APRIL 20239In India, the total debt owed by the electricity distribution industry increased to Rs.6.20 lakh crore in 2021­22, a 24 percent increase from 2019­20. Yet throughout the course of the two years, the rate of debt addition declined, according to Power Finance Corporation's annual report on the industry. In 2021­2022 the sector's debt increased by Rs.33,800 crore, which is 60 percent less than the Rs.85,500 crore increase in the previous fiscal year. State government loan takeovers, improvements in subsidy disbursement, and better bill collections, the sector's financial deficit almost halved in 2021­22 compared to 2019­20. Financial deficit is a crucial metric for assessing the sector's financial stability. The report used a cash-adjusted basis to assess the deficit, putting more emphasis on tracking cash movements than recorded revenue. Due to the effect of Covid-19, the performance in 2021­22 was compared to the two fiscals before that.Power distribution firms' total technical and commercial losses decreased by 3.4 percent and 5 percent, respectively, from the prior year and from 2020-21 to 16.5 percent in 2021­22. According to the research, capital expenditure addition decreased to Rs.48,000 crore in FY22 from Rs.59,000 crore the year before and 83,000 crore in 2019­20, which is cause for concern. For long-term rewards, the industry should aggressively concentrate on modernising its billing system, it suggested. The amount of subsidies paid out by state governments in 2021­22 was 102 percent of the total amount booked, up from 85 percent the year before and 95 percent in 2019­20. The ONGC Tripura Asset broke all previous records with its 2022­23 FY annual gas output of 1,675 Million Standard Cubic Metres (MMSCM) in the northeastern state. Previous to this, ONGC generated the most natural gas in the northeastern state during the 2020­21 fiscal years, recording a 1,634 MMSCM output. "Oil and gas exploration is a dangerous industry with numerous moving parts and constant technological involvement. The outcomes do not always match the inputs. We are pleased that the ONGC Tripura Asset was able to succeed despite the difficulties that it faced", the representative remarked. He claimed that numerous operational initiatives, including the installation of plunger lifts, mobile separators, and routine activation of low-pressure wells, were put into motion over the previous couple of years in order to achieve record production and also to sustain a high level of output in the ensuing days.Additionally, he added, "ONGC has recently contracted Aerial Hydrocarbon Survey to map the more remote regions and Advanced Hi-tech Drilling Rigs to drill deeper and more precise wells in tough terrain in order to tackle the logistical and geological problems of the region. Five to six search gas rigs are already in operation, while one of the three high-tech rigs has already been commissioned and the other two will soon be put into service. ONGC Tripura Asset has recorded a three percent growth in production over the last six years, despite the fields' isolation and steep decline rates. Not only that, but in FY'2022-23, the Asset has 49 times exceeded the five MMSCMD barrier, a sought operating benchmark for many years. The maintenance, shutdowns of power plants, the ONGC Tripura Asset also has regular meetings with its gas customers, including OTPC, TSECL, GAIL, and TNGCL, as well as regulatory bodies. This has helped to significantly lower customer shutdown loss, which was 201 MMSCM in FY 2021­2022 and 92 MMSCM in FY 2022­2023 as a result". He pledged not only continued economic success for ONGC in the state but also that the area would become a model for sustainable growth across the entire nation. ONGC TRIPURA ASSET POSTS HIGH EVER GAS PRODUCTIONINDIA DISCOM DEBT SURGES 24 PERCENT TO RS.6.2 LAKH CRORE IN 2021-22TOP STORIES
< Page 8 | Page 10 >