subsidy saving receivable from the Government.
5. This petition is against bringing down of the subsidy burden of the Government until such time where TANGEDCO becomes cash surplus and is able to pay its creditors on time (i.e. within 30 days)
6. This petition is submitted to TNERC not to approve ARR under review with the commission and not to change the tariff such that the subsidy from Government is reduced.
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