KSEB financial revival scheme of Rs.28,000 crores overthrown

THIRUVANANTHAPURAM: The financial revival scheme brought to save Kerala’s biggest public sector company KSEB is overthrown. The financial scheme was for Rs.28,000 crores and it was brought to help the company cover its losses and become profit in five years.

After twenty years, it was only last financial year that KSEB showed profits. Following that the scheme was buried. According to the scheme the plans to revive KSEB included lowering the cost of electricity distribution, make the working cost at par with national level, lowering the number of employees according to Regulatory Commission guidelines, avoid pension burden, use central projects effectively, and to use potential of hydro power and solar powered electricity.

Electricity minister, K Krishnankuty, former KSEB Chairman and MD Dr. B Ashok, and finance director VR Hari led the preparation of the report for this scheme. After B Ashok and VR Hari left their positions, the management decided not to implement the scheme. The report also had suggestions to finish the second stage of Bhoothathan hydro project within a time limit.

The Regulatory Commission says that out of the 30,000 KSEB employees, 6000 employees are surplus. Their salary expenses are not accepted by the commission which has been an issue for some time now. In the financial report, it is suggested to bring down the number of employees step by step.

The scheme had suggested not to fill new vacancies of meter reader, driver, attender, and cashier. At the top level there are two chief engineers, four deputy chief engineers, 14 executive engineers, and there are other posts below these top posts. All these posts must be avoided. As the scheme is abandoned, all these posts have been filled.