2004: Power Sector Rating of SEBs

ICRA / CRISIL have been mandated by the Power Finance Corporation (PFC) at the instance of the Ministry of Power (MoP) to carry out a performance rating of the state power sector (State Electricity Boards) across all states. The initial report, which was finalised based primarily on the information available/made available till August 2002, was released in January 2003. The current exercise is the first surveillance of the rating and is based on data available till mid August 2003 for some states and end August, 2003 for some other states. The parameters used for the rating exercise have undergone a few changes compared to the original exercise. Hence both the original and the revised weightages for the parameters have been listed below.

Parameter Original/Revised
External 40/30
- State Government Parameters 20/17
- SERC Related Parameters 20/13
Internal 60/70
- Business Risk Analysis 25/27
Generation 6/6
Transmission & Distribution 19/21
- Financial Risk Analysis 30/23
Others 5/5
Progress in attaining commercial viability NA/15

Based on overall scores, the top 15 states/SEBs are..
1. Delhi - 57
2. Andhra Pradesh - 56.5
3. Goa - 52.2
4. Karnataka - 51.25
5. Gujarat - 50.99
6. Haryana - 49.63
7. Punjab - 46
8. Himachal Pradesh - 44.16
9. Uttar Pradesh - 41.85
10. Rajastan - 41.83
11. West Bengal - 40.89
12. Tamil Nadu - 39.63
13. Maharashtra - 37.75
14. Uttaranchal - 37.75
15. Kerala - 34.25

Based on scores against government parameters, the rankings are..
1. Haryana
2. Delhi
3. Goa
4. Gujarat
5. Karnataka
6. Uttar Pradesh

Based on scores against SERC parameters, the rankings are..
1. Delhi
2. Andhra Pradesh
3. Uttar Pradesh
4. Haryana
5. Karnataka
6. Tamil Nadu

Based on scores against generation parameters, the rankings are..
1. Karnataka
2. Rajastan
3. Himachal Pradesh
4. Uttaranchal
5. Andhra Pradesh
6. Punjab

Based on scores against transmission & distribution, the rankings are..
1. Kerala
2. Andhra Pradesh
3. Himachal Pradesh
4. Goa
5. Tamil Nadu
6. Gujarat

Based on scores against financial risk analysis, the rankings are..
1. Delhi
2. Goa
3. Gujarat
4. Andhra Pradesh
5. Uttaranchal
6. Karnataka

Based on scores against commercial viability, the rankings are..
1. Goa
2. West Bengal
3. Gujarat
4. Himachal Pradesh
5. Punjab
6. Maharashtra

Apart from extended rankings in each of the above categories, there is also an annexure explaining the rationale behind the overall ranking card. This annexure has a brief analysis of all the 28 states individually.