Winding up the discussion on the Demands for Grants of the Power sector in the Legislative Assembly last night, the Deputy Chief Minister said that several hydroelectric projects have been undertaken in the state under close monitoring for ensuring that these are completed within the stipulated timeline.
"Two projects of 9MW capacity each in Dah and Hanu in district Leh have been completed and the commissioning of these projects shall be done during the current year while the tendering process of 12 MW Karnah HEP has also been initiated," he said adding that three new projects in joint venture with NHPC and Power Trading Corporation are at an advanced stage of tendering.
Referring to restructuring of State Power Development Corporation (SPDC), Mr Singh said the Power Deveopment Department will pay Rs 2,400 crore to it and at the time, SPDC will return Rs 4,300 crore which it has taken as loan from the state government over a period of time.
Once these two transactions are done, Rs 1,900 crore, the gap between the two transactions, shall be infused as equity into the company.
Further, fresh valuation of assets is expected to add additional Rs 1,000 crore to the equity base of SPDC, he added.
"In one go, SPDC will become a debt-free company with an equity base of around Rs 3,000 crore and post these changes, the company shall go for initial public offering (IPO)," he said.
"The Government is also finalizing the modalities of opening a Letter of Credit with J&K Bank, for timely payment of the power purchase bills. This will ensure power security and annual savings of about Rs 150 crore on account of interest," he added.
He also said that electrification of 22 villages has been achieved till January, 2018 and 26 villages shall be electrified by April, 2018. Remaining 54 villages shall be electrified through off grid mode by June, 2018, he added.
For expediting registration of connections of the un- electrified households, Mobile App namely Gram Jyoti Doot has been developed and 250 connections have been registered through this App, he informed.