Chandigarh, March 9 (NationPress) Punjab BJP President Sunil Jakhar revealed on Monday what he termed a conspiracy by the state AAP government aimed at financially destabilizing the Punjab State Power Corporation Ltd (PSPCL).

Jakhar presented evidence to the media, illustrating how the government is deceiving the citizens of Punjab by falsely portraying the power corporation as transitioning from losses to profits on paper. He asserted that the reality is that the government is steering this entity towards financial collapse and potential privatization.

On November 28 of the previous year, PSPCL submitted its annual revenue requirement (ARR) petition to the Punjab State Electricity Regulatory Commission, indicating a loss of Rs 1,715 crore.

However, on February 4, 2026, PSPCL surprisingly filed a revised petition that the regulatory commission subsequently approved. This petition reported a surplus of Rs 7,852 crore and stated that the required electricity subsidy would only be Rs 15,200 crore instead of Rs 19,600 crore.

Furthermore, Jakhar pointed out that a loss of Rs 3,581.95 crore in government funding was incorrectly categorized as income in the corporation's financial statements, which he claimed is both incorrect and against established regulations.

The BJP president further articulated that the government has crafted the perception that electricity tariffs have decreased based on this revised petition. He described this as misleading the populace.

He elaborated that the most significant reductions are presented for domestic usage of up to 300 units, but as many households already receive free electricity within this limit, the benefit will not reach consumers. Instead, it will primarily cut down the subsidies the government allocates to the power corporation.

He raised concerns about the viability of the corporation under such circumstances.

Jakhar stressed that the actual costs and expenditures cannot be overlooked, regardless of the methods employed. He highlighted the alarming financial state of the power corporation, noting that the government still owes Rs 11,109.70 crore in subsidies as of March 31, 2025, with an additional Rs 4,300 crore pending and Rs 2,600 crore owed by various government departments.

He accused the government of intentionally manipulating financial records, thereby pushing the corporation towards substantial losses as part of a scheme that could lead to its eventual privatization.

Jakhar also condemned the government for failing to appoint a permanent chairman for PSPCL.

Even when an interim administrator is designated, it should ideally be an officer at the Principal Secretary level, a standard that the government has neglected. The current officer in this role is already managing several departments.