DERC orders BSES to pay outstanding dues by Feb 1

New Delhi, Jan 24(PTI) Delhi's power regulator DERC today strictly told Reliance Infrastructure-backed discom BSES to pay its outstanding dues to a number of power generation and transmission utilities by February one and threatened to take appropriate action if it fails to comply with the directive. In an order, the Delhi Electricity Regulatory Commission also said it has noticed "prima-facie unexplained discrepancies" about submission relating to power purchase by BSES. The DERC had last month asked the discoms to submit a detailed account of their monthly revenue generation and expenditure since April 2011 so as to keep a tab on their accounts. "DERC directed BRPL and BYPL to liquidate the current outstanding dues from September 2011 onwards of all their power suppliers and transmission utilities latest by February one failing which the Commission will initiate appropriate proceedings against them for non-performance of their obligations," said today's order. The regulator had issued the order seeking financial details after Delhi Government agreed to infuse fresh equity to the tune of around Rs 500 crore into BSES to help it get a loan of Rs 5,000 crore from IDBI bank after the discom expressed its inability to clear outstanding dues citing fund crunch. As per the understanding, Reliance Infrastructure was to infuse Rs 520 crore and the total amount of Rs 1,020 crore would be used to get the loan as the bank had promised granting the loan if the discom arranges at least 20 per cent of the amount. MORE

With thanks : IBNLive : LINK