REC- 1-51.p65 - Rural Electrification Corporation Ltd.

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22 crore and Fixed Assets of Rs.89.91 crore (including Capital Work in Progress), Investments of Rs.909.86 crore, Deferred Tax Asset of Rs.7.37 crore and balance of Rs.(-) 431.19 crore in Net Current Assets. During the year 2009-10 an amount of Rs.3068.39 lacs was written back to income as provision for Bad & Doubtful Debts made in earlier years, which were no longer required due to realisation / upgradation of Loan Assets. 6. DIRECTORS’ RESPONSIBILITY STATEMENT With reference to Section 217 (2AA) of the Companies Act,1956, it is confirmed as under : – (i) that in the preparation of the Yearly Accounts for the period ended 31.03.2010, the applicable Accounting Standards had been followed and no material departures have been made from the same; (ii) that such accounting policies have been selected and applied consistently and judgements and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; (iii) that proper and sufficient care is taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) that the annual accounts have been prepared on a going concern basis. 7. FINANCING ACTIVITIES REC has been funding power generation, transmission & distribution projects besides electrification of villages. Various initiatives in this regard are enumerated below: 7.1 Generation During the year 2009-10, the Company sanctioned 26 nos. of generation / R&M loans including 5 nos. additional loan assistance with total financial outlay of Rs.24031.32 crore, Since 2002-03 and upto 31.03.2010, REC has sanctioned financial assistance of Rs.103804 crore for R&M, thermal, wind and hydro generation projects. REC has disbursed Rs.8349 crore during 2009-10 against the on-going generation projects. The sector wise break up of loans sanctioned including additional loan assistance is as below: No. of Loans Loan Amount (Rs. in crore) STATE SECTOR Fresh Loan 9 12282.37 Additional Loan 4 PRIVATE SECTOR Fresh Loan 12 11749.95 Additional loan 1 Total : Fresh Loan+Additional Loan 21+5=26 24031.32 41st ANNUAL REPORT 2009-10 7.2 Transmission & Distribution REC continued to play an active role in creating new infrastructure and improving the existing ones under the transmission and distribution network in the country under its T&D portfolio. In line with the country’s objective to provide power for all by the year 2012 and also reduce the AT&C losses, REC has been financing schemes for expansion and strengthening of the transmission network and more importantly, modernizing of the distribution system. 7.3 System Improvement & Bulk Loan During the year 2009-10, a total of 289 system improvement schemes and bulk loan schemes were sanctioned involving a loan outlay of Rs.15421.64 crore. This included: (i) 30 schemes involving a loan assistance of Rs. 1177.75 crore for financing investment in the distribution system by way of installation of essential equipments like transformers, meters, capacitors etc. (ii) 29 schemes involving a loan assistance of Rs.1705.48 crore for conversion of Low Voltage Distribution to High Voltage Distribution System (HVDS), (iii) 122 schemes for Rs.3466.33 crore for improving the distribution system, and (iv) 108 schemes for Rs.9072.07 crore for improving the transmission network. 7.4 Pumpset energization During the year, 240020 electric irrigation pumpsets were reported energized under REC financed schemes. 103 new schemes for a loan assistance of Rs.964.74 crore were sanctioned during the year under this category. The statewise details and cumulative position up to 31.3.2010 are given in the enclosed Table-5 7.5 Activities in North Eastern (NE) States A loan assistance of Rs.30.83 crore was disbursed to the NE states under T&D programme during the year 2009-10 as compared to Rs.25 crore during the previous year. 1 scheme for a loan assistance of Rs.32.54 crore was sanctioned to Nagaland during 2009-10 under System Improvement category. 8. RAJIV GANDHI GRAMEEN VIDYUTIKARAN YOJANA (RGGVY) Government of India, in April 2005, launched the scheme ‘Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY)– Scheme of Rural Electricity Infrastructure and Household Electrification’ for the attainment of the National Common Minimum Programme (NCMP) goal of providing access to electricity to all households in 5 years. The scheme is being implemented through REC. Under the scheme 90% capital subsidy is being provided by Govt. of India for overall cost of the projects. 8.1 Electrification of villages and BPL Households Initial approval was for implementation of Phase I of the scheme for capital subsidy of Rs.5000 crore during X-Plan period. 235 projects covering 180699 villages (68763 unelectrified and 111936 electrified villages) with the total sanctioned project cost of Rs. 9733 crore were sanctioned for implementation by the Ministry of Power in X-Plan period.
RURAL ELECTRIFICATION CORPORATION LIMITED Further approval has been accorded for capital subsidy of Rs.28000 crore for continuation of the scheme in XI- Plan for attaining the goal of providing access to electricity to all households, electrification of about 1.15 lakh unelectrified villages and electricity connections to 2.34 crore BPL households. 338 projects covering 292767 villages (49736 un-electrified and 243031 electrified villages) costing Rs. 16621 crore have been sanctioned by Ministry of Power for implementation in XI-Plan. The state-wise details of projects sanctioned in X-Plan and XI-Plan periods under RGGVY are furnished in the enclosed Table-6. Under the scheme, it has been reported that works have been completed in 53370 villages (including 18374 unelectrified and 34996 electrified villages) and connections to 49.49 Lakh rural households including 47.18 Lakh BPL households have been provided during 2009-10. Cumulatively, works in 190858 villages (78256 unelectrified and 112602 electrified villages) have been completed and connections to 100.97 Lakh BPL households have been released under the scheme up to 31.03.2010. The state-wise details of Achievements of Electrification works in Un-electrified villages & Release of free electricity connections to BPL households upto 2008-09, during 2009-10 and Cumulative Achievements upto 31.03.2010 are furnished in the enclosed Table-7. 9. RGGVY - DECENTRALISED DISTRIBUTED GENERATION (DDG) RGGVY provides for DDG projects from conventional or renewable non-conventional sources such as biomass, biogas, mini hydro, wind and solar etc. for villages where grid connectivity is either not feasible or not cost effective. DDG Systems are small power generation units near the load centers. Ninety per cent capital subsidy would be provided under RGGVY towards overall cost of the DDG projects under the scheme, excluding the amount of state or local taxes, which will be borne by the concerned State/State Utility. 10% of the project cost would be contributed by states through own resources/loan from financial institutions. A provision of Rs. 540 crore has been kept as subsidy for DDG projects under XI-Plan. The Guidelines for DDG projects under RGGVY have been issued by Ministry of Power on 12.01.2009. Many States have appointed implementing agencies for DDG projects and are in the process of appointing consultants for preparation of DPRs for DDG projects. 10. CONTRIBUTION OF REC IN PROMOTION OF RENEWABLE/DDG PROJECTS So far the Company has financed various Renewable Projects as per details given below as on 31.03.2010: Projects under Implementation and Projects Commissioned. Sl. Description Projects Projects TOTAL No. under Commi- Implementation ssioned (i) Value of Loan sanctioned (Rs. crore) 1504.58 132.96 1637.54 (ii) Disbursement made so far (Rs crore) 267.73 126.10 393.83 (iii) Value of Projects Sanctioned (Rs crore) 2096.05 378.61 2474.66 (iv) MW of Projects 332.70 61.46 394.16 (v) No. of Projects 12 11 23 11. STANDARDISATION, QUALITY CONTROL & MONITORING The Company has continually provided technical expertise in the distribution system to State Power Utilities. The technical specifications and construction standards issued by the Company are used extensively by the State Power Utilities. The Company, in order to promote new technologies, has been continuously looking for innovations using latest R&D in the field of power distribution and has recently issued / updated technical specifications on Insulation Piercing Connectors for LT Aerial Bunched Cables of Voltage upto 1100 volts and Anchor (Dead end) and Suspension Assemblies for LT Aerial Bunched Cables of working voltage upto and including 1100 volts. In line with the Three-Tier Quality Control Mechanism for ensuring proper quality of materials and works in implementation of RGGVY XI - Plan schemes, REC Quality Monitors (RQM) have been appointed during the financial year covering 332 projects in 24 states of the country. And these RQMs have undertaken 1245 Nos. of RGGVY project materials inspections during the year under review for ensuring quality of equipments and an amount of Rs.1,35,27,230/- has been released to the RQMs. 12. ENERGY EFFICIENCY SERVICES LIMITED REC along with three other PSUs namely Powergrid, NTPC, and PFC as partners has formed a Joint Venture Company by the name Energy Efficiency Services Limited (EESL). The total equity requirement for EESL is Rs. 190 crore to be shared equally by the four PSUs. EESL shall take a lead in implementing energy efficiency projects, play a market creation role in promoting usage of energy efficient appliances, promote the concept of Energy Service Companies (ESCOs) and performance contracting, manage a partial risk guarantee fund to provide risk mitigation to ESCOs etc, besides taking over the current commercial roles being discharged by the Bureau of Energy Efficiency (BEE). Thus EESL is expected to implement the recommendations under the National Mission for Enhanced Energy Efficiency (NMEEE) which is part of the National Action Plan for Climate Change (NAPCC). The business plan of EESL envisages taking up projects in Energy Conservation and Building Codes, Agriculture Demand Side Management 23
Page 2 and 3: CORPORATE OFFICE ZONAL OFFICES REGI
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Page 6 and 7: 4 MISSION Mission & Objectives 41st
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