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Andrew W K Langstieh has resigned as Chairman of Damodar Valley Corporation (DVC); eastern India’s largest power utility.
According to sources, his resignation letter is still being processed. The Indian Audit and Accounts Service officer from Meghalaya was not available for comment.
According to sources, Langstieh, who would have completed his term in September 2019, resigned after he came worse off in a meeting with RK Singh, the Home Secretary during the UPA-II regime at the Centre, who assumed charge as Union Power Minister on September 3, this year.
The resignation has surprised many sector experts because under Langstieh’s watch, DVC’s plant-load factor improved from 47 per cent in 2014 to 53 per cent in 2017. Also, his efforts at improving capacity utilisation, recovery of dues from Jharkhand, and better debt management reduced DVC’s losses from ₹1,334 crore in FY15 to ₹907 crore in FY17.
So focussed he became on recovery of dues from Jharkhand that he was accused of regulating supplies to the State even during the 2014 elections.
Langstieh is also credited with firming up PPAs for 700 MW, and scrapping the fresh capital infusion plan.
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