Chennai: The Tamil Nadu Generation and Distribution Corporation has recorded the heaviest loss of Rs 11,679 crore among the working public sector undertakings (PSUs) in the state.
According to the Comptroller and Auditor General report on the PSUs for the year ended March 31, 2013 Tangedco suffered huge losses in all the five years up to 2012-13 with accumulated losses increasing from Rs 17,413.92 crore in 2008-09 to Rs 38,408.48 crore during 2012-13.
The report said that the revenue deficit, which was at Rs 7771.39 crore in 2008-09, increased to Rs13,321.33 crore in 2011-12. However, the deficit decreased to Rs 11,679.07 crore at the end of 2012-13. The revenue deficit was mainly on account of demand for power in the state being met mainly through costlier external sources due to inadequacy of Tangedco's own generation capacity, CAG report said. Further, there were increases in the cost of all the input components, including fuel cost, employee cost, interest, finance charges.
Between 2008-09 and 2012-13, the power purchased by Tangedco has increased from 37,983 million units to 44,109 MUs. In the same period, the net power generation of Tangedco has come down from 26,731 MUs to 23,099 MUs.
The expenditure in the power purchase has gone up from Rs 14,482.42 crore in 2008-09 to Rs 25,740.83 crore in 2012-13, the report
said.
The state government has supported Tangedco by offering financial assistance in the form of funds and gurantees to revive the financial position the state utility. The state has provided assistance to the tune of Rs 19,155 crore in 2011-12 and 2012-13 to Tangedco. Besides, the government has taken over loans worth '3,000 crore out of '6,353 crore of Tangedco's loans as part of the Financial Restructuring Plan.
