The Orissa government is revamping Gridco Ltd, the state-owned power trading concern, with a view to enable it to handle additional power in near future.
“Nearly 32,000mw is going to be generated in Orissa in the next few years,” said state energy minister SN Patro, adding, “Gridco is required to be positioned to deal with such a huge quantity of power in the future.”
The minister said the Grid Corpof Orissa has been converted into a limited company for greater efficiency. Gridco recently unveiled its new logo.
It has signed PPA (power purchase agreement) with 13 IPPs (independent power producers), lining up an additional thermal power capacity of 32,000mw.
Gridco will receive 25% of power from each of these IPPs on behalf of the state government. Besides, it will have the state’s share from the 4000mw ultra mega power project (UMPP) to be set up by the Centre through the bidding price route at the Sundergarh district of the state.
Moreover, it will have a share from NTPC’s 4000mw project and the three mega projects of 4000mw each to
be developed by the Centre by floating shell companies.
Gridco is at present handling about 2200mw. The company is bulk supplying about 1700mw to the state distribution companies while trading about 500mw.
The company is all set to make a turn around during this fiscal. Its accumulated loss, which has come down to Rs 199 crore by the end of 2007-08, is expected to be wiped out in 2008-09. In 2007-08, the company had posted a net profit of Rs 566 crore from a turn over of Rs 3247 crore.
Gridco’s loan amount came down to Rs 1900 crore in 2007-08 from Rs 3240 crore in 2004-05. The company is now paying loan and interest, said Gridco chairman & managing director CJ Venugopal.