Jakhar accuses Mann govt of misleading people on PSPCL finances

Chandigarh: Punjab BJP president Sunil Jakhar on Monday said the Bhagwant Mann govt was "misleading the people of Punjab by showing the Punjab State Power Corporation Limited (PSPCL) moving from loss to profit on paper".Addressing a press conference here, Jakhar said: "In reality, the govt is pushing this lifeline institution of the state towards financial failure and eventual privatisation."
Jakhar said: "On Nov 28 last year, PSPCL filed its Annual Revenue Requirement (ARR) petition with the Punjab State Electricity Regulatory Commission, which must be submitted before Nov 30 each year according to regulations. In that petition, the corporation reported a loss of Rs 1,715 crore.""However, on Feb 4, 2026, for the first time in history, PSPCL filed a revised petition, which was surprisingly approved by the regulatory commission. In this revised petition, the corporation claimed a surplus of Rs 7,852 crore and said it would require only Rs 15,200 crore in electricity subsidy instead of Rs 19,600 crore," he added.Jakhar further alleged that "the Rs 3,581.95 crore loss funding provided by the govt was wrongly shown as income in the corporation's financial accounts, which is completely incorrect and against the rules".The senior leader said: "On the basis of this revised petition, the govt created the impression that electricity tariffs were reduced. However, this is misleading the public. The largest reduction was shown for domestic consumption up to 300 units, but since electricity up to this limit is already free for many households, the benefit will not reach consumers. Instead, it will only reduce the subsidy the govt pays to the power corporation."He questioned: "Whether the corporation can continue to function under such circumstances."Jakhar emphasised: "No matter what method is used, the actual costs and expenditures cannot be ignored."He said: "The financial condition of the power corporation is extremely concerning, and the govt still owes Rs 11,109.70 crore in subsidy up to March 31, 2025. In addition, Rs 4,300 crore is pending for the period until now, and Rs 2,600 crore is owed by govt departments."The BJP leader alleged: "By manipulating financial records, the corporation is being deliberately pushed towards large losses as part of a plan that will ultimately lead to its privatisation."He also criticised the govt for not appointing a regular chairman for the PSPCL. Jakhar said: "Even if an interim administrator is appointed, the position should be held by an officer at the principal secretary level, but the govt did not follow this norm. The officer currently assigned the role already handles multiple departments."MSID:: 129339276 413 |