The operational performance of power utilities plays a critical role in ensuring reliable, efficient and sustainable electricity supply across the country. In 2024-25, power utilities across the generation, transmission and distribution segments continued to show encouraging signs of improvement. While thermal power plants (TPPs) recorded improved plant load factors (PLFs) in many cases, transmission utilities showed a mixed trend in reducing transmission losses. On the distribution side, aggregate technical and commercial (AT&C) losses witnessed a downward trend in many states, supported by ongoing reforms and efficiency initiatives under the Revamped Distribution Sector Scheme, while private discoms maintained their strong track record. This performance highlights the sector’s steady movement towards operational efficiency, though challenges persist for some utilities with high losses or declining performance.
Power Line takes stock of the performance of utilities across the power sector during the past year…
Generation
The national PLF of TPPs stood at 69.45 per cent in 2024-25, marking an improvement of 0.71 percentage points over the 68.74 per cent recorded in 2023-24. The all-India average thermal PLF has shown a steady recovery over the past four years, rising from a low of 54.5 per cent in 2020-21 to 69.45 per cent in 2024-25. This improvement has been driven primarily by sustained growth in electricity demand and the limited addition of new coal-based capacity. Although thermal PLFs have moderated in recent months due to relatively slower demand growth, the full-year average for 2024-25 is expected to remain at around 70 per cent.
The trend of improved utilisation is likely to sustain in the near to medium term, supported by robust demand growth and the absence of significant new thermal capacity. Over the long term, however, thermal PLFs are expected to come under pressure as the share of renewable energy in the generation mix continues to rise. The pace and extent of this shift will depend on the scale-up of renewable energy capacity and the parallel development of energy storage solutions.
Sector-wise, the central sector recorded the highest PLF during 2024-25. The average PLF of central sector-owned plants stood at 75.32 per cent, higher than the 74.98 per cent recorded in the previous year. In the state sector, the PLF was recorded at 63.23 per cent during 2024-25, marginally lower than the 64.19 per cent recorded in the previous year. In the private sector, the PLF increased from 67.28 per cent in 2023-24 to 69.96 per cent in 2024-25.
Utility-wise, of the 34 utilities tracked by Power Line Research, 16 reported an increase in PLF in 2024-25 as compared to the previous year. The highest PLF (90.59 per cent) was reported by Sasan Power Limited, which operates the 3,960 MW Sasan ultra mega power project in Madhya Pradesh, followed by West Bengal Power Development Corporation Limited (WBPDCL), with a PLF of 89.01 per cent.
Among central utilities, NTPC Limited recorded a PLF of 76.96 per cent during 2024-25, about 0.27 percentage point higher than its previous year’s record of 76.69 per cent. NTPC’s best-performing plant during 2024-25 was the Korba super thermal power station in Chhattisgarh, which recorded a PLF of 90.76 per cent, whereas its lowest PLF of 57.51 per cent was recorded at its Kudgi super thermal power plant in Karnataka. Among other central sector utilities, the Damodar Valley Corporation recorded a decrease of 1.1 percentage points in its PLF from 76.81 per cent during 2023-24 to 75.71 per cent during 2024-25, and NLC India Limited’s PLF decreased from 61.14 per cent to 60.62 per cent during 2024-25.
At the state level, WBPDCL was the best-performing utility with an impressive PLF of 89.01 per cent during 2024-25, well above the average state sector PLF of 63.23 per cent as well as the national average. Odisha Power Generation Corporation Limited was the second-best performing state utility with a PLF of 83.77 per cent, followed by Durgapur Projects Limited (DPL) with a PLF of 80.68 per cent and Singareni Collieries Company Limited (SCCL) with a PLF of 75.97 per cent during 2024-25. Ten state utilities recorded a decline in PLF during 2024-25 compared to 2023-24. These were SCCL, Chhattisgarh State Power Generation Company Limited, Maharashtra State Power Generation Company Limited, Andhra Pradesh Power Generation Corporation Limited, Telangana State Power Generation Corporation Limited, Tenughat Vidyut Nigam Limited, Gujarat State Electricity Corporation Limited, Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) and Gujarat Mineral Development Corporation Limited. Meanwhile, the rest reported an increase over the previous year’s level. The highest increase in PLF was reported by DPL and Andhra Pradesh Power Development Company Limited (APPDCL). DPL’s PLF increased by 31.52 percentage points from 49.16 per cent during 2023-24. Meanwhile, APPDCL recorded an increase of 10.15 percentage points, from 46.26 per cent in 2023-24 to 56.41 per cent in 2024-25.
In the private sector, PLFs varied widely, ranging from 48.59 per cent to 90.59 per cent. Jindal India Thermal Power Limited (JITPL), Essar Power Madhya Pradesh Limited, Adani Power Limited, Coastal Gujarat Power Limited, Essar Power Gujarat Limited, and JSW Energy Limited witnessed an increase in PLFs during the review period. Meanwhile, Sasan Power Limited, Torrent Power Limited (Sabarmati TPP), RattanIndia Power Limited, Adani Electricity Mumbai Limited (AEML), CESC Limited and Tata Power (Trombay thermal power station [TPS]) registered a decline in PLF. Seven private utilities reported PLFs higher than the national average. These were JITPL, RattanIndia, AEML, Sasan Power Limited, Adani Power Limited, Essar Power Madhya Pradesh and Torrent Power Limited (Sabarmati TPP). The highest year-on-year increase in PLF was reported by Essar Power Gujarat Limited, which registered a PLF of 54.3 per cent in 2024-25, against 38.23 per cent in 2023-24.
Transmission
The performance of state transmission utilities exhibited a mixed trend in 2024-25, with utilities tracked by Power Line Research reporting transmission losses in the range of 1.02 per cent for Power Transmission Corporation of Uttarakhand Limited (PTCUL) to 7.42 per cent (projected) for Manipur State Power Company Limited during 2024-25.
Of the 20 utilities for which data is available for 2024-25, nine registered a decline in their transmission losses over the previous year. Meanwhile, nine other utilities – Gujarat Energy Transmission Corporation Limited, Meghalaya Power Transmission Corporation Limited (MePTCL), Rajasthan Rajya Vidyut Prasaran Nigam Limited, Uttar Pradesh Power Transmission Corporation Limited, Madhya Pradesh Power Transmission Company Limited (MPPTCL), Transmission Corporation of Andhra Pradesh Limited (APTRANSCO), Bihar State Power Transmission Company Limited (BSPTCL), Haryana Vidyut Prasaran Nigam Limited (HVPNL), and West Bengal State Electricity Transmission Company Limited (WBSETCL) – registered an increase. Maharashtra State Electricity Transmission Company Limited did not register any change.
Among the utilities tracked, PTCUL reported the lowest transmission losses at 1.02 per cent, followed by HVPNL at 1.94 per cent (as of September 2024), and Jharkhand Urja Sancharan Nigam Limited and Punjab State Transmission Corporation Limited each at 2.23 per cent (proposed). Meanwhile, Transmission Corporation of Telangana, APTRANSCO, Karnataka Power Transmission Corporation Limited, MPPTCL, Tripura State Electricity Corporation Limited and BSPTCL recorded losses of 2.48-3 per cent during 2024-25. The remaining state transcos reported losses in the range of 3.09-7.42 per cent, including the state utilities of Assam, Maharashtra, Manipur, Gujarat, Kerala, Rajasthan, Meghalaya, Uttar Pradesh, Odisha and West Bengal.
Distribution
Data was compiled by Power Line Research for 35 discoms – 27 state-owned and eight private utilities – using information from tariff orders, the Bureau of Energy Efficiency (BEE) energy audit report and company reports. Among utilities, AT&C losses in 2024-25 ranged from a low of 3.32 per cent for India Power Corporation Limited (IPCL) to a high of 30.39 per cent for Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company Limited (MPMaKVVCL). Notably, 23 utilities saw a reduction in AT&C losses compared to 2023-24, with the most significant improvements observed in Jharkhand Bijli Vitran Nigam Limited, Ajmer Vidyut Vitran Nigam Limited (AVVNL), TP Southern Odisha Distribution Limited (TPSODL), South Bihar Power Distribution Company Limited and Jaipur Vidyut Vitran Nigam Limited (JVVNL), which reduced losses by 6-15 percentage points.
Among state utilities, Kerala State Electricity Board Limited (KSEBL) emerged as the top performer, with AT&C losses of 6.78 per cent in 2024-25. Additionally, 14 state-owned utilities recorded or estimated losses below 15 per cent, including AVVNL, Andhra Pradesh Central Power Distribution Corporation Limited (APCPDCL), Andhra Pradesh Southern Power Distribution Company Limited (APSPDCL), Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited (MPPaKVVCL), KSEBL, Andhra Pradesh Eastern Power Distribution Company Limited (APEPDCL), Dakshin Haryana Bijli Vitran Nigam Limited (DHBVNL), UHBVNL, Chamundeshwari Electricity Supply Corporation Limited (CHESCOM), Pashchimanchal Vidyut Vitran Nigam (PaVVNL), Mangalore Electricity Supply Company Limited (MESCOM), JVVNL, Kanpur Electricity Supply Company Limited (KESCO), Uttarakhand Power Corporation Limited (UPCL), and North Bihar Power Distribution Company Limited. The worst performers were Southern Power Distribution Company of Telangana, Northern Power Distribution Company of Telangana, Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited, Purvanchal Vidyut Vitran Nigam Limited, and MPMaKVVCL, with losses of 21.73 per cent, 23.46 per cent (till September 2024), 26.9 per cent, 29.3 per cent and 30.29 per cent respectively.
In the private sector, discoms generally reported a decline in losses. The three Odisha discoms (TP Northern Odisha Distribution Limited, TPSODL, and TP Central Odisha Distribution Limited) had losses between 11 per cent and 20 per cent. In Delhi, Tata Power Delhi Distribution Limited (TPDDL), recorded losses of 5.55 per cent, while BSES Rajdhani Power Limited (BRPL) and BSES Yamuna Power Limited (BYPL) reported losses of 6.63 per cent and 6.7 per cent respectively.
Data was collated for 61 discoms (51 state-owned discoms and 10 private utilities) from PFC’s report on Performance of Power Utilities for 2023-24. It was observed that among the state utilities, AT&C losses ranged from as low as 1.31 per cent for Dakshin Gujarat Vij Company Limited (DGVCL) to as high as 47.11 per cent for the Nagaland Power Department (PD) during 2023-24. A total of 41 utilities reported a decline in AT&C losses during 2023-24 compared to 2022-23. The most significant improvements were reported by Purvanchal Vidyut Vitaran Nigam Limited, Gulbarga Electricity Supply Company Limited (GESCOM), Goa PD, Sikkim PD, Madhyanchal Vidyut Vitaran Nigam Limited and Arunachal PD, which reported a reduction of around 10-7 percentage points in AT&C losses.
Among the state utilities, DGVCL was the best performer, with AT&C losses of 1.31 per cent during 2023-24. In addition, 24 state-owned utilities reported/estimated AT&C losses of less than 15 per cent during 2023-24. These are DGVCL, Brihanmumbai Electricity Supply and Transport Undertaking, APEPDCL, KSEBL, MESCOM, Madhya Gujarat Vij Company Limited, Uttar Gujarat Vij Company Limited, GESCOM, UHBVNL, CHESCOM, TANGEDCO, Himachal Pradesh State Electricity Board Limited, Punjab State Power Corporation Limited, KESCO, APCPDCL, Goa PD, Bangalore Electricity Supply Company Limited, MPPaKVVCL, DHBVNL, PaVVNL, UPCL, Assam Power Distribution Company Limited, APSPDCL and Manipur State Power Distribution Company Limited. The worst performing state-owned utilities during 2023-24 were Nagaland PD, Arunachal PD, and Ladakh PD, with AT&C losses of 47.11 per cent, 44.56 per cent and 42.46 per cent respectively.
Meanwhile, private sector discoms continued to report a steady performance, with losses of less than 10 per cent over the past couple of years. Only the four Odisha discoms acquired by Tata Power during 2019-20 and 2020-21 reported losses of around 14-26 per cent. AEML reported AT&C losses of 6.12 per cent during 2023-24.
Among the Delhi discoms, TPDDL recorded AT&C losses of 5.91 per cent, whereas BRPL and BYPL recorded AT&C losses of 6.58 per cent and 7.84 per cent respectively. Meanwhile, IPCL and Noida Power Company Limited recorded AT&C losses of 4.07 per cent and 7.81 per cent respectively.
Conclusion
Overall, the performance of power utilities in 2024-25 indicates a positive trajectory, with rising PLFs in thermal generation, a gradual reduction in AT&C losses and improved operational efficiency across many utilities. Going forward, sustained focus on operational efficiency, loss reduction and investment in modernisation will be critical for enhancing reliability and meeting the growing electricity demand. n
Akanksha Chandrakar
