Cancelling power agreements a threat to investment: Union Power Ministry
By Molitics 10-Sep-2019
- Jagan government is regularly reviewing the decisions made by Chandrababu Naidu's government, this time they are moving ahead towards the cancellation of Power Purchase Agreements (PPAs).
- PPAs are agreements made between a company that generates electricity and a power purchaser; Government is planning to cancel 21 PPA's.
- But Union Ministry disagrees with this decision of YSRCP government and called it 'unfortunate'.
- RK Singh, Union Minister for Power and New & Renewable Energy, had warned CM Jagan in last month's Delhi visit about the loses they may incur in foreign investments in the renewable energy sector.
- Over RK Singh's questions CM Jagan replied, “We have inherited a bankrupt exchequer with a huge deficit of Rs 2.62 lakh crore, the DISCOMs’ unpaid generator dues of Rs 20,000 crore and accumulated losses of DISCOMs(power distribution companies) of Rs 15,000 crore.”
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