Latest news with #AxisEnergyVentureInfra
New Indian Express
06-05-2025
- Business
- New Indian Express
YSRCP, CPM oppose Andhra government's power deal with Axis Energy
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.
Hans India
06-05-2025
- Business
- Hans India
YSRCP criticises coalition government for buying power at a high cost
Visakhapatnam: Terming the agreement made by the NDA government with Axis Energy Venture Infra to buy power at Rs.4.60 per unit as a big scam, former Minister Gudivada Amarnath came down heavily on the government for burdening the people with increased power charges. At a media conference held here on Monday, Amarnath pointed out that corruption is rampant as the coalition government intends to buy power at an exorbitant rate only to favour a few. 'When YS Jagan Mohan Reddy government signed an agreement with SECI to buy power at Rs.2.49 per unit, the TDP and JSP created a big scene and propagated a false campaign that the state would be losing Rs.1.10 lakh crore. Now, the same parties signed an agreement to buy power at almost double the cost per unit, Amarnath criticised, adding it shows the level of corruption that prevails. 'The agreement includes a ceiling of 25 years which means the power cost remains unchanged at Rs.4.60 even if there is a slump in power price,' he stressed. Misusing its discretionary powers, Amarnath said, the coalition government threatened the regulatory body too. From Rs.29,000 crore in 2014, the dues to power companies rose to Rs.86,300 crore by 2019. With a CAGR at 24 percent, it came to 7.2 percent in the YS Jagan Mohan Reddy's government despite the outbreak of Covid-19 pandemic. The power sector witnessed growth in the YSRCP's tenure after the defect policies in the TDP's rule, Amarnath recalled. TDP chief N. Chandrababu Naidu promised during elections that he would not increase power tariff and would in turn slash the rates. However, with increased power cost per unit, he is imposing an additional burden of Rs.15,000 crore on people, the former minister stressed. Referring to those who spoke against YS Jagan Mohan Reddy alleging corruption, Amarnath demanded an apology as the former Chief Minister intended to supply nine hours of uninterrupted free power to farmers. Former Minister Gudivada Amarnath speaking at a media conference held in Visakhapatnam on Monday.
