Gujarat’s power distribution companies (DISCOMs) continued to top the Ministry of Power’s thirteenth annual integrated ratings with all four of its DISCOMs retaining their A+ ratings.

In all, 42 state DISCOMs and 10 private DISCOMs, and 11 power departments of states were evaluated for their performance across various metrics during the financial year 2023-24.

Of the 63 DISCOMs and power departments, 21 improved their ratings, 29 retained their ratings, and 13 were downgraded. The total number of DISCOMs graded A+ stayed at 11.

Four of the top-rated DISCOMs are from Gujarat, three from Odisha, two from Haryana, and one each from Maharashtra and Uttar Pradesh.

Here is a breakdown of the performances of various DISCOMs from some of the key states:

1. Andhra Pradesh  

 

All Andhra Pradesh DISCOMs were downgraded in the latest ratings from the previous year.

Eastern Power Distribution Company of Andhra Pradesh was downgraded from A to B in 2024. The company sold 27,347 million units (MU), generating a revenue of ₹202.8 billion (~$2.33 billion).

Aggregate Technical and Commercial (AT&C) loss increased to 10.41% from 5.94% due to a decrease in collection efficiency to 95.46% from 100%. Billing efficiency also dropped to 93.85% from 94.06%.

Average Cost of Supply-Average Revenue Realized (ACS-ARR) gap deteriorated by ₹-0.48 (~$-0.00554)/kWh in FY24.

Andhra Pradesh Central Power Distribution Corporation was downgraded from B- to C in 2024. The company sold 15,644 MU, generating a revenue of ₹128.86 billion (~$1.48 billion)

AT&C loss widened to 11.37% from 10.33% due to a reduction in collection efficiency to 96.33% from 97.49%. Billing efficiency improved to 92% from 91.98%.

ACS-ARR gap deteriorated by ₹-0.56 (~$-0.00646)/kWh.

Southern Power Distribution Company of Andhra Pradesh was downgraded from B- to C. The company sold 28,732 MU, generating a revenue of ₹232.6 billion (~$2.68 billion).

AT&C loss increased to 13.95% from 8.08% due to a drop in collection efficiency to 93.6% from 100%. Billing efficiency increased to 91.94% from 91.92%.

ACS-ARR gap deteriorated by ₹-0.68 (~$-0.00784)/kWh.

2. Chhattisgarh

Chhattisgarh State Power Distribution Company was upgraded from B- to B. The company sold 31,650 MU of energy, generating revenue of ₹194.45 billion (~$2.24 billion).

AT&C loss decreased to 15.88% from 16.14% YoY due to an improvement in billing efficiency to 85.78% from 83.86%. Collection efficiency was also reduced to 98.06% from 100%.

ACS-ARR gap improved by ₹0.14 (~$0.00162)/kWh.

3. Gujarat

All DISCOMs in the state retained an A+ rating in the latest DISCOM ratings.

Uttar Gujarat Vij Company retained an A+ rating. The company sold 28,498 MU of energy, generating revenue of ₹196.72 billion (~$2.26 billion).

AT&C loss dropped to 8.32% from 9.35% due to an improvement in collection efficiency to 99.71% from 98.11%. Billing efficiency also fell to 91.94% from 92.4%.

The ACS-ARR gap improved by ₹0.47 (~$0.00542)/kWh in FY24.

Dakshin Gujarat Vij Company retained its A+ rating. The company sold 29,554 MU of energy, generating revenue of ₹239.33 billion (~$2.76 billion).

AT&C loss fell to 1.31% from 1.65% due to an improvement in collection efficiency to 100% from 99.95%. Billing efficiency also improved to 98.69% from 98.4%.

ACS-ARR gap has improved by ₹0.60 (~$0.00692)/kWh.

Madhya Gujarat Vij Company retained its A+ rating. The company sold 12,957 MU of energy, generating revenue of ₹98.64 billion (~$1.13 billion).

AT&C loss dropped to 6.9% from 9.19% due to an improvement in collection efficiency to 99.75% from 99.11%. Billing efficiency also improved to 93.33% from 91.63%.

ACS-ARR gap improved by ₹0.52 (~$0.006)/kWh in FY24.

Paschim Gujarat Vij Company retained its A+ rating. The company sold 37,181 MU of energy, generating a revenue of ₹268.51 billion (~$3.09 billion).

AT&C loss dropped to 15.84% from 18.41% due to an improvement in billing efficiency to 86.26% from 82.61%. Collection efficiency dropped to 97.57% from 98.76%.

The ACS-ARR gap improved by ₹0.56 (~$0.00646)/kWh in FY24 compared to last year.

4. Karnataka

This year, three DISCOMs improved their grades. The rating of one DISCOM came down, while another DISCOM retained its rating from the previous year.

Bangalore Electricity Supply Company was upgraded from C to B-. The company sold 36,185 MU of energy, generating revenue of ₹328.89 billion (~$3.79 billion).

AT&C’s loss improved to 10.15% from 12.78% due to an improvement in collection efficiency to 98.88% from 96.07%. Billing efficiency also improved to 90.87% from 90.79%.

The ACS-ARR gap improved by ₹0.01 (~$0.00012)/kWh in FY24.

Chamundeshwari Electricity Supply Corporation (CHESCOM) upgraded from B to A in 2024. The company sold 8,674 MU of energy, generating revenue of ₹78.48 billion (~$905.36 million).

AT&C loss decreased to 9.38% from 10.22% due to an improvement in billing efficiency to 90.62% from 89.78%. CHESCOM achieved 100% collection efficiency.

The ACS-ARR gap worsened by ₹-0.14 (~$-0.00162)/kWh in FY24.

 Gulbarga Electricity Supply Company upgraded from C to B. The company sold 9,577 MU of energy, generating revenue of ₹83.9 billion (~$967.88 million).

AT&C loss decreased to 9.61% from 19.26% due to an improvement in collection efficiency to 100% from 90.21%. Billing efficiency improved to 90.39% from 89.5%.

The ACS-ARR gap improved by ₹0.81 (~$0.00934)/kWh in FY24.

Hubli Electricity Supply Company retained its C rating. The company sold 15,597 MU of energy, generating revenue of ₹130.86 billion (~$1.5 billion).

AT&C loss decreased to 17.92% from 18.12% due to an improvement in billing efficiency to 85.19% from 84.28%.  Collection efficiency dropped to 96.34% from 97.15%.

Compared to last year, there was no improvement or regression in the ACS-ARR gap in FY24.

Mangalore Electricity Supply Company was downgraded from A to C. The company sold 6,877 MU of energy, generating revenue of ₹56.32 billion (~$649.71 million).

AT&C loss worsened to 14.17% from 9.2% due to a deterioration in collection efficiency to 93.94% from 99.15%. Billing efficiency dropped to 91.37% from 91.58%.

ACS-ARR gap also deteriorated by ₹-1.89 (~$-0.0218)/kWh.

5. Madhya Pradesh

The ratings for the state DISCOMs were mixed, with two DISCOMs being downgraded and one DISCOM retaining its rating.

Madhya Pradesh Madhya Kshetra Vidyut Vitaran Company was downgraded from B to B-. The company sold 23,743 MU of energy, generating a revenue of ₹161.7 billion (~$1.86 billion).

AT&C loss widened to 29.09% from 22.89% due to a decrease in collection efficiency to 95.41% from 100%. Billing efficiency also dropped to 74.32% from 77.11%.

ACS-ARR gap deteriorated by ₹-1.89 (~$-0.0218)/kWh.

Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company (MPPaKVVCL) retained its A rating. The company sold 28,335 MU of energy, generating revenue of ₹207.05 billion (~$2.38 billion).

AT&C loss decreased to 12.33% from 12.6% due to an improvement in billing efficiency to 87.67% from 87.4%. MPPaKVVCL retained its 100% collection efficiency record over the last two years.

ACS-ARR gap deteriorated by ₹-0.26 (~$-0.003)/kWh.

Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company was downgraded from B- to C. The company sold 19,414 MU of energy, generating revenue of ₹136.26 billion (~$1.57 billion).

AT&C loss worsened to 29.52% from 27.09% due to a decrease in collection efficiency to 97.94% from 100%. Billing efficiency also dropped to 71.96% from 72.91%.

ACS-ARR gap deteriorated by ₹-0.94 (~$-0.01084)/kWh.

6. Maharashtra

Maharashtra State Electricity Distribution Company was downgraded from C to C-. The company sold 134,193 MU of energy, generating revenue of ₹1.03 trillion (~$11.88 billion)

AT&C loss increased to 24.38% from 17.38% due to a decrease in collection efficiency to 90.47% from 97.27% Billing Efficiency also dropped to 83.59% from 84.94%.

The ACS-ARR gap improved by ₹0.67 (~$0.00773)/kWh.

Adani Electricity Mumbai retained its A+ rating. The company sold 9,813 MU of energy, generating revenue of ₹86.65 billion (~$999.61 million).

AT&C loss widened to 6.12% from 6.48% due to a drop in collection efficiency to 99.73% from 99.78%. Billing efficiency improved to 94.13% from 93.73%.

ACS-ARR gap also improved by ₹0.91 (~$0.0105)/kWh.

7. Odisha

All but one DISCOM was downgraded from B to B-.

TP Central Odisha Distribution retained its A+ rating. The company sold 8,853 MU of energy, generating revenue of ₹53.7 billion (~$619.49 million).

AT&C loss decreased to 21.65% from 22.64% due to an improvement in billing efficiency to 78.35% from 77.36%. Collection efficiency remained at 100%.

ACS-ARR gap improved by ₹0.06 (~$0.00069)/kWh.

TP Northern Odisha Distribution retained its A+ rating. The company sold 6,017 MU of energy, generating ₹36.21 billion (~$417.72 million).

AT&C loss decreased to 14.61% from 17.25% due to an improvement in collection efficiency to 100% from 98.96%. Billing efficiency has increased to 85.39% from 83.62%.

The ACS-ARR gap deteriorated by ₹-0.06 (~$-0.00069)/kWh.

TP Southern Odisha Distribution was downgraded from B to B-. The company sold 3,195 MU of energy, generating ₹17.84 billion (~$205.80 million).

AT&C loss dropped to 26.75% from 30.59% due to an improvement in the collection efficiency to 99.61% from 92.12%. Billing efficiency also decreased to 73.53% from 75.34%.

ACS-ARR gap also improved by ₹0.24 (~$0.00277)/kWh.

TP Western Odisha Distribution retained its A+ rating. The company sold 10,644 MU of energy, generating revenue of ₹61.75 billion (~$712.36 million).

AT&C loss decreased to 17.9% from 20.26% due to an improvement in collection efficiency to 98.36% from 97.66%. Billing efficiency also increased to 83.47% from 81.65%.

ACS-ARR gap deteriorated by ₹-0.91 (~$-0.0105)/kWh.

8. Rajasthan

Two of the Rajasthan DISCOMs were downgraded, and one DISCOM retained a B- rating.

 Ajmer Vidyut Vitran Nigam was downgraded from B to B-. The company sold 24,779 MU of energy, generating a revenue of ₹195.19 billion (~$2.25 billion).

AT&C loss widened to 15.49% from 10% due to a decrease in collection efficiency to 94.77% from 100%. Billing efficiency also decreased to 89.18% from 90%.

ACS-ARR gap improved by ₹0.07 (~$0.00081)/kWh.

Jodhpur Vidyut Vitran Nigam retained its B- rating. The company sold 26,606 MU of energy, generating revenue of ₹201.91 billion (~$2.32 billion).

AT&C loss increased to 28.72% from 20.99% due to a drop in collection efficiency to 93.15% from 100%. Billing efficiency also decreased to 76.52% from 79.01%.

ACS-ARR gap deteriorated by ₹-0.36 (~$-0.00415)/kWh.

Jaipur Vidyut Vitran Nigam was downgraded from B to B-. The company sold 32,462 MU of energy, generating revenue of ₹256.73 billion (~$2.96 billion).

AT&C loss widened to 20.83% from 14.59% due to a decrease in collection efficiency to 93.99% from 100%. Billing efficiency decreased to 84.23% from 85.41%.

ACS-ARR gap deteriorated by ₹-0.20 (~$-0.00231)/kWh in FY24.

9. Tamil Nadu

The state’s only DISCOM, Tamil Nadu Power Distribution Corporation, retained its C- rating. The company sold 92,735 MU of energy, generating revenue of ₹716.49 billion (~$8.26 billion).

AT&C loss widened to 12.92% from 10.31% due to a drop in collection efficiency to 96.67% from 98.75%. Billing efficiency decreased to 90.08% from 90.83%.

ACS-ARR gap deteriorated by ₹0.78 (~$0.009)/kWh in FY24.

10. Telangana

The two DISCOMs in the state performed poorly and were downgraded to a C- rating.

Northern Power Distribution Company of Telangana was downgraded from C to C-. The company sold 21,063 MU of energy, generating revenue of ₹144.66 billion (~$1.66 billion).

AT&C loss dropped to 20% from 22.19% due to an improvement in collection efficiency to 88.18% from 83.82%. Billing efficiency decreased to 90.73% from 92.83%.

ACS-ARR gap deteriorated by ₹-0.16 (~$-0.00185)/kWh.

Southern Power Distribution Company of Telangana was downgraded from C to C-. The company sold 53,325 MU of energy, generating ₹291.97 billion (~$3.36 billion).

AT&C loss increased to 18.84% from 17.2% due to a drop in collection efficiency to 88.75% from 90.49%. Billing efficiency also decreased to 91.45% from 91.5%.

ACS-ARR gap has deteriorated by ₹-0.47 (~$-0.00542)/kWh.

11. Uttar Pradesh

The state DISCOMs managed to retain the same ratings as last year.

Dakshinanchal Vidyut Vitran Nigam retained its C- rating. The company sold 24,166 MU of energy, generating revenue of ₹176.03 billion (~$2.03 billion).

AT&C loss dropped to 20% from 24.04% due to an improvement in collection efficiency to 98.08% from 96.87%. Billing efficiency increased to 81.56% from 78.41%.

The ACS-ARR gap improved by ₹1.16 (~$0.01338)/kWh.

Kanpur Electricity Supply Company retained its B- rating. The company sold 3,878 MU of energy, generating revenue of ₹34.16 billion (~$394.07 million).

AT&C loss dropped to 9.6% from 11.33% due to an improvement in collection efficiency to 100% from 97.75%. Billing efficiency decreased to 90.4% from 90.71%.

ACS-ARR gap has deteriorated by ₹-0.64 (~$-0.00738)/kWh in FY24.

Madhyanchal Vidyut Vitran Nigam retained its C- rating. The company sold 24,077 MU of energy, generating ₹184.39 billion (~$2.12 billion).

AT&C loss decreased to 15.53% from 23.46% due to an improvement in collection efficiency to 99.34% from 90.12%. Billing efficiency increased to 85.04% from 84.94%.

ACS-ARR gap improved by ₹1.88 (~$0.02169)/kWh.

Purvanchal Vidyut Vitran Nigam retained its C- rating. The company sold 27,224 MU of energy, generating revenue of ₹184.39 billion (~$2.12 billion).

AT&C loss dropped to 17.33% from 27.27% due to an improvement in collection efficiency to 100% from 88.06%. Billing efficiency increased to 82.67% from 82.59%.

ACS-ARR gap improved by ₹2.16 (~$0.02492)/kWh.

Paschimanchal Vidyut Vitran Nigam retained its B rating. The company sold 34,133 MU of energy, generating revenue of ₹264.79 billion (~$3.05 billion).

AT&C loss dropped to 14.25% from 17.06% due to an improvement in collection efficiency to 98.25% from 96.85%. The billing efficiency has also improved to 87.28% from 85.64%. CS-ARR gap improved by ₹0.23 (~$0.00265)/kWh in FY24 compared to last year.

Noida Power Company retained its A+ rating. The company sold 3,136 MU of energy, generating revenue of ₹23.17 billion (~$267.29 million).

AT&C loss decreased to 7.81% from 8.36% due to an improvement in collection efficiency to 99.64% from 99.21%. Billing efficiency increased to 92.52% from 92.37%.

ACS-ARR gap deteriorated by ₹-0.21 (~$-0.00242)/kWh in FY24.

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