Power consumption dips 9.74% to 106.48 bn units in June due to lockdown

Force utilization in June declined 9.74 percent to 106.48 billion units (BU) when contrasted with 117.98 BU a year back, principally because of low interest in the midst of Covid-19-related limitations in the nation.
Notwithstanding, the droop in power utilization has limited in June to 9.74 percent from 14.86 percent enrolled in May and 23.21 percent recorded in April this year.
The most recent information of the Ministry of Power shows that power utilization has improved after government began giving relaxations for financial exercises.
The long stretches of April, May and June this year saw low force utilization because of lower business and modern exercises due to Covid-19-related limitations.
As indicated by power service information, the all out power utilization was 106.48 billion units in June this year contrasted with 117.98 BU in same month year prior. Force utilization in May remained at 102.18 billion units (BU).
The information demonstrated that power utilization in April plunged 23.21 percent to 84.55 billion units (BU).
The legislature had forced lockdown from March 25 to battle the savage coronavirus pandemic and this brought about lower business and modern interest.
The pinnacle power request met in June plunged 9.6 at 164.94GW contrasted with 182.45 GW in June 2019.

The pinnacle power request met is characterized as the most elevated vitality flexibly during the day the nation over.

PFC completes REC acquisition, pays Rs 14,500 cr to government

Company News

State-owned Power Finance Corporation (PFC) on Thursday completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government, an official said.

The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.

"The entire consideration of Rs 14,500 crore for acquiring 52.63 per cent equity of the Government of India in REC is paid by PFC through RTGS (real-time gross settlement) mode this morning," the official told PTI.

The official said PFC Chairman and Managing Director Rajeev Sharma handed over the RTGS advice to Power Secretary A K Bhalla on Thursday to complete the acquisition.

The money has been transferred into the government's account online.

The official further said the government's 52.63 per cent equity in REC would be transferred in the name of the PFC by the closing of the stock market on Thursday.

PFC has raised money from Bank of Baroda, Life Insurance Corporation and State Bank of India, among others, to make the payment.

Earlier on March 20, PFC had inked a share purchase agreement to acquire 103.94 crore equity shares of Rs 10 each of REC Ltd.


 This deal was in pursuance to the in-principle approval from the Cabinet Committee on Economic Affairs for strategic sale of 52.63 per cent of paid-up equity shareholding of REC held by the government to PFC, along with the transfer of management control.