Punjab Govt pushing PSPCL towards bankruptcy: Sunil Jakhar

Punjab BJP president Sunil Jakhar on Monday accused the state’s AAP government of hatching a conspiracy to “bankrupt” Punjab State Power Corporation Limited (PSPCL).

Addressing reporters, Jakhar alleged that the government claims of making the corporation were “misleading”.

“In reality, the government is pushing the institution towards financial bankruptcy and eventual privatisation,” he alleged.

Jakhar said on November 28 last year, the PSPCL filed its annual revenue requirement petition with the Punjab State Electricity Regulatory Commission, reporting a loss of ₹1,715 crore.

However, he said on February 4, for the first time in history, the corporation filed a revised petition, which was surprisingly approved by the regulatory commission.

He said in the revised petition, the corporation claimed a surplus of ₹7,852 crore and said it would require only ₹15,200 crore in electricity subsidy, instead of ₹19,600 crore.

Jakhar alleged that the ₹3,581.95 crore loss funding provided by the government was wrongly shown as income in the corporation’s financial accounts, which he said was completely incorrect and against the rules.

Jakhar said on the basis of the revised petition, the government created the impression that electricity tariffs had been reduced.

He said the largest reduction had been shown for domestic consumption up to 300 units, but since electricity up to this limit was already free for many households, the benefit would not reach consumers.

“Instead, it will only reduce the subsidy the government pays to the power corporation,” he said asking if the corporation could continue to function under such circumstances.

He alleged that by manipulating financial records, the corporation was being “deliberately pushed” towards large losses as part of a plan that will ultimately lead to its privatisation.

Jakhar also criticised the government for not appointing a regular chairman for the corporation.