CHENNAI: The State government has initiated steps to define and delineate property rights, liabilities and responsibilities of the restructured Tamil Nadu Generation and Distribution Corporation (Tangedco).
As per the newly introduced Tamil Nadu Electricity Restructuring and Transfer Scheme 2024, properties and interests will now be allocated to Tamil Nadu Power Generation Corporation Limited (TNPGCL) and Tamil Nadu Green Energy Corporation Limited (TNGECL), effective from March 6.
Earlier, on January 24, the state government had approved the restructuring of Tangedco, separating its generation and distribution arms, alongside the formation of the TNGECL through the merger of the Tamil Nadu Energy Development Agency. These entities have been registered under the Companies Act 2013.
As part of the restructuring process, notifications have been issued to delineate properties, liabilities, and other pertinent aspects. According to Schedule A of the G.O issued, thermal plants including those in Ennore, North Chennai and Thoothukudi, boasting a collective capacity of 4,320 MW, along with Gas Turbine Power Stations (516.08 MW), have been transferred to TNPGCL. Additionally, joint-venture projects at Vallur and Neyveli, alongside all thermal power projects, have been incorporated into TNPGCL.
Furthermore, aggregate assets and liabilities as of April 1, 2023, amounting to Rs 58,398 crore, have been transferred to TNPGCL.
Similarly, hydro power plants with a combined capacity of 2,321.90 MW and wind energy generating stations (17.55 MW), along with hydro power projects under construction, have been allocated to TNGECL as per schedule B. The total assets and liabilities transferred to TNGECL stand at Rs 8,269 crore each.
All existing undertakings and assets not transferred to TNPGCL and TNGECL will remain within Tangedco. The transition of Tangedco’s employees to TNPGCL and TNGECL will be conducted on a deputation basis until further directives from the state government.
Sources indicate that the appointment of chairman and directors for these companies will be considered after the parliamentary election.