REC sanctions Rs 220 billion under new LPS Rules

REC Limited has provided a financial assistance of approximately Rs 220 billion on August 3, 2022 for clearing the outstanding dues by the distribution licensees of Jharkhand, Rajasthan, Chhattisgarh and Jammu and Kashmir under LPS Rules 2022.

Major states such as Rajasthan, Jharkhand, Tamil Nadu, Maharashtra, Jammu and Kashmir, Madhya Pradesh and Uttar Pradesh with pending power purchase dues to the tune of almost Rs 960 billion are complying with the rules. In line with the same, the distribution licensees of these states will be paying around Rs 26 billion to their electricity suppliers on August 5, 2022.