List of DISCOMs in India:

Bihar

Jharkhand

Orissa

Sikkim

West
Bengal

Assam
Arunachal
Pradesh

North
Eastern

North Bihar Power Distribution Company

Limited
South Bihar Power Distribution Company
Limited
Jharkhand Bijli Vitran Nigam Limited
Jamshedpur Utility and Services Company
Bokaro Power Supply Co Pvt Ltd
Northen Electricity Supply Company of Orissa
Limited
Southern Electricity Supply Company of
Orissa Limited
Central Electricity Supply Utility of Orissa
Western Electricity Supply Company of
Odisha Limited
Energy and Power Department Government
of Sikkim
West Bengal State Electricity Distribution
Company Limited

SBPDCL
JBVNL
JUSCO
BPSCL
NESCO
SOUTHCO
CESU
WESCO

WBSEDCL

Durgapur Projects Limited

DPSC Limited
Assam Power Distribution Company Limited

CESC
Limited
DPL
DPSCL
APDCL

Department of Power, Arunachal Pradesh

APED

Calcutta Electricity Supply Company Limited

Manipur

Electricity Department, Manipur

Mizoram

Power & Electricity Department, Government

of Mizoram

Nagaland
Tripura
Meghalay
a

NBPDCL

ED,
Manipur
P&E
Dept.,
Mizoram

Tripura State Electricity Corporation Limited

TSECL

Meghalaya Energy Corporation Limited

MeECL

Delhi

BSES Rajdhani Power Limited

BSES Yamuna Power Ltd.
North Delhi Power Ltd.
The New Delhi Municipal Council
Tata Power Delhi Distribution Limited

BRPL
BYPL
NDPL
NDMC
TPDDL

Himachal
Pradesh

Himachal Pradesh State Electricity Board

HPSEB

Uttar Haryana Bijli Vitran Nigam

Dakshin Haryana Bijli Vitran Nigam
Jammu & Kashmir State Power Development
Corporation Limited

UHBVN
DHBVN
JSKPDC

Northern

Haryana
Jammu
and
Kashmir

Punjab
Rajasthan

Uttar
Pradesh

Uttarakha
nd
Andhra
Pradesh

Karnataka
Southern
Kerala
Punduche
rry
Tamil
Nadu
Telangana
Western

Punjab State Power Corporation Limited

(Distribution & Gen.)
Jaipur Vidyut Vitran Nigam Limited
Ajmer Vidyut Vitran Nigam Limited
Jodhpur Vidyut Vitran Nigam Limited
Purvanchal Vidyut Vitran Nigam Limited
Paschimanchal Vidyut Vitran Nigam Limited
Madhyanchal Vidyut Vitran Nigam Limited
Dakshinanchal Vidyut Vitran Nigam Limited
Noida Power Company Ltd
Kanpur Electric Supply Company Limited
Uttarakhand Power Corporation Limited
Eastern Power Distribution Company of A.P.
Limited
Southern Power Distribution Company of A.P.
Limited
Mangalore Electricity Supply Company
Limited
Hubli Electricity Supply Company Limited
Chamundeshwari Electricity Supply Company
Limited
Gulbarga Electricity Supply Company Limited
Bangalore Electricity Supply Company
Limited
Kerala State Electricity Board Limited
Electricity Department of Government of
Puducherry
Tamil Nadu Generation & Distribution
Corporation Limited
Telangana State Southern Power Distribution
Company Limited
Telangana State Northern Power Distribution
Company Limited
Chhattisgarh State Power Distribution
Company Ltd.

Chattisgar
h
Dadra and
Nagar
DNH Power Distribution Corporation Ltd
Haveli
Daman &
Electricity Department, Daman & Diu
Diu
Goa

Electricity Department, Government of Goa

Gujarat

Uttar Gujarat Vij Company Limited

Madhya Gujarat Vij Company Limited
Dakshin Gujarat Vij Company Limited
Paschim Gujarat Vij Company Limited
Torrent Power SEC Limited

PSPCL
JVVNL
AVVNL
JDVVNL
PUVVNL
PAVVNL
MVVNL
DVVNL
NPCL
KESCO
UPCL
APEPDCL
APSPDCL
MESCOM
HESCOM
CESCOM
GESCOM
BESCOM
KSEBL
EDGP
TANGEDC
O
TSSPDCL
TSNPDCL
CSPDCL
DNH
EDDD
E Dept.,
Goa
UGVCL
MGVCL
DGVCL
PGVCL
Torrent
(SEC)

Torrent Power AEC Limited

M.P. Poorv Kshetra Vidyut Vitran Co.
Madhya
Pradesh

M.P.Paschim Kshetra Vidyut Vitran Co. Limited

MP Madhya Kshetra Vidyut Vitran Company
Limited
Maharashtra State Electricity Distribution
Company Ltd.
Reliance Energy Limited

Maharash
tra

Tata Power Limited

Best Undertaking

Torrent
(AEC)
MPPKVVC
MPPKVVC
L
MPMKVVC
MSEDCL
Rinfra
TPCL
(Tata)
BEST

PART 1: Ailing Health of DISCOMs

Gap between ACS (average cost of supply) and ARR (aggregate revenue
realised):
5.5
5.04

5
4.55

4.5

4.42
4.2

4
Rupees
ACS
per unit ARR (subsidy booked)
3.5
3

3.4
3.07
2.76

3.98

4.11

ARR (subsidy3.89
received)
3.67

3.55
3.33
3.15

5.15

3.3

3.09

2.81

2.5
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Source: CRISIL
Aggregate annual book loss and cash loss of DISCOMs:

0
-100

FY'10

FY'11

FY'12

FY'13

FY'14

-200
-300

-266

-400

in billion rupees

-500

-362
-447
-526

-600

-603

-700

-610
-638
-726

-800
-900

-941

-1000
Book loss

Source: CRISIL

Cash loss

-709

Bracketing of DISCOMs (2013-2014) (CRISIL)

Gap on
subsidy
booked
basis
(/unit)
Weak States
Tamil Nadu
Punjab
Rajasthan
Uttar
Pradesh
Orissa
Moderate States
Haryana
Andhra
Pradesh
Madhya
Pradesh
Chhattisgarh
Strong States
Karnataka
Maharashtra
Gujarat
Delhi
West Bengal
All India

AT&C
loss

Net
worth

Accumulat
ed losses

(%)

(
billions)

( billions)

-1.8
0.06
-2.64

22.4
17.9
26.8

-440.5
132
-586.7

-524.7
-16.6
-689.4

-2.16

24.7

-440.1

-601

-0.15

39.2

-43.1

-46.3

-0.66

34.3

-211.2

-241.8

-0.18

14.8

-171.2

-188.1

-1.25

28

-191.2

-252.3

-0.28

23.2

-16.9

-40.2

-0.08
-0.12
-0.02
-0.13
-0.01
-0.71

22
14.4
15.9
14.1
32.1
22.7

0
5.3
42.7
49.6
23.1
-2213.3

-27.3
-59.5
5.8
22.4
-1.3
-3183.4

CRISIL Research has bucketed states on the basis of their risk profile, given the
distribution utility's (discom) financial and operational performance as well as the
respective state government's ability and willingness to support them.
Weakest states account for 30% of total power consumption & about
60% of accumulated losses
Tamil Nadu, Rajasthan, Uttar Pradesh and Orissa are the weakest discoms,
accounting for 30 per cent of the country's power consumption and about 60 per
cent of the total accumulated losses. Inadequate and irregular tariff hikes
coupled with rising power purchase cost has led to widening ACS-ARR gap. This
has resulted in rising accumulated losses and thereby restricted the ability of
these discoms to invest in distribution infrastructure. Consequently, AT&C losses,
particularly in UP, Rajasthan and Odisha, are very high.
Among these states Rajasthan has the highest state government support
through equity infusions and subsidy payments. On the other hand, state

government support in Odisha is limited due to privatisation of discoms in the

state.
Few states including Tamil Nadu, Uttar Pradesh and Rajasthan have implemented
the financial restructuring of their respective discoms and also revised tariffs
upwards over the last 2 years. However, significant improvement is unlikely
given that AT&C losses are likely to remain high on account of muted
investments and high cumulative regulatory assets of Rs. 610 billion as of March
2014.
Moderate risk states account for 20% of power consumption & 20% of
accumulated losses
Haryana, Andhra Pradesh, Madhya Pradesh and Chhattisgarh account for 25 per
cent of the country's power consumption and 20 per cent of the total
accumulated losses. While these states have implemented regular tariff hikes
over 2010-11 to 2013-2014, they have not been adequate to cover the rising
cost of power purchase.
Although Andhra Pradesh has reported a zero ACS ARR gap, the state has
outstanding receivables of Rs. 188 billion as of March 2014. In November 2013,
the CCEA approved amendments to the financial restructuring scheme to enable
participation of Andhra Pradesh along with other states including Bihar and
Jharkhand.
Discoms in Madhya Pradesh and Haryana are relatively weak due to huge
accumulated losses and high ACS ARR gap, however, strong state support in
these states has moderated their risk profile. On the other hand, state backing is
strong in Andhra Pradesh due to significant subsidy support; delay in subsidy
payments has led to deterioration in the financial health of the state discoms.
Strong states account for 37% of power consumption & <2% of
accumulated losses
Gujarat, West Bengal, Punjab, Maharashtra and Delhi have been classified as
strong discoms, accounting for 30 per cent of the country's power consumption,
and 2 per cent of the total accumulated losses. All these states also have no or
low dependence on subsidy from state governments. Moreover, the ARR exceeds
ACS in states of Gujarat, Punjab, Delhi and West Bengal resulting in positive cash
profits in these states.
Karnataka discoms' moderate financial risk profile is strengthened by healthy
state support through capital infusion and subsidy payments.

Overall AT&C losses in India:

AT&C losses
40.00%
38.00%
36.00%
34.00%
32.00%
30.00%
28.00%
27.40%
26.00%

26.60%

26.20%

26.60%

2009-10

2010-11

2011-12

24.00%

25.40%

22.00%
20.00%
2008-09

2012-13

Source: CEA

State wise AT&C loss, December, 2014

Regio
n
Easte
rn

State

Utility
BSEB

Bihar

NBPDCL
SBPDCL

Bihar Total
Jharkhand

JSEB

Jharkhand Total
Orissa

CESCO
NESCO
SESCO
WESCO

200
200
201
201
201
8-09 9-10 0-11 1-12 2-13
34.3 43.9
47.4
64.5
59.4
7
2
4
2
50.7
6
45.7
7
34.3 43.9 47.4 64.5 54.6
7
2
4
2
3
54.1 10.2
46.7
42.8
47.4
6
1
9
3
9
54.1 10.2 46.7 42.8 47.4
6
1
9
3
9
46.8 39.9
45.5
46.1
43.6
4
8
4
5
1
38.4
39.5
39.6
38.9 36.7
7
4
1
50.5
54.1
49.3
51
52.6
9
2
6
37.5 37.5
43.8
43.4
41.8
5
8
4
6
7

Orissa Total
Sikkim

Sikkim PD

Sikkim Total
West Bengal

WBSEDCL

West Bengal
Total
Easte
rn
Total
Regio
n

State

Utility

Arunachal Pradesh

Arunachal
PD

Arunachal
Pradesh Total
CAEDCL
LAEDCL
Assam
UAEDCL
APDCL
Assam Total
Manipur
North
Easte
rn

Manipur PD

Manipur Total
MeSEB
Meghalaya
MeECL
Meghalaya Total
Mizoram

Mizoram PD

Mizoram Total
Nagaland

Nagaland PD

Nagaland Total
Tripura
Tripura Total

TSECL

44.3
5
51.9
6
51.9
6

44.6
6
59.4
8
59.4
8

27.4

32.9

27.4

32.9

38.2
4

42.6
1

42.9
4
53.5
1
53.5
1
34.4
3
34.4
3

42.2

39.7

46.8
1
46.8
1
25.8
1
25.8
1

55.3
6
55.3
6
33.2
4
33.2
4

36.6
4

33.9
4

200
8-09
60.1
5
60.1
5
39.3
6
29.2
3
31.4
2

200
201
201
201
9-10 0-11 1-12 2-13
58.8
61.4
65.5
60.2
2
5
5
6
58.8 61.4 65.5 60.2
2
5
5
6

32.6
8
81.3
2
81.3
2
43.3
7
n.a.
43.3
7
41.0
8
41.0
8
44.1
2
44.1
2
31.9
1
31.9
1

42.0
6

29.3
29.1
29.4
31.8
1
9
7
5
29.3 29.1 29.4 31.8
1
9
7
5
47.5
40.1
85.4
44.8
5
7
9
47.5 40.1
85.4
44.8
5
7
9
48.7
n.a.
n.a.
n.a.
7
51.6
44.8
n.a.
26.6
3
5
48.7 51.6 44.8
26.6
7
3
5
38.9
30.0
27.5
41
5
2
5
38.9
30.0 27.5
41
5
2
5
46.1
50.0
22.3
75.3
6
7
2
46.1 50.0 22.3
75.3
6
7
2
29.1
34.4
33.7
33.8
6
8
6
5
29.1 34.4 33.7 33.8
6
8
6
5

North
Easte
rn
Total
Regio
n

40.7

State

Utility
APCPDCL
APEPDCL

Andhra Pradesh
APNPDCL
APSPDCL
Andhra Pradesh
Total
BESCOM
CHESCOM
Karnataka
South
ern

GESCOM
HESCOM
MESCOM

Karnataka Total
Kerala

KSEB

Kerala Total
Puducherry

Puducherry
PD

Puducherry Total
Tamil Nadu

TNEB

Tamil Nadu Total

South
ern
Total
Regio
n
North
ern

Utility

Delhi

BSES
Rajdhani
BSES

37.3
3

34.8
5

37.6

200
200
201
201
201
8-09 9-10 0-11 1-12 2-13
14.2 17.9 20.5 17.7
15.6
4
3
6
7
4
10.2
14.5 10.5
9.69
9.9
6
1
3
14.3 18.5 16.0 17.2
13.0
7
2
7
6
9
11.3 16.6
12.1
12.7
14.2
6
3
9
4
12.9 16.4
15.2 13.6
17.5
9
3
7
3
19.1
22.7 22.5
20.4
21.1
7
5
5
5
25.3 28.2 28.7 28.9
30.4
3
1
3
9
2
38.0 25.7 33.0
18.2
38.8
5
5
3
8
28.5 26.2 23.6
20.4
33.9
1
2
2
4
14.0
13.7 17.9
14.5
18.4
1
5
4
7
24.9 25.3 23.7 24.5 20.7
4
4
1
2
8
21.6
14.0 12.1
10.5
14.9
1
9
7
3
21.6
14.0 12.1 10.5
14.9
1
9
7
3
18.4 19.3 14.4 18.9
9.13
7
5
3
1
18.4 19.3 14.4 18.9
9.13
7
5
3
1
14.3 18.8
19.8
20.7
19.9
9
7
8
2
14.3 18.8
19.8 20.7
19.9
9
7
8
2
16.9
2

State

36.2
3

19.0
5

19.2
6

18.6
2

17.2
4

200
200
201
201
201
8-09 9-10 0-11 1-12 2-13
20.5 19.8
16.6
15.1
15.8
9
3
5
6
13.7 28.6 18.1 25.5
17.9

Yamuna

33.2
9
12.8
5

3
15.6
8
20.7
8
28.1
1
30.5
8
29.3
2
18.4
6

12.8
5
69.0
5
69.0
5
18.5
1

18.4
6
70.4
4
70.4
4
17.7
3

PSPCL

AVVNL

18.5
1
31.2
8
30.1
9

17.7
3
33.0
4
31.5
1

JVVNL

28.4

26.7

DVVN

29.8
3
28.2
5
53.4
4

30.0
7
49.6
2
51.6
6
37.5
8
27.6
8
27.8
6
35.7
3
28.3
5
28.3
5

NDPL
Delhi Total

3
17.6
4
17.9
2

DHBVNL

32.6

UHBVNL

34

Haryana
Haryana Total
HPSEB
Himachal Pradesh
HPSEB Ltd.
Himachal
Pradesh Total
Jammu & Kashmir

J&K PDD

Jammu &
Kashmir Total
PSEB
Punjab
Punjab Total

Rajasthan

JDVVNL

Rajasthan Total

KESCO
Uttar Pradesh

MVVN
Pash VVN
Poorv VVN

Uttar Pradesh
Total
Uttarakhand
Uttarakhand
Total

Ut PCL

29.9
29.3
8
49.7
5
35.0
4
39.8
9
39.8
9

3
4
4
13.7 15.6
13.1
5
7
2
15.7 18.5 15.2
6
6
2
26.2 27.5
28.3
9
3
1
29.8 27.6
36.9
5
9
7
28.0 27.6 32.5
2
1
5
35.4
8
12.2 12.2
9.53
2
1
15.7 12.2
9.53
2
1
72.8 71.1
60.8
6
6
7
72.8 71.1 60.8
6
6
7

17.4
7
17.4
7
26.8
23.7
3
22.6
6
24.1
9
55.3
9
44.1
1
37.5
7
31.6
1
40.4
3
40.2
9
28.4
8
28.4
8

20.5
8
20.5
8
28.1
2
23.8
2
23.1
8
24.8
1
61.0
3
30.4
8
42.6
5
36.4
7
46.2
9
45.1
4
30.6
2
30.6
2

17.6
6
17.6
6
19.9
18.9
7
20.9
1
20
45.6
9
37.6
1
45.8
3
33.3
9
52.3
7
42.8
5
23.1
8
23.1
8

North
ern
Total

Regio
n

29.9
6

State

Utility
CSEB

Chattisgarh
CSPDCL
Chattisgarh Total
Goa

Goa PD

Goa Total
DGVCL
MGVCL
Gujarat
PGVCL
Weste
rn

UGVCL
Gujarat Total

Madhya Pradesh

MP Madhya
Kshetra
VVCL
MP Paschim
Kshetra
VVCL
MP Purv
Kshetra
VVCL

Madhya Pradesh
Total
Maharashtra
Maharashtra
Total
Weste
rn
Total

MSEDCL

29.6
6

28.9
1

31.4
9

28.8
4

200
200
201
201
201
8-09 9-10 0-11 1-12 2-13
30.4
6
38.2 36.2 28.6 29.6
25.1
9
8
4
2
2
32.7 36.2 28.6 29.6 25.1
3
8
4
2
2
21.6
14.0 15.1
14.1
6.12
9
8
2
4
21.6
14.0 15.1 14.1
6.12
9
8
2
4
16.1 15.2 13.0 13.1
10.4
1
3
8
4
14.9 15.2 14.8
14.9
14.4
8
7
3
4
31.7 32.3 26.7 28.0
30.4
8
5
5
3
1
16.3 18.8
14.0
14.3
7.2
1
9
1
7
22.0 22.8 16.8 19.2 19.8
4
1
9
6
7
50.2
4

42.2
6

43.9
5

45.8
5

29.9
7

36.3
8

36.1
6

31.1
2

34.4
3

28.1
6

55.8
4

46.1
1

37.9
9

34.9
4

36.4

46.6
1
31.1
9
31.1
9

41.0
3
25.0
2
25.0
2

37.2
8

38.2
6
21.6
3
21.6
3

31.1
5
21.9
5
21.9
5

31.6
4

28.0
2

24.4
4

24.8
6

23.3
6

23.3
23.3

All
India

27.3
7

26.5
8

26.1
5

26.6
3

25.3
8

Source: CRISIL

Tariff policy change

Amendment to electricity act 2003
If the health of discoms improve, more PPAs can be signed up and generation
would improve as well.
POWERGRID is playing a significant role in carrying forward the distribution
reforms through undertaking Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
and Integrated Power Development Scheme (IPDS) works on behalf of the Govt.
of India in various parts of the country.
NTPC's average coal-based power cost (/unit)Source: Powerline
3.5
2.78

3
2.5

2.46

2
1.5

3.13

3.11

3.15

1.99

2.02

2.04

2.71

1.89

1.73

0.85

0.89

0.98

1.14

1.09

1.11

2010-11

2011-12

2012-13

2013-14

2014-15

Q12015-16

1.61

1
0.5
0
Fixed cost

Variable cost

Total Cost

KPMG report:
Financial stress in the power sector is high, and this is affecting both the public
sector discoms and the private sector gencos. Network losses reduces from 35%
in FY02 to 27% in FY12.

State wise analysis of DISCOMs:

Share of states in consumption of power, generation too, if possible

Loss made vs consumption, thus showing share of loss for each state

Category 4

Category 3
Series 1
Series 2
Series 3

Category 2

Category 1