Chandigarh, March 9 (IANS) Punjab BJP President Sunil Jakhar on Monday exposed what he described as a conspiracy by the state AAP government to financially bankrupt the Punjab State Power Corporation Ltd (PSPCL).

Jakhar explained to the media here, with supporting facts, how the government is misleading the people of Punjab by showing the power corporation moving from loss to profit on paper. In reality, he said, the government is pushing this institution towards financial failure and eventual privatisation.

Jakhar said on November 28 last year, PSPCL filed its annual revenue requirement (ARR) petition with the Punjab State Electricity Regulatory Commission. In that petition, the corporation reported a loss of Rs 1,715 crore.

However, on February 4, 2026, for the first time in history, PSPCL filed a revised petition that the regulatory commission surprisingly approved. In this revised petition, the corporation claimed a surplus of Rs 7,852 crore and said it would require only Rs 15,200 crore electricity subsidy instead of Rs 19,600 crore.

In addition, Jakhar said the Rs 3,581.95 crore loss in government funding was wrongly recorded as income in the corporation’s financial accounts, which he said is incorrect and against the rules.

The BJP president further said that on the basis of this revised petition, the government has created the impression that electricity tariffs have been reduced. According to him, this is misleading the public.

He explained that the largest reduction has been shown for domestic consumption up to 300 units, but since electricity up to this limit is already free for many households, the benefit will not reach consumers. Instead, it will only reduce the subsidy the government pays to the power corporation.

He questioned whether the corporation can continue to function under such circumstances.

Jakhar emphasised that, regardless of the method used, actual costs and expenditures cannot be ignored. He said the financial condition of the power corporation is extremely concerning, and the government still owes Rs 11,109.70 crore in subsidies up to March 31, 2025. In addition, Rs 4,300 crore is pending for the period till now, and Rs 2,600 crore is owed by government departments.

He said by manipulating financial records, the corporation is being deliberately pushed towards large losses as part of a plan that will ultimately lead to its privatisation.

Jakhar also criticised the government for not appointing a regular chairman for the Punjab State Power Corporation.

He said even if an interim administrator is appointed, the position should be held by an officer at the Principal Secretary level, but the government has not followed this norm. The officer currently assigned to the role already handles multiple departments.

–IANS

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