The economic times
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प्रकाशन तिथि: नवम्बर 16, 2005
Remember Dabhol?-Ultra Mega Power Projects Don’t
In the ongoing silly season at the Indian power ministry, a clutch of
prestigious power projects have been announced to putatively rev up
generation when government has barley washed off its hands and money
from debacle of Dabhol power plant.
And never mind the rampant power leaks and widespread thefts in supply
and distribution of state run power sector, where losses making state
electricity boards are the norm. Continuing chaos in power
distribution, outdated power policy and draconian power laws are at
odds with persistent enthusiasm to coagulate funds for power
generation. Meanwhile, the rate of return on investment is now to minus
28%. Commercial losses add up to Rs25, 000 crores per annum courtesy
theft and open-ended subsidies doled so frequently by political power
hungry politicians. Transmission and pilferage loses remain almost 35%
pan –India with finances of state power utilities going downhill. So
naturally there exists a huge investment backlog.When power ministry
should have slogged over power reforms, especially in distribution, it
has instead concentrated its energies in garnering private investment
in power generation that too in absence of any clear-cut and
transparent policy framework. Such a strategy has merely meant
avoidable controversy- bailouts and power shortage. Remember Dahbol and
recent electricity subsidy by Delhi government. Reportedly, the four
initial mega power plants of up to 10,000 mw each would be set up via
competitive bidding route. In any case the current high transmission ad
distribution losses and the real risk of payment default would short
–circuit and not shore up private investor confidence.