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ICICI Securities Report
Although the lockdown period was extremely difficult and challenging, it provided few unexpected learning experiences.
In power sector, which was already facing stiff challenges, discom liquidity issues during the lockdown period worsened due to high cross subsidy between consumer segments, and the government had to provide support through Rs 900 billion loans Power Finance Corporation (PFC) / Rural Electrification Corporation (REC) among several other measures.
In this regard, a key learning has been the efficacy of digital/smart meters and the difference they made to discoms in terms of billing and collection.
While majority of discoms with conventional metering technology faced revenue shortages, smart meters enabled discoms to generate 95% billing efficiency and in fact increase average monthly revenue per consumer by 15-20%.
Our channel checks in Noida and Patna confirm the stance that consumers are more than willing to pay for reliable 24x7 power and better services, and that smart metering is a win-win for all stakeholders.
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