State power PSUs loss Rs 4,443 crore: CAG

BHUBANESWAR: The State-run power sector undertakings have been incurring huge losses despite infusion of substantial equity by Odisha government post power sector reforms.“At the aggregate level, the accumulated losses of the nine power sector PSUs was Rs 4,443.12 crore as against the capital investment of Rs 4,048.67 crore as on March 31, 2019,” said the audit report of Comptroller and Auditor General (CAG).

The audit report on economic and public sector undertakings for the year ending March 2019 tabled in the last day of Budget session of the Assembly on Saturday said Gridco, the bulk supplier of power to the State, had a negative net worth of Rs 3,853.75 crore. “Of the nine power sector PSUs, the net worth of Gridco had fully eroded (Rs -3,853.75 crore),” the report said. Net worth is the company’s sum total of the paid-up capital, free reserves and surplus minus accumulated losses and deferred revenue expenditure. Essentially, it is a measure of what an entity is worth to the owners.