10 January 2017 Current Affairs: The Tamil Nadu Government signed an MoU with the Ministry of Power on January 9, 2017 to join the Ujwal DISCOM Assurance Yojana (UDAY) scheme which aims at reviving the financial turnaround of debt stressed electricity distribution companies of India (DISCOMs). With the agreement Tamil Nadu has become the 21st state to join UDAY scheme.
Tamil Nadu’s discom TANGEDCO, would save around Rs 11,000 crore by 2019 under UDAY by saving interest cost, reduction in AT&C and transmission losses, interventions in energy efficiency, coal reforms etc. About 90 percent of total utilities’ debt of around Rs 4 lakh crore would be covered. The state will take over 75 per cent of Rs 30,420 crore debt of TANGEDCO.
Under the scheme the balance debt is also re-priced or issued as state guaranteed discom bonds, at coupon rates around 3-4 per cent less than the average existing interest rate.
Tamil Nadu and TANGEDCO will bring about operational efficiency and reduction in power consumption by way of using energy efficient alternatives. UDAY would improve power infrastructure in Tamil Nadu and lower the cost of power.
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