VIJAYAWADA: The YSRCP on Monday accused the coalition government of orchestrating a massive scam through its agreement with Axis Energy Venture Infra to purchase power at Rs 4.60 per unit.
YSRCP spokesperson Gadikota Srikanth Reddy and former minister Gudivada Amarnath, in separate press conferences, claimed the deal imposes an undue financial burden on the public while benefiting a select few through alleged kickbacks.
They contrasted the new deal with the YS Jagan Mohan Reddy government’s power procurement from SECI at Rs 2.49 per unit, stating the Rs 2.11 difference translates to an Rs 11,000 crore loss over time.
The 25-year fixed-rate agreement, immune to market fluctuations, and alleged interference with the Regulatory Commission under Section 108, further reflect deep-rooted corruption, they said.
YSRCP also noted that power sector dues ballooned from Rs 29,000 crore in 2014 to Rs 86,300 crore by 2019 under the TDP regime. In contrast, they said, the previous government slowed the growth to 7.2% CAGR despite the pandemic.
They criticised the current government’s decision, saying it contradicts Chief Minister Naidu’s promise to lower power prices.
Echoing the same, the CPM State unit has called for the cancellation of a power purchase agreement with Axis Energy Ventures, approved by APERC.
They argue that the deal will burden citizens with Rs 15,000 crore over the next 25 years. The CPI(M) has urged public protests to demand the scrapping of the contract.