PSPCL gets Rs 380 cr subsidy from Punjab government

PATIALA: Punjab State Power Corporation Limited (PSPCL), while releasing the factual position regarding payment against subsidy, has said that Punjab released subsidy of Rs 380 crore (Rs 190 crore each for April and May 2011) on provisional basis as tariff order was issued by PSERC on May 9 this year.

As per the tariff order, the total subsidy payable by the state government during 2011-12 worked out to Rs 4,188.92 crore, which works out to Rs.349.08 crore per month, said PSPCL in a statement.

Accordingly, the subsidy payable by the Punjab government as per tariff order works out to Rs 1,396.30 crore up to July 2011 and Rs 1,745.40 crore up to August 2011. Against this, Punjab has released Rs 1088.07 crore till date and Rs 140 crore are expected to be released shortly. “On the other hand, PSPCL was required to deposit electricity duty with the state government, collected on their behalf, which is estimated to be about Rs 1,400 crore for 2011-12, which works out to be Rs 116.67 crore per month and Rs 466.67 crore up to July 2011,” said the statement.

“However, no electricity duty has been deposited by the PSPCL with the state government during the current financial year. Thus, up to July 2011, PSPCL has been provided with funds of Rs 1,412 crore, subsidy received in cash Rs 945.38 crore from Punjab, plus Rs 466.67 crore as electricity duty not deposited with the government, against the payable subsidy of Rs 1396.30 crores. DP