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Power utilities on the verge of financial collapse: Congress

Power utilities on the verge of financial collapse: Congress
Highlights

Congress MP from Malkajgiri A Revanth Reddy on Saturday alleged that the power utilities of the State have taken loans up to Rs 74,000 crores in the past five years and are on the verge of financial collapse.

Hyderabad: Congress MP from Malkajgiri A Revanth Reddy on Saturday alleged that the power utilities of the State have taken loans up to Rs 74,000 crores in the past five years and are on the verge of financial collapse.

He said that the ruling TRS has been indulging in looting public money with the help of retired officers. Addressing the media, he said that retired officer D Prabhakar Rao has been appointed in a position which should have been held by an IAS officer.

He said that IAS officers have been removed as heads of power utilities as they have refused to sign the erroneous power purchase and loan agreements. He alleged that officers like D Prabhakar Rao, Raghuma Reddy and Gopal Rao have been helping the TRS to loot the money.

He refuted the claims of Transco and Genco CMD D Prabhakar Rao that only Rs 35,000 crores has been borrowed so far. He demanded Prabhakar Rao to divulge the details about this.

He wanted to know as to why the plant load capacity of the Genco thermal stations has dropped to 80 per cent from 90 per cent. He alleged that the power production has been backed down to purchase power from the open market.

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