The Hindu Business Line : Bengal SEB to get rebate for timely payment of bills

THE West Bengal State Electricity Board (WBSEB), which is on a recovery path, has won rebates of Rs 182 crore from the central public sector utilities (CPSUs) for making timely payment of electricity bills.

The State Power Minister, Mr Mrinal Banerjee, however said that actual payments received from these utilities was about Rs 50 crore, which has been received from the National Thermal Power Corporation, which is scheduled to pay Rs 123 crore to WBSEB.

The other utilities from which WBSEB would get money on this account are Damodar Valley Corporation (Rs 50.08 crore), Power Grid Corporation India Ltd (Rs 8.45 crore) and National Hydro Power Corporation (Rs 0.57 crore). These refunds accrue to the WBSEB in wake of the securitisation of its Rs 2600 crore owed to these utilities. The WBSEB has decided to issue bonds worth Rs 1850.6 crore bearing a coupon rate of 8.5 per cent (after adjusting for late payment surcharges).

Referring to the improvement in WBSEB's financial performance, the Minister said that the utility expected to earn revenues of about Rs 4000 crore in fiscal 2004 against the Rs 2979.36 crore earned in 2002-03.

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