Maha power PSUs post overall Rs 3,328 cr net loss in FY18: CAG

Mumbai, Mar 4 () Power sector PSUs in Maharashtraincurred an overall net loss of Rs 3328.13 crorein 2017-18,according to a Comptroller and Auditor General (CAG)reporttabled in the state legislature on Wednesday.

During 2017-18, out of the eight working state PSUs,one earned profit of Rs 814.51 crore, five incurred loss of Rs4142.64 croreand the remaining two posted marginal profit/loss, said the CAG report on public sector undertakings.

The profit-making PSU was Maharashtra StateElectricity Transmission Company(Rs 814.51 crore), where asmajor losses were incurred byMaharashtra State electricityDistribution Company (Rs 3176.49 crore) and Maharashtra StatePower Generation Company (Rs 929.71 crore), the report said.

Overall, power sector PSUs incurred a combined netloss of Rs 3328.13 crore(Rs 4142.64 crore minus Rs 814.51crore) in the financial year under review, it said.

The CAG noted that the balance of investment of thestate government in the share capital of the power sectorPSUsincreased to Rs 88,086.99 crorein 2017-18 from Rs 0.45crore in 1999-2000.

The present value of state government investments inthese entities up to March 31, 2018, worked out to be Rs1,18,570.22 crore, the auditor said.

The report said Maharashtra State ElectricityDistribution Company made an excess payment of Rs 1.94 crorefor purchase of power from a bagasse-based co-generationproject due to incorrect application of energy tariff. MRRSY RSY