Uttar Pradesh became the fourth state to join the Centre’s scheme to
revive state electricity distribution utilities on Saturday January 30,2016
The Uttar Pradesh State Government signed a memorandum of understanding with the
Centre and the Uttar Pradesh Power Corporation Ltd, the holding company
of the various electricity distribution utilities in the state.
Under the Ujwal DISCOM Assurance Yojana (UDAY), the state government
will take over ₹39,900-crore of debt of the electricity distribution
utilities. The balance ₹13,300-crore of debt will be issued as state
guaranteed DISCOM bonds at coupon rates that are 3 per cent lower than
the current interest cost. This would help save the distribution
utilities ₹1,600 crore annually.
Efficiency measures including reduction of AT&C losses will help
bring additional revenue of ₹17,700 crore to the distribution utilities.
“Overall Uttar Pradesh will have savings of ₹33,000 crore over the next
three years because of UDAY. It could possibly be more if consumption
increases,” said Piyush Goyal, Minister of State (Independent Charge)
for Power, Coal and New & Renewable Energy.
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