the leading electrical & electronics monthly

VOL 14 z ISSUE NO. 9 z MAY 2023 PGS. 106 ISSN 0970-2946 z Rs. 100/-

SMART TRANSFORMERS
The Way Forward...

16 26 34 56

Cover Story : Transformer Cooling Methods and Testing Procedure

Guest Article : Ester Fluids Technology for Transformer Applications
Ministry Update : 5 States front-runners in State Energy Efficiency Index 2021-22
Special Feature : Gujarat State Discoms and Adani Electricity Secure Top Positions
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May 2023 5
From the President’s Desk

Dear Members,
As a country and an industry, FY23 was a
good turning point. Apart from good domestic
growth, we saw a healthy increase in exports,
especially to developed economies. With the
growth trajectory we are on, in FY24 India in
absolute terms will add more to the global
GDP than any other economy (including the
United States, Germany and Japan), except
for China. Indeed, we are poised for an exciting
journey ahead and we must march ahead
with a firm resolve to emerge as not just the
3rd largest global economy but as the new
manufacturing hub of the world.

On 18th February 2023, IEEMA had organized

a closed-door CEO Round Table meeting with
Shri R K Singh (Honorable Minister for Power and
MNRE) in Delhi. Earlier in the day, the Honorable
Minister at the inauguration of Elecrama 2023
had shared the Government of India’s firm
resolve to add ~500 GW of new Electricity
Capacity by 2030 (this implies adding in 7
years the capacity we have built over the
past 50 years!), 75% of which needs to come
through Renewables. And he had solicited the
industry’s support to make this happen, not just
in terms of the capacity of execution but also
by bringing in new technologies and solutions.
In that context, the focus of the CEO Round
Table was to brainstorm with the Honorable
Minister on how we shape the power sector
over the coming years such that it enables
and accelerates India’s responsible growth
aspirations. The focus was on three main
themes:
1. Accelerating India’s Green Energy
Journey. India has made a conscious call
that as we focus on growth, we will do this
in a responsible manner and focus on the
Green Transition. As we Build Green (~350
GW of RE electricity over the next 7-8
years will be the largest build out globally),
we will have the opportunity to emerge
as a global leader in several of the new
technologies & solutions for generation,
storage (including grid storage) and
consumption. We focused our discussion
on five broad areas in our discussion –
h Accelerating Energy Efficient solutions
for Buildings with focus on approaches
such as Radiant Cooling, Heat Pumps and
IT/IoT enabled automation solutions.
h Piloting & scaling up technologies and
economic models for Grid Scale Storage
solutions, especially those where India
can be self-reliant across the value chain.
h Creating an ecosystem to actively
encourage and provide a platform
for Startups to participate in this large
opportunity. We launched ElectraVerse
Spark as a platform for startups in the
power sector. We will work with the
ministry to conceptualize specific problem
statements for the sector and leverage
this platform for giving an opportunity to
startups to showcase their technologies/
solutions.

6 May 2023
From the President’s Desk
h Developing a robust Time of Day Tariff
framework to encourage demand side
actions for better balancing of power
demand during the day as we increase
share of renewables. This could also help
create new business opportunities for
private players in areas such as commercial
storage services for electricity.
h Exploring opportunities to enhance
usage of Green Hydrogen, including
enhancing solar cell efficiencies, storage
& distribution systems, and conversion
for use in fuel cells for Heavy EVs.
2. Transitioning from “Power to All” to
“Quality Power to All”. Over the past
decade, we have made tremendous
progress to connect every district, village
and household to the grid. The focus now
is to ensure Quality and Reliable electricity.
With this in mind, we are working on three
specific areas –
h Encouraging innovation in design of
transmission networks to bring focus on
quality of equipment and infrastructure.
There is a dire need for us to move away
from the L1 tendering system to QCBS
(Quality & Cost based system) and focus
on the quality and reliability of the network.
This move will also encourage innovation
and faster adoption of new technologies/
solutions. However, this also necessitates
responsible action by us as an industry.
h Standardizing specifications across the
country. There is a need to create standard
May 2023
specifications to create economies of
scale for equipment suppliers and to
accelerate project execution.
h Easing Right of Way issues especially
in urban/city areas. Given multiple
agencies involved, these issues delay
a lot of projects and MoP will explore
how it can support on this.
3. Strengthening domestic
manufacturing – AatmaNirbhar Bharat
2.0. Having made strong progress on
Make in India over the past few years,
we need to now shift focus to Imagine in
India. As we strive to lead the world, we
need more focus on innovation in both
the technologies and the solutions, with
greater emphasis on R&D and stronger
engagement between industry &
academia. We are also working with
MoP on how the Indian Testing Facility
infrastructure can be strengthened and
made world class.
We plan to work very closely with the
Ministry of Power and New & Renewable
Energy to lay the foundation for an
AatmaNirbhar Bharat, a Green Bharat
and an Energy Independent Bharat.
I look forward to all of you actively
engaging with us on these priorities.
5RKLW3DWKDN
7
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THE RIGHT ENERGY CAN TAKE YOU ANYWHERE | ENRX.COM

8 May 2023
May 2023 9
Samvaad...
Dear Exhibitors,
Bringing down nationwide aggregate technical
& commercial (AT&C) losses in the power
distribution sector to below 15 per cent is the
country’s ultimate goal. It is towards this sole
objective that all efforts towards reforming,
revamping and resurrecting the power distribution
are channelized.
To this effect, there appears to be some good
news. The latest “11th Annual Integrated Rating
and Ranking Report” covering the performance
of 71 discoms for the period FY2021-22, which
was recently released, suggests that AT&C
losses in FY22 dropped to 16.5 per cent -- a
big improvement over 19.9 per cent in FY20
and 21.5 per cent in FY21. The 350-plus page
report, among other things, also observed that
state electricity regulatory commissions are
becoming more responsive. This was borne out
by the fact that 65 utilities out of the 71 surveyed
announced new tariffs for FY23, as against a
lower 58 in FY22.
The Electricity (Amendment) Bill 2022 was
recently tabled in Parliament and is expected
to come for discussion in the upcoming
monsoon session. This amendment attempts
to tackle, albeit indirectly, the long-pending
issue of separation of “wire” and “supply” in
the power distribution sector. In summary, it is
proposed that multiple distribution companies be
allowed to function in an area, using the same
distribution network. Tariff caps – both floor and
ceiling – have also been mooted. While this
would certainly empower consumers, thanks to
being able to choose suppliers, the amendments
have engendered a slew of concerns. For one,
regulatory commissions have been given more
authority, which could potentially weaken the
control of state governments on them. Secondly,
multiple operators would tend to go in for lucrative
distribution circles, while low-consumption circles
could continue to remain underserved.
While India’s electricity consumption is bound
to increase, in keeping with better standards
10
of living, it is equally important that electricity
is used efficiently. To this effect, demand side
management will need to be pursued as a
perpetual endeavour. In fact, energy efficiency
is that bedrock on which the edifice of India’s
climate-related commitments would stand. In
order to evaluate the performance of states,
the power ministry recently released the report
of State Energy Efficiency Index (SEEI) 2021-
22. The report found that five states – Andhra
Pradesh, Karnataka, Kerala, Rajasthan and
Telangana – are at the forefront, four others have
been placed in the immediately lower “achiever”
category.
While this is a good beginning, it is pertinent to
observe that for the nation to become energy-
efficient, we as an industry will have to work
hand-in-hand with the government. It is our
prime responsibility to adopt new technologies
and manufacture products considering the
energy-efficiency parameters.
This is what we at IEEMA will work towards i.e.
Safety, Quality and reliability. In the coming
months you will see several initiatives from
IEEMA unfold around these themes and also
facilitating on membership integration in new
energies. Watch out for this space
Thank you!
Charu Mathur
May 2023
May 2023 11
Contents

the leading electrical & electronics monthly

Volume 14 Issue No. 09 May 2023 CIN U99999MH1970GAP014629

Official Organ of Indian Electrical & Electronics Manufacturers’ Association
Member: The Indian Newspaper Society

7 16
From the President’s
Transformer
Desk Cooling Methods
and Testing Procedure
10
Samvaad

16
Cover Story
Transformer Cooling
Methods
and Testing Procedure
Now in modern society use of
electricity through different devices
is growing in multiple times annually.
So load at the incoming point is
growing along with transformer.
Ultimately load on the transformer
is growing continuously. So globally
loss limit fixed by considering
different parameter/matrix by most
of the countries to maintain MEPS
norms. It may be with reference
either in guidance of IEC or
IEEE Standards. We supposed
to comply the Paris Agreement/
Global worming/conservation
of energy/energy efficiencies/
loss minimisation/standard
formation & implementation in all
level of energy utilities & devices
including distribution transformer
for sustainability of our energy
resources. In India, BIS as the Govt.
authority modified its specification
for loss minimisation along with
temperature reduction in its
specification IS-1180 (part-1) 2014
Amendment 4.
26
Guest Article
Adaptive Environmental
Friendly Ester Fluids
Technology and Usage for
Transformer Applications
Importance of Electronic
Components in
Automobile Industry
Transformers are one of the most
important equipments in power
system network. Transformer
failures can be broadly categorized
due to electrical and/or mechanical
faults. Preventive diagnosis and
maintenance of transformer have
become more and more popular in
recent time in order to improve the
reliability of electric power system.
34
Ministry Update
Andhra Pradesh, Karnataka,
Kerala, Rajasthan and
Telangana, front-runners in
6WDWH(QHUJ\(IÀFLHQF\,QGH[
2021-22
Andhra Pradesh, Karnataka, Kerala, Rajasthan and Telangana,
front-runners in State Energy Efficiency Index 2021-22
Union Minister of Power and New
& Renewable Energy, Shri R. K.
Singh released the report of State
Energy Efficiency Index (SEEI)
2021-22. The SEEI was released
during the RPM (Review, Planning
and Monitoring) meeting of States
and State Utilities in New Delhi.The
index developed by the Bureau of
Energy Efficiency (BEE), a statutory
body under the Ministry of Power.

For suggestions and feedback please write to us on shalini.singh@ieema.org

12 May 2023
Contents

36 43
Investigation of Voltage
Events and Eventualities
3UDFWLFDOÀHOGWHFKQLFDOTXHULHV
Distribution across 765kV
on transformer’s abnormal Disc Insulator String
situation (Part-23)
Practical Field Technical Queries

On Transformer’s Abnormal Situation (Part-23)

Last few months, the case studies on

Transformer’s Abnormal situation
was getting published under the
section of Event and Eventualities
series. Readers especially from
field units on accepting this series.
43
Tech Space
,QYHVWLJDWLRQRI9ROWDJH
'LVWULEXWLRQDFURVVN9
'LVF,QVXODWRU6WULQJ
IInsulators are the most important
components for overhead
transmission lines, because of
the transmission line insulation
requirement and weight carrying
capability of the line conductors.
Porcelain suspens on type string
insulators are traditionally used in
high voltage overhead transmission
lines.
Industrial Electronics
Manufacturing Industry:
Exploring the Opportunities
50
,QVLJKW
,QGXVWULDO(OHFWURQLFV
0DQXIDFWXULQJ,QGXVWU\
([SORULQJ7KH2SSRUWXQLWLHV
The industrial electronics
manufacturing industry
encompasses the production of
electronic components and systems
that are specifically designed for
use in industrial applications. This
includes a wide range of products
such as sensors, control systems,
power electronics, communication
devices, and instrumentation
equipment. The industrial electronics
manufacturing industry is essential
for the automation and optimization
of industrial processes, helping to
improve efficiency and safety.
50
56
Special Feature
Four Gujarat State Discoms
and Adani Electricity
Secures Top Positions at
3RZHU0LQLVWU\·V,QWHJUDWHG
Rating and Ranking Report
Four Gujarat State
Discoms and Adani
Electricity
Secures Top Positions
at Power Ministry’s
Integrated Rating and
Ranking Report
The Union power ministry’s
integrated rating and ranking
report, for which Power Finance
Corporation is the nodal agency,
was released on April 10, 2023.
All the four Gujarat state discoms
— Uttar Gujarat Vij Company Ltd
(UGVCL), Madhya Gujarat Vij
Company Ltd (MGVCL), Paschim
Gujarat Vij Company Ltd (PGVCL),
and Dakshin Gujarat Vij Company
Ltd (DGVCL) – have earned the
highest integrated rating of “A+”.
These discoms ranked second,
third, fifth, and sixth, respectively, in
the overall rank table.
Adani Electricity Mumbai Ltd (AEML)
ranked first with an overall score of
99.6 (out of 100). In the preceding
(10th) rating report, AEML was
ranked sixth while Gujarat utility
DGVCL had earned the top rank.

May 2023 13
Contents

PFC approves 633 crores loan Editorial Board

86
for 5000 passenger EVs and Advisory Committee
Founder Chairman Chairman
ERDA 1000 cargo EVs RG Keswani Sunil Singhvi
Members
2nd G20 Energy Transitions Rohit Pathak
Editor
Ms Charu Mathur
88 Working Group Meeting A Naveen Kumar
R Krishnakumar
commenced in Gandhinagar Mustafa Wajid
Power Scenario Atul Arya Sub Editor
Imteyaz Siddiqui Ms Shalini Singh
Global Scenario
Indian Scenario 96 &LUFXODWLRQ,QFKDUJH
Ms Chitra Tamhankar
$GYHUWLVHPHQW,QFKDUJH
Ms Pooja Tawte
'HVLJQHGE\
90 Corporate News Statistics & Data
,QFKDUJH
Reflections
3URFHVVHGDW
Mr Ninad Ranade

Airtel Partners with Secure India Printing Works
,((0$'DWDEDVH Meters for NB-IoT Smart Meters 5HJG2IÀFH0XPEDL
Basic Prices & Indices in Bihar 501, Kakad Chambers, 132, Dr A Besant Road,
Production Statistics Worli, Mumbai 400 018.

Sterling Generators Wins Phones: +91(0) 22 24930532 / 6528
Fax: +91(0) 22 2493 2705
92 Rs.510 Crore Orders in FY23 Email: pooja.tawte@ieema.org


Larsen & Toubro Wins RDSS &RUSRUDWH2IÀFH1HZ'HOKL
,QWHUQDWLRQDO1HZV Orders in Rajasthan Rishyamook Building, First floor,
85 A, Panchkuian Road, New Delhi 110001.Phones:
Mitsubishi Power begins +91 (0) 11-23363013, 14, 16

Adani Transmission Completes
commercial operation of the Fax: +91 (0) 11-23363015
first M701JAC gas turbine at Four TBCB Projects in FY23 Email: delhi@ieema.org

Rayong plant in Thailand 

WRSS XXI (A) Transco Ltd %UDQFK2IÀFH%HQJDOXUX
204, Swiss Complex, 33, Race Course Road,
European battery storage 
Siemens-RVNL Consortium Bengaluru 560 001.

markets to attract over € 70bn Emerges L1 For Mumbai Metro

Phones: +91 (0) 80 2220 1316 / 1318
Fax: +91 (0) 80 220 1317
investment by 2050 Electrification Email: bangalore@ieema.org

%UDQFK2IÀFH.RONDWD
bp and Shell break ground on
503 A, Oswal Chambers,
112MW solar plant in Trinidad 98 2, Church Lane, Kolkata 700 001.
and Tobago Phones: +91 (0) 33 2213 1326
Product Showcase Fax: +91 (0) 33 2213 1326
Israel’s largest solar project Email: kolkata@ieema.org

launched 102 :HEVLWHZZZLHHPDRUJ

$UWLFOHV Technical data presented and views

G7 Ministers welcome key IEA
work on energy security and
clean energy transitions
94
expressed by authors of articles are their own and
$GYW,QGH[ IEEMA does not assume any responsibility for the
same. IEEMA Journal owns copyright for original
articles published in IEEMA Journal.
104 5HSUHVHQWDWLYHV
Guwahati (Assam) - Nilankha Chaliha
Sparks Sans Shocks Email: nilankha.chaliha@ieema.org
Mobile: +91 9706389965

National News Chandigarh (Punjab & Haryana)

Rajnish Kaushik
Email: rajnish.kaushik@ieema.org
Union Minister of Commerce Mobile: +91 9 991110246
& Industry, Consumer Affairs, Jaipur (Rajasthan)
Food & Public Distribution and Devesh Vyas
Email: devesh.vyas@ieema.org
Textiles Piyush Goyal addressed Mobile: +91 8955093854
India – France Business Summit /XFNQRZ83DQG8WWDUDNKDQG -
and CEOs Roundtable Anuj Kumar Chaturvedi
Email: anuj.chaturvedi@ieema.org
Mobile: +91 9839603195
REC’s subsidiary RECPDCL Srinagar (Jammu & Kashmir)
hands over ‘KPS1 Transmission Mohammad Irfan Parray
Email: irfan.parray@ieema.org
Ltd’ to M/s Megha Engineering Mobile: +91 9858455509
& Infrastructures Ltd
For subscription queries write to:
chitra.tamhankar@ieema.org

Edited, Printed and published by Ms. Charu Mathur on behalf of Indian Electrical and Electronics Manufacturers’ Association, and Printed at India Printing Works,
India Printing House, 42, G. D. Ambekar Road, Wadala, Mumbai 400 031 and Published at 501, Kakad Chambers,132, Dr. Annie Besant Road, Worli, Mumbai 400 018.

14 May 2023
May 2023 15
CoverStory

Transformer
Cooling Methods
and
Testing Procedure

Abstract
Now in modern society use of electricity
through different devices is growing
in multiple times annually. So load at
the incoming point is growing along
with transformer. Ultimately load on the
transformer is growing continuously. So
globally loss limit fixed by considering
different parameter/matrix by most of the
countries to maintain MEPS norms. It may
be with reference either in guidance of IEC
or IEEE Standards. We supposed to comply
the Paris Agreement/ Global worming/
conservation of energy/energy efficiencies/
loss minimisation/standard formation &
implementation in all level of energy utilities
& devices including distribution transformer
for sustainability of our energy resources. In
India, BIS as the Govt. authority modified
its specification for loss minimisation
along with temperature reduction in
its specification IS-1180 (part-1) 2014
Amendment 4. Winding temperature rise
limit reducing from previous 55°C to 50°C
to 45°C to 40°C for distribution transformer.
Not only BIS given the specified limit
but, some Utility company (like W B,
Tripura etc.) also given their own reduced
limit for the temperature rise which is very
embracing for the manufacturer to maintain
the standard. Maintaining low temperature

16 May 2023
CoverStory

is very good, but keeping all other specification in same h To the square of current
line, is confusing one. Yes if utility company have any
h Resistance
prediction for load enhancement they can select next
rated transformer. But by reducing temperature rise h Time duration,
is just like giving burden to the Manufacturer for some
So to reduce the heat generated, the following methods
hooding programme. Indirectly it is energy waste as we
are hooding some capacity without utilisation. Due to can be followed:
low temperature rise limit rate of failure increasing in h Reduce current.
type testing including in NABL’s lab like ERDA & CPRI.
Here in this article we will discuss on temperature rise & h Reduce resistance.
it’s test procedure & methods to reduce the temperature h Reduce the time taken. When the transformer is in
rise of the same rated transformer (in next issue). operation, heat is generated due to copper losses
in the windings and iron losses in the core. The
Introduction removal of heat from the transformer is known as
The transformer is a core equipment of the power grid cooling of the transformer.
and the performance detoriation in most transformers
is caused by the loss of insulation capability. One of When the temperature of the transformer winding
the critical factors affecting insulation capability is the becomes greater than the temperature of the
maximum winding temperature of the transformer, that surrounding, some of the heat is lost to the surroundings
is, the hot-spot temperature (HST). In temperatures in the form of thermal radiations. After some hours/time,
ranging between of 80 °C - 140 °C, the aging rate of
rate at which heat is being produced becomes equal to
the transformer doubles for every 6 °C increase in the
HST. In addition, the load capacity of the transformer the rate of which heat is lost. Hence, the temperature of
is closely related to the HST. Therefore, accurately the winding becomes constant.
predicting the HST is critical for reasonably regulating
the operating state of a transformer and ensuring the
Transformers are especially susceptible to heating
Transformer Cooling Methods
may be overheating because as they step up or step For the dry type transformers
down voltage levels between circuits, energy is lost as
heat in the core and windings. That heat can build up h Air Natural (AN) Cooling
damaging insulation and leading to transformer failure. h Air Forced (AF) or Air Blast (AB) Cooling
To avoid damage & failure extra cooling methods can
be add as cooler / radiator, coolant etc. Before that we For oil immersed type transformers
should understand about Heat in transformer.
h Oil Natural Air Natural (ONAN) Cooling
Heat is generated in accordance with the equation
H=I2Rt. h Oil Natural Air Forced (ONAF) Cooling

In that case what are the methods to reduce the heat h Oil Forced Air Forced (OFAF) Cooling
generated? h Oil Forced Water Forced (OFWF) Cooling
Since the heat generated H is directly proportional: h Oil Natural Air Natural (ONAN) Cooling

May 2023 17
CoverStory

This type of cooling is mainly used for very large

transformers with a 100 MVA

Rating like, at generating stations.

Transformer cooling class letter descriptions: for

defining Nomenculature

Oil Natural Air Forced (ONAF) Cooling

This method of cooling is suitable for the large

transformers up to 60 MVA.

Oil Forced Air Forced (OFAF) Cooling

This method of cooling is used for higher rating
transformers like transformers which are used in
substations and generating stations.
Oil Forced Water Forced (OFWF) Cooling
Use Of Different Liquide & Its Properties
In our liquid filled transformers, the liquid performs
two major functions, namely as a dielectric and as the
cooling medium. The choice of the liquid is based on
the combined performance on both these factors.
Another important criterion is the fire hazard. Fire hazard
issues are more prominent in indoor installations.
Liquids with high flash point represent less fire hazard
and their use in transformers results in less insurance
rate. For outdoor installations, the problem of fire
hazard is less severe and thus the choice of cooling
fluid is wider.
(1) Fire point and Flash Point
(a) Fire Point: The fire point of a liquid is the temperature
at which it will continue to burn after ignition for at least
5 seconds. NEC 450-23 requires “less flammable
liquids” to have Fire point more than 300 C. (b) Flash
point: The flash point of a flammable liquid is the lowest
temperature at which it can form an ignitable mixture
in air. At this temperature the vapor may cease to burn
when the source of ignition is removed.

(2) Other important Technical properties

(a) Dielectric Strength of an insulating material, the
maximum electric field strength that it can withstand
intrinsically without breaking down. This is an

18 May 2023
CoverStory
important electrical property for the insulating liquid.
The solid insulation (like paper or pressboard) when
impregnated with the liquid offers a better dielectric
property than the original material.
A higher dielectric strength of the liquid makes the
overall insulation system better.
(b) Dissipation Factor (“power factor”): An “ideal”
insulating material would not dissipate any power
within itself. But all practical insulating materials do
dissipate a small amount of energy as heat. Thus
the dissipation factor measures the “inefficiency” of
an insulating material; a lower factor means a better
insulator. Dissipation factor is a significant indicator
of contamination or deterioration. Dissipation factor
is temperature dependent. Dissipation factor is
sometimes popularly called “power factor”.
(c) Viscosity: Viscosity describes a fluid’s internal
resistance to flow and may be thought of as a
measure of fluid friction. In everyday terms, viscosity
is “thickness”. Thus, water is “thin”; having a lower
viscosity, while honey is “thick” having a higher
viscosity. The efficiency of cooling depends on fluid
flow within the transformer and also through the
cooling equipment like radiators. Therefore, a liquid
with low viscosity is better for improved cooling
(heat and mass transfer).
(3) Important features of the major fluids:
Though many different liquids were available in the
market at various times, many of them (including
R-Temp recently) were withdrawn for various reasons.
Today there are four generally accepted liquids, namely:
Mineral oil, Silicone, Beta fluid and Envirotemp (FR3).
Another fluid, Bio-temp is somewhat similar to FR3.
(a) Mineral Oil: It has been used as the dielectric fluid
for several generations of transformers. It has a
longstanding record of good performance and low
costs. It is considered a top choice for transformers
for outdoor installations. It has very good dielectric
and thermal performance. In fact, most of the norms
for liquid filled transformers have been based on
mineral oil.
However, mineral oil is considered to be a flammable
liquid and therefore, suffers from certain restrictions
on its use and containment
(b) Silicone fluid: For several decades this was the
preferred fluid when a “less flammable” liquid was
required. It has a relatively high fire point and is
generally selfextinguishing when the source of
ignition is removed. Silicone has been used for
many years in indoor applications, generally in
polluted areas. However, at high temperatures
silicone can produce some chemicals which can
be a health hazard. Also, it is the most expensive
insulating fluid.
May 2023
(c) Beta Fluid: It is a blend of petrochemical oils and
is 100% hydrocarbon. It has a fire point which is
higher than mineral oil, thus qualifying as “less-
flammable” liquid. However, its fire point is lower
than either silicone or Envirotemp (FR3). Also, it is
more expensive than mineral oil.
(d) Envirotemp (FR3): It is a soy-based natural ester
dielectric fluid which meets the requirements of
“less-flammable” liquid. It is bio-degradable and is
environment friendly. Cooper Power system claims
that FR3 can extend the insulation life by drawing
out moisture from paper insulation. The heat
transfer properties are inferior to that of mineral oil
and transformers have to be suitably designed for
that, adding to cost. Also, certain precautions are
needed during manufacture when using this liquid.
It is much costlier than mineral oil and makes the
initial cost of the transformer higher. The inherent
dissipation factor of FR3 is higher than mineral
oil and as a result the power factor of the whole
transformer with FR3 is higher than one with mineral
oil. The existing norms for acceptance for power
factor of a new transformer are based on mineral oil
and cannot be met with FR3. This fluid is still more
expensive than Beta Fluid.
(4) Mixing, contamination, retro-filling
(a) Envirotemp with mineral oil: FR3 is fully miscible
with mineral oil. However, mineral oil content greater
than 7% in FR3 will lower the fire point below 300° C.
(b) Silicone is miscible with mineral oils. Even a small
amount of contamination of silicone in mineral oil
can cause foaming while degassing/ reclaiming. A
5% mineral oil content in silicone drastically lowers
the flash point by as much as 90C. Silicone fluid
must not come in contact with any silicone rubber
seals or gaskets, as the latter gets affected by
silicone fluid.
(c) Beta fluid is fully miscible with mineral oil. However,
the fire point becomes affected severely if the
amount of mineral oil in Beta fluid is more than 4%.
(d) There have been reports that a large number of
transformers have been retro filled with FR3. Some
of these are in medium power range in terms of size.
(5) Exposure and precautions
If a core & coil soaked in FR3 is exposed to oxygen
at elevated temperature, it polymerizes to form an
irreversible film, which results in higher power factor.
This is particularly important when a soaked core & coil
is heated in an air-drying oven.
(6) Handling and Storage: Biodegradability
From environmental and health point of view, the liquids
should have the following properties: essentially non-
19
CoverStory
toxic, non-hazardous, re-conditionable, chemically
inert, having low-risk thermal by-products. Mineral oil
is also biodegradable: 30 % biodegradation in 21 days
Some states require removal and replacement of soil in
which mineral oil was spilled.
(7) Cost impact
(a) Approximate Price Comparison:
The relative price of various fluids compares to Mineral
Oil to a base of 1.0.Table 2
Mineral Oil 1.0
Beta Fluid 4.0
FR3 5.0
Bio-Temp 6.0
Silicone 7.0
(8) Application in LTC’s
Since most of the tap-changers were developed
historically for mineral oil transformers, it is necessary
to check with the manufacturer of the LTC if it can be
filled with the other liquids. At this time, Reinhausen
(MR) does allow some restricted use of Envirotemp fluid
in their LTC’s.
(9) DETC’s:
It is necessary to check the suitability of the particular
DETC for a given fluid. Some types of DETCs can
develop bad contact resistance when used in silicone
fluid. In this context, the reader may refer to the work
done in the IEEE task force headed by Phil Hopkinson.
(10) Application in cold temperatures:
Liquids like Silicone and Beta fluids show high viscosity
at low temperatures, thus making it difficult to flow
through the windings and the radiators. The parameter
to watch for low temperature is Pour Point, which is
the temperature at which the liquid starts to gel and
becomes very viscous. There are special oils available
which is suitable for operation at very low temperatures,
like – 50 C.
However, if a transformer has been stored (unexcited)
at a cold temperature, it is some times necessary to
“thaw” the liquid before it can be electrically energized.
Transformers with lower temperature rise often use
windings with lower resistance. The low resistance per
unit length of copper allows lower temperature rise
transformers to be built without unnecessarily building a
bigger transformer. For example, an aluminium-wound
transformer coil requires conductors with approximately
66 per cent more cross-sectional area than a copper-
wound transformer coil to obtain the same current
carrying capacity.
20
Determination of Hot Spot in Winding
The hottest-spot winding temperature is the principal
factor in determining life due to its loading. But the
temperature can not be measured directly because of
the hazards in placing a temperature detector at the
proper location because of voltage. But we can safely
arrange to measure temperature.
The hottest-spot copper temperature is the sum of
the temperature of the cooling medium, the average
temperature rise of the copper, and the hottest-
spot allowance. The hottest-spot allowance at rated
load is 10°C for transformers with 55°C average
winding temperature rise by resistance and 15°C for
transformers with 65 °C average winding temperature
rise by resistance.
The Hot Spot Temperature (HST) value depends on the
ambient temperature, the rise in the Top Oil Temperature
(TOT) over the ambient temperature, and the rise in the
winding HST over the top oil temperature.
Therefore, the Hot Spot Factor (H) in IEC 60076-2
appeared to be 2.0. In order to estimate the transformer
life accurately, the hot spot temperature or hot spot
factor detected by the paper winding should be applied
to the IEEE and IEC standards. The thermal imaging
of transformer during temperature rise gives index for
heat distribution as shown in the figure 5. The losses
gradually increase the temperature, damaging the
insulation and overheating the core hence causing the
failure.
The following are the common
reasons of transformer failures due
to losses
High ambient temperature- External ambient will
influence the result of the temperature rise test. The
ambient temperature of the installation site should
always be specified when ordering a transformer. The
failure could result in the overheating of the transformer
coils leading to deterioration in the coil insulation and
resulting in a complete failure of the transformer coil.
,QDGHTXDWH DLUÁRZ  FRROLQJ Transformers will
dissipate two types of losses, No load losses, which are
iron (Fe) losses and Full load losses which are Copper
(Cu) and iron losses combined, in larger transformers
these can be substantial, it is therefore essential that
adequate space around the transformer or enclosure
is left, to allow a natural free flow of air. Sufficient
ventilation should also be supplied to allow for a
constant change of air in and around the transformer/
enclosure. Failure to do so can result in the ambient air
temperature dramatically increasing and consequent
result in transformer failure.
Overloading- Transformers are designed to work at a
May 2023
May 2023 21
CoverStory
given load to exceed that rating and due to harmonic
loads will result in an increase in temperature. This
increase in temperature will cause a rapid deterioration
in the coil insulation and cause a complete failure of the
transformer coil.
Cooling- The winding copper maintains its mechanical
strength up to a few hundred degrees Celsius. The
transformer oil does not degrade considerably below
around 140°C however paper insulation deteriorates
greatly if its temperature rises above about 90°C. The
cooling oil flow must, consequently, guarantee that the
insulation temperature is kept below this temperature
as much as possible. It is by all means possible, often
times with little effort, to lower the average temperature
through a well-targeted intervention into the cooling
system control. In extreme cases, i.e., at high ambient
temperatures and questionable design of the internal
cooling system, it might even be sensible to change
over to a water cooling system, if it promises to lower
the overall system temperature by 10-15K. The cooling
methods can be either internal or external, which
includes oil natural, oil forced, air natural and air forced.
The oil is moved by the thermo siphon effect through
the windings. A suitable temperature difference must
be achieved between the upper and the lower part.
The difference is often about 15-25K by internal cooling
methods. The temperature difference is mostly about
10 K by external cooling.
Temperature Rise Test for
Transformer filled with Oil/liquid
500kva transformer under temperature rise test at lab of
SYNERGY power equipments (p) ltd, Jamshedpur
h Measure the total losses through power analyser
by short-circuiting the LV winding of the transformer.
h The voltage (actual total loss) of such value is put
to the HV winding that power input is equivalent to
no-load losses plus load losses corrected to a
22
reference temperature of 75oC.
h Max loss of the lot at max. tap should be calculated
& fed to the transformer.
h During the test, the thermometer placed in the top
cover pocket of the tank indicates hourly readings
of top oil temperature.
h Thermometers are placed around the transformer at
three or four points situated at a distance
of 1 meters from and halfway (around mid-point of
radiator for height/ level) up the cooling surface of
the transformer to measure ambient temperature.
h Hourly readings of the thermometers put at different
location near transformer (Appx. at 1 meter) as
ambient temp. Are also saved to calculate the
mean temperature rise of the oil (trickily can be
placed thermometer as close as to transformer &
as high level as possibly managed).
Temperature rise test for top oil of transformer should be
continued until the top oil temperature has reached an
approximate steady value less than 1oC in one hour for
three consecutive reading. This steady value of the top
oil is defined as the final temperature rise of transformer
insulating oil.
Optional - one thermometer is put in a pocket in
the transformer top cover. The other two of one set
thermometers are put at the inlet and outlet of the
cooler bank respectively to get oil temp. Gradient of the
radiator.)
Temperature rise limits of the oil-immersed transformer
are as follows:
For distribution job up to 200kva top oil-35°C
Winding. 40°C
Above 200kva top oil-40°C Winding. 45°C
Winding Temperature Rise Test on
Transformer
h After completing the temperature rise test for the
top oil of the transformer, the current is reduced to
its rated value for the transformer and is stable for
one hour.
May 2023
May 2023 23
CoverStory
h The supply is switch off and the short circuit
connection to the LV side and the short circuit and
supply connection to the HV side is opened after
one hour.
h Then the resistance measurement of the windings
is implemented quickly, first HT & then LT side.
h But there is always an unavoidable minimum
20 to 40 seconds time gap between the first
measurement of resistance and the instant of
switching off the transformer, has to pro-active
hear to get the 1st result as quick as possible.
h Then the resistances measurements are conducted
over a period of max. 10 minutes. Always minimum
time consumption gives a better clear result &
hot resistance versus time is plotted, from which
winding resistance (R2) at the instant of shut down
can be extrapolated.
h From this value, T2, the winding temperature at the
instant of shut down can be determined by the
formula given below-
Where R1 is the cold resistance of the winding at
temperature t1.
For determining the temperature rise of the winding,
we have to apply the above indirect method. That
means the resistance of hot winding is measured and
determined first and then from that value, we have to
calculate the winding temperature rise, by applying the
resistance temperature relation formula. Unlike oil, the
winding of the transformer is not accessible for external
temperature measurement.
Prefer to give attention when go for
test as inspection for client
Note accurately cold resistance value at lower
temperature.
Shot down temperature may be as much of maximum
value with maximum clamp tightness.
At the time of plotting of graph, some datas can be
ignored if not coming on the path.
Time slot should be chosen from night to morning as
voltage unbalance & fluctuation is less, also to avoided
blockage of test lab.
Always use high accuracy resistance meter to get stable
hot resistance value particularly for LT side.
As it’s a temp. rise test temperature recording is most
important & test result may vary widely if starting &
closing time altered.
24
Limitation of test
Sudden change in ambient temperature can alter the
real result value, more particularly at the time of cold
resistance & hot resistance measurement.
It is a type test having always with uncertain for a
marginal design one. Temp. rise depends open
enviremental condition, time of the day, season of the
year, lab atmoshphear & uncertain weather. Collectively
if all conditions will be negative may be a better
transformer gives a negative result.
Summerday afternoon time with sudden rain may
drastically change the actual result.
Normal air ventilation should be there in test bench
area.
Power supply failure should be avoided.
Conclusions
In this article, a review was made by analysing and
discussing the existing studies with effect of temperature
rise and factors influencing on oil-transformer aging. At
the same time, the manufacturers have to make progress
in controlling the generation and the dissipation of the
losses as well as using traditional or higher-temperature
materials. Today with modern cooling systems, the
effect of solar heat flux can be reduced, but the
temperature is a limiting factor that should not exceed
from a predetermined value. Standard test procedures
along with limitations are discussed.
Since, in most apparatus, the temperature distribution
is not uniform, that part which is operating at the
highest temperature will ordinarily undergo the greatest
deterioration. Therefore, in aging studies, it is usual
to consider the aging effects produced by the hottest
spot temperature important. The aging pattern of the
distribution transformer under extreme conditions is
under further study. Methods to reduce temperature
rise will be discussed in next issue with case study.„
Bibhuti Bhusana Behera
(Research Scholar) Department of Electrical
Engineering, NIT Silchar
May 2023
May 2023 25
GuestArticle

Adaptive
Environmental Friendly
Ester Fluids Technology
and Usage for
Transformer Applications

T ransformers are one of the most

important equipments in power
system network. Transformer failures
can be broadly categorized due to
electrical and/or mechanical faults.
Preventive diagnosis and maintenance
of transformer have become more and
more popular in recent time in order to
improve the reliability of electric power
system. The development of a reliable,
environmentally safe and economic
insulating oil for the transformer is an
endless effort of the electrical industry.
Maharashtra State Electricity Distribution
Company Limited (MSEDCL) have
huge number of distribution and power
transformer which feeding power supply
to number of HT and LT consumer.
This paper present natural ester fluid,
the green insulating oil which exhibits
excellent dielectric performance and
environment friendly characteristics.
The paper provides an overview of
the different materials that have been
used as alternatives to the conventional
transformer mineral oil, with special
emphasis on natural esters and natural
ester nanofluids, their advantages and
challenges.

26 May 2023
GuestArticle
Introduction
Insulating oil used in transformers is intended to provide
electrical insulation, thermal stability and suppress
arcing in case of a fault. These properties could be
satisfied by a variety of oil available readily in the market.
However, besides the physiochemical, thermal and
dielectric properties, it is important that the insulating oil
be compatible with all the other parts of the transformer
especially the cellulose insulation[1- 4]. Also, since the
average expected life of a transformer ranges from 35-
40 years, the oil ageing should be slow and without any
detrimental effects on other transformer materials[5].
Hence a judicious selection of the insulating material is
necessary keeping in mind its properties, compatibility
with other transformer materials and environmental
effects[6].
The requirement of an insulating liquid with fire safety
and biodegradable nature has become a key concern
of the transformer manufacturers. Thus it is crucial
to investigate materials that can deliver the required
properties while remaining environmental friendly. The
requirements of the insulating oils include electrical
insulation, heat transfer and cooling, ageing resistance,
gassing tendency, chemical stability, biodegradability,
moisture tolerance etc. The focus of the present work
is on the liquid insulating material used in transformers,
emphasizing the need for environmental friendly
alternatives to the conventional mineral oil.
The search for new insulating liquids respectful of the
environment as well as the improvement of existing
liquids for high voltage applications is a permanent
task; the goal being the improvement of the properties
of insulating systems in which these liquids have
to be used while keeping the electrical properties
required during exploitation in a given electrical device.
Significant progress has been made in this area in
recent years. This is how a new generation of insulating
liquids appeared, namely liquid esters. These represent
a potential alternative to mineral oils traditionally used in
power transformers[7–14].
The 1970s are considered to mark the beginning
of work into the use of synthetic esters for electrical
applications. The first transformer unit in which a
synthetic ester was introduced, was put into operation
in 1976. In subsequent years, the works devoted to
synthetic ester liquids were intensified. At present,
the synthetic esters have found an application mainly
in distribution and special transformers of relatively
low powers and voltages. This situation results from
the good environmental properties of synthetic esters
(biodegradability and high fire point), which have been
allowed to easily meet the restrictive environmental
requirements for specific application such as for
example high speed railways, wind turbines and
shopping centers[15 –18].
May 2023
Transformer INSULATING OILS
The first developed transformer oil was the paraffinic
mineral oil in the year 1890 replaced by its naphthenic
form in 1925. This was followed by the development
of Polychlorinated Biphenyls (PCB) in 1930 which
was later banned in 1978 due to its hazardous nature.
Silicone oils were introduced in the early 1970s; however
these are now restricted to special applications.
From the beginning of 1990s, esters, in particular
natural ester had gained attention due to their
biodegradable nature. Though nanodielectrics were
introduced in 1994, research on natural ester nanofluids
began in 2008 [19-20]. Silicone oil, Gas to liquid (GTL)
transformer oil and esters are the oils considered in the
present paper.
Mineral Oil
Mineral oil is a non-renewable fossil resource, obtained
by subsequent physical and chemical treatment of the
distillate obtained from the fractional distillation of crude
oil, first under atmospheric pressure and then under
vacuum. Mineral oil is a colourless and odourless liquid
that has three basic structures: paraffinic, naphthenic
and aromatic. General Electricals first implemented
mineral oil as transformer oil[21]. Ever since, it has been
in use in the power industry as an insulating liquid and
has undergone many changes, from its naphthenic to
paraffinic form and also in the manufacturing process,
where the earlier methods of distillation using acid
cleaning is now replaced by the hydrocracking process
and gas to liquid technology(GTL). Refined mineral
oil is a mixture of naphthenic, paraffinic and aromatic
hydrocarbons. The following are the limitation of
mineral oil;
h It is not biodegradable & hence not environment
friendly.
h It can cause major fire accidents due to low flash
point (1400C)
h and fire point (1500C) temperature as it is O class
& Net calorific value>42MJ/Kg.
h Periodical maintenance (filtration) is required due
to sludge formation.
h Ageing rate increases with increasing moisture
content.
h Life Cycle cost / OPEX is higher
h Mineral oil can release water when going from hot
running to cold
h Installation Dis-advantages for Indoors & critical
areas.
h The limitations sometimes results into transformer
explosion & pool fires which can create
catastrophic effects.
h Casualty/Loss of Human life
h Large breakdown period and consumers unrest
h Loss of revenue & reputation to utility thereof,
27
GuestArticle
due to failure of transformer when fire occurred in
transformer shown in Fig.1 and Fig.2.
Fig.1 Fire occurred in MSEDCL Vasai transformer.
Fig.2 Fire occurred in MSEDCL Bhosari, Pune transformer.
Silicone Oil
Silicone oil includes synthetic polymers having a dimethyl
siloxane. The advantages of silicone oil include good
thermal conductivity, low volatility at high temperature
and less viscosity variation with temperature. Silicone
oil is expensive but owing to its high flash point, it is
used in areas where safety is the prime concern[22-23].
Retrofilling of transformer is possible with silicone oil as
it is miscible and compatible with mineral oil.
Gas to Liquid (GTL) Transformer oil:
A new refinery process was developed by Shell to
convert natural gas to liquid form and is known as the
28
gas to liquid (GTL) technology for developing synthetic
hydrocarbon transformer oil. It is produced in a
three-step process using Fischer-Tropsch method.
Methane on reaction with oxygen gives synthesis
gas, which is a mixture of hydrogen, carbon dioxide
and carbon monoxide. This synthesis gas is later
converted to waxy hydrocarbon. The hydrocarbons
undergo hydrocracking and distillation to get the
required product[22]. Shell Diala oil meets the IEC 60296
standards with high oxidation stability and low sulphur
content[24].
Ester
The demand for environmental friendly oil with
favourable insulating properties has made esters a
potential substitute for mineral insulating oils. Different
type of esters and their properties which make them
suitable insulating oils are discussed in this paper.
Ester Insulating Oils
Esters are one class of compounds that satisfy the
condition of insulating oil with improved performance
and environmental prospects. Ester may be synthetic or
natural, synthetic ester being synthesized out of an acid
and an alcohol as shown in fig.3.
Fig. 3 Esterification reaction[25]
In view of safety of public, Chief Electrical Inspector,
Mumbai in line with CEA guidelines has issued
order vide letter REF. NO. CEI/Tech/347/2018 dated
29/08/2018 wherein it is directed as below:-
“Only Dry type transformers or transformers filled with
insulating liquid qualifying under IS 16081:2013, IS
16099:2013, IS13503:2013 or ‘sealed’ type transformers
filled with insulating liquid under IS 16659:2017 shall
be used for installations inside the residential and
commercial buildings.” The higher the water absorption
of ester oil, the lower will be the moisture content in the
solid insulation (cellulose) which results in an enhanced
transformer life.
Synthetic Esters
Synthetic esters are synthesized from a carboxylic acid
and an alcohol, to meet a particular requirement. Where
insulating oils of synthetic origin like silicone oil and high
molecular weight hydrocarbons have failed to replace
mineral oil in performance and cost, synthetic esters
have gained popularity. It can be used as insulating
oil for the entire transformer or for oil impregnation of
the solid insulation. Its performance as a substitute
for mineral oil in distribution transformers since the
1970s provides a promising path for its use in power
transformers. Various tests have been conducted to
May 2023
May 2023 29
GuestArticle

identify the electrical and thermal characteristics of the Table: II

oil. For mineral oil, as the moisture content increases,
the breakdown voltage decreases. By definition an
ester is a reaction product from the combination of an
acid and an alcohol.
Synthetic organic esters are manufactured from
carefully selected raw materials to give a product that is
tailored to specific application of transformers blended
with additives to improve certain characteristics, e.g.
pour point, viscosity, excellent oxidation stability making
it suitable for the breathing system where the fluid has
free access to oxygen from air. It can have 2 to 4 ester
groups, depending on raw materials. Synthetic Esters
are suitable for non-sealed and sealed transformers
without any preservation system as per IS/IEC. Fig. 4
shows structure of synthetic esters.

Table: III

Fig. 4 Structure of synthetic esters

Natural Esters
In recent times, the focus is on the usage of natural
ester due to its green credentials. Natural esters,
often referred to as Green Oil or biodegradable oil,
are extracted from plants and seeds like soybean,
sunflower, coconut, rapeseed, olive, pongamia, palm
nuts, canola, flax etc. Natural esters can be saturated
fatty acids and single, double or triple unsaturated fatty The natural ester are having following advantages:
acids [26]. The biodegradability comparisons are listed
in table I. The comparison of natural ester and synthetic h It avoids accidents due to high flash(2500C) and
ester oil is listed in table II and table III. fire point(3000C).
h No slugging & corrosive sulfur.
Table: I h Greater moisture tolerance.
h It is non-toxic and non-water hazardous.
h Increase in insulation paper life.
h Less maintenance as less sludge formation.
h Lack of oxidative stability.
h The critical issues are-
h The rate of oxidation increases with time.
h Viscosity of natural ester fluids is greater than that
of mineral oil.
h The pour point of a standard mineral oil is
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30 May 2023
May 2023 31
GuestArticle

The status of natural ester oil filled transformer in Transformers are in usage, Many of Transformers
MSEDCL is shown in table IV. are in use in India since 2010.

Table: IV Conclusion
Eco-friendly and reliable insulating fluid is a prerequisite
for the transformer industry to meet the growing power
demand while adhering to the stringent environmental
regulations. The present work is an investigation on
the different insulating fluids developed as substitutes
for the non-biodegradable mineral oil. A survey on the
preparation, stability and characterization of mineral
oil and natural ester nanofluids presented in this work.
However, meticulous examination on the stability and
long term performance of nanofluids is crucial before
its successful utilization as transformer insulating fluid.
REFERENCES
[1] Verma A. P. H. C. , Baral A. and Chakravorti S.,
“Condition assessment of various regions within
non-uniformly aged cellulosic insulation of power
transformer using modified debye model,” IET
Sci. Meas. adhering to the stringent environmental
regulations. Technol.,11,(7), pp. 939–947, 2017.
[2] Kumar A., Verma H. C., Baral A.,Pradhan A. K.
and S. Chakravorti, “Estimation of paper-moisture
in transformer insulation employing dielectric
Natural Ester with sealed transformer are being utilized
spectroscopy data,” IET Sci. Meas. Technol.,12,(4),
in following utilities:
pp. 536– 541, 2018.
h Karnataka state Electricity Board(KSEB)
[3] Ojha S. K., Purkait P. , Chatterjee B.and Chakravorti
h Tata Power
S., “Application of cole–cole model to transformer
h Torrent power ltd. oil-paper insulation considering distributed
Synthetic organic Ester’s transformers are being utilized dielectric relaxation,” IET High Voltage,4,(1), pp.
72–79, 2019.
in following utilities:
h Karnataka state Electricity Board(KSEB) [4] Chatterjee S., Dalai S., Chakravorti S. and Chatterjee
B. , “Accelerating moisture content sensing of oil-
h Tata Power
impregnated paper insulation using frequency
h Torrent power ltd. modulated square wave excitations,” IEEE Sensors
h BSES Yamuna & Rajdhani Letters, 3,(7), pp. 1–4, 2019Waugh, N.T. and Muir,
h CESC Kolkata D.D., “Improving the life cycle management of
power transformers transforming data to life,” IEEE
h Tamil Naidu Electricity Board, Chennai(TNEB)
Conference Publications, Southeast Con 2015,
h Indian Oil corporation Limited Year: 2015, pp. 1 – 7.
h Adani Electricity DT & PT upto 125MVA/220KV in
[5] Saidur R. ,Leong K. and Mohammad H., “A review
use.
on applications and challenges of nanofluids,”
h Mangalore Chemical & Fertilizers Renewable and sustainable energy reviews,15, (3),
h Mumbai & Delhi Metros. pp. 1646–1668, 2011.
h Indian railways [6] Lucas J. , Abeysundara D.,Weerakoon C. and et.al
h GETCO, Gujarat “Coconut oil insulated distribution transformer,” in
IEE Sri Lanka Annual Conference, 2001, pp. 1–5.
h NTPC using in Floating Solar plants
h NHPC using at Hydro Plants [7] Oommen, T.; Claiborne, C.; Mullen, J. Biodegradable
electrical insulation fluids. In Proceedings of the
h PGCIL ordered 315MVA/400KVA with Synthetic
Electrical Insulation Conference and Electrical
Esters to Hitachi ABB.
Manufacturing and Coil Winding Conference,
h BEST Mumbai Rosemont, IL, USA, 25 September 1997; pp. 465–
h More than +1000 Synthetic Organic Esters 468. [CrossRef]

32 May 2023
GuestArticle

[8] Gockenbach, E.; Borsi, H. Natural and Synthetic

Ester Liquids as alternative to mineral oil for power
transformers. In Proceedings of the 2008 Annual
Report Conference on Electrical Insulation and
Dielectric Phenomena, Quebec City, QC, Canada,
26–29 October 2008; pp. 521–524. [CrossRef]
[9] Perrier, C.; Beroual, A. Experimental investigations
on insulating liquids for power transformers:
Mineral, ester, and silicone oils. IEEE Electr. Insul.
Mag. 2009, 25, 6–13. [CrossRef]
[10] Martin, R.; Athanassatou, H.; Duart, J.C.; Perrier,
C.; Sitar, I.; Walker, J.; Claiborne, C.; Boche, T.;
Cherry, D.; Darwin, A.; et al. Experiences in Service
with New Insulating Liquids; Cigré Technical
Brochure 436; International Council on Large
Electric Systems (CIGRE): Paris, France, 2010.
[11] Fofana, I. 50 years in the development of insulating
liquids. IEEE Electr. Insul. Mag. 2013, 29, 13–25.
[CrossRef]
[12] Fernández, I.; Ortiz, A.; Delgado, F.; Renedo, C.;
Pérez, S. Comparative evaluation of alternative
fluids for power transformers. Electr. Power Syst.
Res. 2013, 98, 58–69. [CrossRef]
[13] Bathina, V.; Sood, Y.R.; Jarial, R.K. Ester Dielectrics:
Current Perspectives and Future Challenges. IETE
Tech. Rev. 2016, 34, 448–459. [CrossRef] review of critical evaluation of natural ester visavis
[14] Rao, U.M.; Fofana, I.; Jaya, T.; Rodriguez-Celis, mineral oil insulating liquid for use in transformers:
E.M.; Jalbert, J.; Picher, P. Alternative Dielectric Part II,” IEEE Trans. Dielectr. Electr. Insul., 23, (3),
Fluids for Transformer Insulation System: Progress, pp. 1705–1712, 2016.
Challenges, and Future Prospects. IEEE Access [22] Fritsche R. , Rimmele U. ,Trautmann F. et.al.,
2019, 7, 184552–184571. [CrossRef]. “Prototype 420 kV power transformer using natural
[15] Available online: https://www.cargill.com/ ester dielectric fluid,” in 19th Annual High Voltage
bioindustrial/dielectric-fluids (accessed on 12 Electrical Equipment & Management Conference,
October 2020). TechCon North America, Phoenix, USA, 2014.

[16] Available online: https://www.midel.com/ (accessed
on 12 October 2020).
[17] Russel, M.; Lashbrook, M.; Satija, N. Synthetic
esters for Power transformers AT > 100 kV. ITMA
J. 2013.
[18] Dohnal, D.; Frotscher, F. The use of natural
and synthetic esters in tap changers for power
transformers. CEPSI 2014, E9, 1–9.
[19] Rao U.M., Fofana I., Jaya T. and et.al, “Alternative
dielectric fluids for transformer insulation system:
Progress, challenges, and future prospects,” IEEE
Access,7, pp. 184 552–184 571, 2019.
[20] Amin D., Walvekar R., Khalid M. et.al, “Recent
progress and challenges in transformer oil
nanofluid development: A review on thermal and
electrical properties,” IEEE Access,7, pp. 151 422–
151 438, 2019.
[21] Mehta D. M. , Kundu P. ,Chowdhury A. et.al, “A
[23] Fofana I., “50 years in the development of insulating
liquids,” IEEE Electrical Insulation Magazine,29,(5),
pp. 13–25, 2013.
[24] Accesed on-line:https://fuelsandlubes.com/
knowledge-base/shelllaunchestransformer-oil-
based-on-gas-to-liquids-technology/.
[25] Bertrand Y. and Lauzevis P. , “Development of a low
viscosity insulating liquid based on natural esters
for distribution transformers,” 22nd International
Conference and Exhibition on Electricity
Distribution (CIRED 2013), 2013.
[26] Matharage B. ,Fernando M. , Bandara M. et.al.,
“Performance of coconut oil as an alternative
transformer liquid insulation,” IEEE Trans. Dielectr.
Electr. Insul.,20, (3), pp. 887–898, 2013. 
Dr. Manish G. Wath
Chief Engineer, M.S.E.D.C.L.
Dr. Gajanan C. Jaiswal
Additional Executive Engineer, M.S.E.D.C.L.

May 2023 33
MinistryUpdate

Andhra Pradesh, Karnataka, Kerala, Rajasthan and Telangana,

front-runners in State Energy Efficiency Index 2021-22

"Outcomes of periodic tracking of states’ energy efficiency progress

essential to nation’s climate commitments"
- Shri R. K. Singh, Union Minister of Power & NRE

Union Minister of Power and New & Renewable Energy, included this year to track outcomes and impacts of
Shri R. K. Singh released the report of State Energy state-level energy efficiency initiatives.
Efficiency Index (SEEI) 2021-22. The SEEI was released
during the RPM (Review, Planning and Monitoring)
meeting of States and State Utilities in New Delhi.The
index developed by the Bureau of Energy Efficiency
(BEE), a statutory body under the Ministry of Power,
in association with Alliance for an Energy-Efficient
Economy (AEEE), assesses, the annual progress of
states and UTs in energy efficiency implementation, for
FY 2020-21 and 2021-22. SEEI 2021-22 has an updated
framework of 50 indicators aligned with national
priorities. Programme-specific indicators have been

In SEEI 2021-22, 5 states - Andhra Pradesh, Karnataka,

Kerala, Rajasthan and Telangana - are in the Front
Runner category (>60 points) while 4 states - Assam,
Haryana, Maharashtra, and Punjab - are in the Achiever
category (50-60 points). Further, Karnataka, Andhra
Pradesh, Assam and Chandigarh are the top-performing
states in their respective state groups. Telangana and

34 May 2023
MinistryUpdate

Andhra Pradesh showed the most improvement since

the last index.
Launching the index, Shri R. K. Singh said, “As we
transition to a low-carbon economy, it is crucial to
5 32/<0(56397/7'
ensure sustainable development with Energy Transition
that ensures no one is left behind. Periodic tracking
of states’ energy efficiency progress and outcomes is
essential to contribute effectively to the nation’s climate
commitments.”

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Director General, BEE said, “India is committed to

achieving NDC goals and transitioning to a net-zero
economy by 2070. This requires collaboration between
central and state governments, judicious resource
allocation, policy alignment, and regular progress
tracking. The SEEI tracks progress in managing states’
and India’s energy footprint, driving energy efficiency
policies and programmes at the state and local level.” 973(&RPSRXQGIRU:LUH &DEOH6HJPHQW
The SEEI improves data collection, enables cross-state
collaboration, and develops energy efficiency program
ideas. It helps states identify areas for improvement,
learn from best practices, and adopt an economy-
wide approach to energy efficiency implementation.
By prioritizing energy efficiency, it aims at driving
decarbonisation efforts and achieve a more sustainable
future.
The index is designed to help track progress on state
goals for energy savings and reduction in emission
intensity and outlines the following recommendations
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to help states drive change in EE which will contribute

towards the fulfillment of SDGs and NDC:
h Enabling fiscal assistance for energy efficiency in
the focus sectors
h Developing institutional capacity in states and UTs
to address emerging needs and challenges in
energy efficiency implementation 3FHJTUFSFE
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h Enhancing cross-functional collaborations across &"
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efficiency implementation in states
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h Mainstreaming energy data reporting and
monitoring across sectors „

May 2023 35
Events and Eventualities
Practical Field Technical Queries
On Transformer’s Abnormal Situation
Introduction
LAST FEW MONTHS, the CASE STUDIES on
TRANSFORMER’s Abnormal situation was getting
published under the section of EVENT and EVENTUAL
series. Readers especially from field units on accepting
this series, have started asking queries on various
subjects relating to the studies.
On the basis of the positive response and suggestive
feedback from the readers, we have considered to
include the concept of Query Based replies under
this series. Some of the queries have already been
discussed in our technical groups. Now for the benefit
of other field engineers and practitioners, this article is
being published here.
We urge all our esteem readers to please share
your suggestion and feedback, which shall be the
motivational factor to improve in further.
Query No.1:
How to decide the size of Tertiary winding grounding bus
bar of transformer? This tertiary is an unloaded one with
only two bushings bought out and directly connected
to ground.
Reply Section:
One terminal of the tertiary winding if not loaded, should
be directly connected to solid earth. It is found with few
36
(Part-23)
of the manufacturers provide connection point for direct
shorting to ground. Now size of the Bus Bar depends
upon the rating of the transformer in terms of voltage
class and rating of the transformer.
Query No.2:
How to test the ratio of transformer neutral bushing CT?
Reply Section:
Testing on the ratio of the CT, we have to know the type
of CT and its connection in the system. If it is external
Neutral CT with proper primary terminal of P1 and P2,
then as usual way by the application of required current
from Primary injection kit, the reflected secondary
current can be measured and ratio can be verified
accordingly.
Now if it is the Bushing turret CT is used and kept inside
the transformer, then provision should be arranged
for flow of primary current on the phasor winding with
neutral being in series to this winding. Best procedure
is to apply 3 Phase voltage on the LV side winding with
HV winding in short circuit condition. In this process
as per the Transformer impedance, certain amount of
current shall be passing on the both of the winding, but
not in the transformer neutral.
Now to cause current flow on NEUTRAL path, remove
One or Two phases of supply voltage to develop un-
balance path. On doing so, certain current shall pass
May 2023
Events and Eventualities

on the neutral path and using secondary current Note:

measurement kit, the ratio can be verified. The
magnitude of current flow on the primary winding, Not to get panic, the result shall never be less than one
depends upon the value of voltage application and on unless otherwise of problem in test measurement or
doing so, if quantity of current is not that prominent/ any other.
sufficient, then we can use supply variac to increase Don’t forget to cleaning of Bushing surface and checking
the voltage application for allowing more current on the of proper grade cable in the cable. If proper grade cable
primary winding and to record the secondary current for not in use then while taking the reading keep hanging
ratio verification. of the cable without touching the metal part, say testing
is done for HV to ground then the lead connected to
Query No.3:
HV Bushing should be hung without touching body of
What is the advantages and dis-advantages of using CT cable.
on Line Side?
On adopting all the points mentioned above, if the PI
Reply Section: value comes less than one, then get confirmed that the
insulation used have been severely deteriorated and
Use of CT on line side has advantages and transformer need not to be energized unless obtaining
disadvantages also. the actual cause of lesser PI. In this situation also, the
Disadvantages 10 minutes IR measurement shall also be very less as
compared.
1. During problem in the CT, the line loading may not
be possible. Query No.5:
2. Condition monitoring Testing demands outage of
For a particular 80 MVA transformer 220/33 Kv, it
line jumpers.
was found with higher Tan delta value for the same
3. Bus zone portion increases. transformer 33KV Bushing when used in the transformer.
Advantages: But same bushing is showing lesser and allowable Tan
delta value. On considering the healthy situation, the
1. Covering maximum protection zone for which this said bushing was kept in the system. It was B Phase
gadget is meant for. Bushing. But during close-in fault, the Y phase healthy
2. Covers Extended Bus Zone. Bushing got flashed out instead of this B Phase. What
3. In case of failure the effect of damage to adjacent might be the cause of such incident.
gadgets gets reduced.
Reply Section:
Query No.4: High tan d value under installed condition and normal
What could be reason and suggested solution for value when taken out could be due to the poor oil
showing PI value less than one for a generating circulation near bottom conical portion of bushing in
transformer of 75 MVA. tank. This sometimes causes deposition of layer of
sludge in conical portion which increases the tan d
Reply Section: value under installed condition while when it is taken
1. Any value of obtaining less than one in out and cleaned the value improves.
measurement of PI value indicates of the tracking
The probable reason for decrease in tan delta could be
of leakage current on other path instead of the
specimen under test. 1. The measurement might have been taken at higher
temperature ie, immediately after shut down of the
Recommendation: Transformer.
1. Repeat the test with lower voltage application say 2. The deteriorated bushing, in this case B phase
1kv, then on obtaining the trend go for final highest normally exhibit higher tan delta at higher
voltage as available in the kit. temperature.
2. Use guard in the kit. 3. The same bushing once gets cooled, can have
3. All the winding terminals to be shorted. lower tan delta and we have seen such cases. That
is why tan delta is lower when tested outside after
Say HT R,Y,B Bushings to be shorted if testing is some time as in this case.
done in the charged grid premises. Similarly, LT
and other windings if any separately. 4. As far as second part why Y phase
4. If used with digital/electronics kit, then also turret got damaged, we have to be searching the cause
measure the insulation charging current and for condition of oil and connected BCT (Bushing CT) on
repeat the test with proper discharge of the job. this phase.
5. Correlate the result with Tan delta and other Sometimes air gets trap at the turret and nearer to the
Methods like FDS if available. voltage leads, that ionizes during the service condition

May 2023 37
Events and Eventualities
and becomes prominent during sudden rise of current
due to faults.
If this happens then irrespective of Bushing condition,
the damage may result.
Query No 6:
If neutral of power transformers (star/star) isolated from
earth or joint offering high resistive path due to oxidation
can transformer sustain for long period without tripping
How can we identify this type of disconnection of
NEUTRAL?
Reply Section:
The transformer shall withstand (depending upon the
insulation design) for longer time without tripping.
But very dangerous to the insulation of the winding.
This condition of NO NEUTRAL EARTHING
CONNECTION is called Floating NEUTRAL and in the
case of any fault on any phase to ground, the potential
on the NEUTRAL shall be raised and voltage across the
healthy phase shall be approximately of 1.732 times of
the rated one.
Now because of 73.2% rise of voltage may cause
deterioration of the winding. So this type of opening of
NEUTRAL from earth is very dangerous.
Moreover, during the earth fault condition no abnormal
current may flow in the system due to non closure of the
fault path and relay may not operate.
So during balance condition potential at NEUTRAL shall
be zero, but for unbalance condition the higher voltage
availability may cause heating of insulation.
Next of the mechanism of supervision:
1. Only the use of over voltage relay or residual open
Delta connection can trace the case of voltage
development on NEUTRAL.
2. Sometimes due to non-use of such voltage relay,
the temperature device detects the temperature
rise and results with tripping on over temperature
limit is unbalance load is being fed.
3. If nothing such un-balance detecting device is
used, then detection of Floating neutral could not
be obtained.
4. Moreover, impact of floating neutral is always
danger for the transformer system.
Query No. 7 :
Can 11/415 750KVA transformer be used as step up
transformer?
Reply Section:
As far technically theoretical concept concerned,
answer is YES. But it all depends upon the construction
and arrangement of tap changer and it’s principle.
38
Moreover, rating is of 750 KVA and the source that
planned to be connected on the 415volt side should
be capable of meeting this. But if it is to use for some
low burden testing at 11kv end like voltage application
to any insulation or any higher impedance load
connection then we can do so. If the application is
restricted to the testing purpose, then there is nothing
wrong of using this transformer. Only to check with
transformer manufacturer regarding the arrangement of
tap changer if any.
Query No. 8:
What should be regular practice of overhauling of OLTC
and its Oil.
Reply Section:
There is no any standard/practice of overhauling
of the OLTC and its oil. This all depends upon the
recommendation of the OEM.
But in many of the utilities, overhauling is undertaken in
every 5 years or 10,000 operations. With the operation
being 10,000 definitely there may be carbon deposits,
so overhauling shall be right approach for OLTC.
The oil parameters do also play the role for taking
decision towards overhauling and need to be
considered for the overhauling.
Dear members, how does the ratio of Zero sequence to
positive sequence impedance of transformer influence
the transformer operation during fault condition?
Query No 9:
When testing knee point for a 400kV CT of Ratio 1000/1-
1-1-1-1A for two ‘PS’ class cores got knee point voltage
700V instead of 1000V. Whereas other two PS class
cores are of 1000V. Advice for replacement or keeping
as it is in service.
Reply Section:
We have to check the CT sizing calculations and the
measured knee point voltage should match that value.
The name plate knee voltage of the CT should match
this value.
Vknee point = I sec (Rct+ Rcable+ Rburden)
Where
Rct= resistance of current transformer
Rcable =resistance of cable =2Rcable
Rburden =burden of relay
IF Vknee point< manufacture voltage of current
transformer current transformer is good
IF Vknee point> manufacture voltage of current
transformer current transformer must be change.
For protection CT if knee voltage is higher, it is
advantage. Only for metering Core less knee voltage is
required to protect meter during fault.
May 2023
Events and Eventualities
During testing of the knee point voltage, if the value
comes less than the declared value, especially for PS
class CT, then it is wise to replace the CT.
Query No. 10:
Is it essential that the HV bushing short time rating match
with 11kv switch gear short time rating for the station
Generating Transformer.
Example: If Switch gear short time rating is 40kA 3 s, HV
bushing short time rating is 15kA 2 sec. but the bus bars
inside the HV cable box that is connected to bushing is
rated for 40kA for 2 sec. does the bushing need to be
40kA 2 sec rated?
Reply Section:
It is essential that the Short time rating of HV/LV bushing
shall match with that of Switchgear. Because, the
bushing stem should not melt so soon when there is an
external fault. The total heat generated during the fault
condition is to only raise the temperature of stem for that
short duration. This time duration of short circuit current
flow enables protection devices to sense the fault.
During fault, transformer impedance shall come into
picture, when fault current flows through bushing.
If it is not specified by customer, then 25 times Ir should
be acceptable. Ir selected should be more than 120%
trafo HV side full load current...and 25 times Ir should be
more than the through fault current at HV side...
Considering 120% for bushing current selection shall
satisfy the transformer overload. But when the fault level
has been specified, then the bushing current selection
shall be decided by Fault level only. To meet,40kA for 3
sec, use bushing of 2000A.
Query No 11:
If only H2 increase in DGA than what are the chances of
fault in transformer?
Reply Section:
Rate of increase of hydrogen is important. Hydrogen
increases in case of electrical and thermal faults. The
reason for increase in hydrogen alone in DGA might be
Corona and PD. It is very difficult to find defective area
and most of the time core lamination defects could be
the reason.
But H2 rise is not the good symptom for the transformer
and necessary investigation action should be initiated
to know the exact cause of such higher hydrogen
release in the system.
Query No 12:
Should copper losses to be limited as a percentage of
total load loss for transformer?
Reply Section:
As the concept of loss capitalization prevails and
implemented in the system there happens to be no
May 2023
such limit. This all depends upon the utility group and
bidder. But some limit to be maintained, below which
the stray losses cannot be reduced. Literature in public
domain says stray losses can’t go below 10 percent. it
may go above to 20 percent of total load loss.
The stray losses shall not be more than 18% of full load
losses at 75 deg C, calculated from measured losses
and the purchaser shall reject the transformer in case,
no load losses or load losses or auxiliary losses or stray
losses exceed the value specified.
Query No 13:
Why Aluminum painting is preferable in transformer tank.
Reply Section:
Aluminum paint usage in Transformer, has the
advantages of better heat dissipation and less solar
heat absorption compared to other colors and available
as white, could also be used as primer paint for the
electrical devices.
Please read IS 335 and 1866 first.
Query No 14:
What is specific resistance of transformer oil
Reply Section:
It is highly recommended to measure specific resistivity
of transformer oil at 27 °C and 90°C.
The minimum standard specific resistance at 27°C is
1500 X 10^12 ohm-cm and at 90°C is 35 X 10^12
ohm-cm. The reference of 27 deg and 90 deg has been
taken due to consideration of ambient temperature and
next of hot temperature. For other detail read IS 335
and 1866, which also covered with Tan delta and oil
parameters also.
Query No 15:
Usually the All Electrical equipment like CT, PT, CVT &
PTR etc are dispatched from suppliers/ Manufacturers
after 100% Acceptance test (as practised) at factory site,
then is it necessary to check/ test the same equipment
at field before commissioning for its credentials or just
physical verification & inspection report (duly approved
by competent authority)?
Reply Section:
Any electrical item on transit or delivery action after
manufacturing may come across the possibility of
deformity/displacement. So in practice the routine test
are done to confirm the basic on the item and to keep
the commissioning test report as the initial report to
study/ compare.
Many times these reports become useful for premature/
accidental failure of the item to compare and investigate
upon the reason of such failure.
So it is always better to have the practice of pre-
commissioning test.
39
Events and Eventualities
Query No 16:
How to confirm Tertiary winding vector group when two
leads were out (open delta) for Transformer.
Reply Section:
Tertiary winding is always in DELTA winding formation.
If two terminals come out from the transformer, then
its utility is to stable the transformer winding. So the
question of checking and confirming the vector group
does not arise. However, this requirement arises only
when paralleling Transformers or making protection
settings with numerical differential relay etc.
In the case of Tertiary with only two leads (open delta)
connection the two leads will be shorted and earthed,
only protection to be employed will be earth faults. So
there is no requirement of checking vector group.
Query No 17:
Should we have double BUCH relay in transformer
being in series with gradation? Can we depend upon
temperature activated relay for overloading concept of
transformer than current activated relay?
Reply Section:
1. Use of dual BUCH relays are on the on the basis
of requirement of the clients/customer. Leading
utilities have started using the same being in
series.
2. Some utilities do it with principle of two different
ways, if one of mercury and other with Reed type
contacts.
3. But it is always considered OK that if one to work
properly then need not to use second one.
So, on conclusion we can say that such use of dual
BUCH RELAY concept could be considered as a
customer specific concept not any generalised one.
REG TEMP ACTIVATED DEVICE
1. The Sensitive and accurate temp device should
always to be planned and properly monitored then
these should be used for Overloading control of
transformer along with control to insulation.
2. Over current feature in delayed tripping could be
utilized for control of Overloading condition.
However integrated setting of temp activated device
with over current device should be best solution
for controlling of Overloading and insulation of the
transformer.
Query No 18:
Why particle count measurement in oil becomes
important now-a-days for transformer
Reply Section:
Particles in oil are harmful to transformer because these
tiny non-metallic particles absorb the moisture in oil
40
quickly and get saturated reducing their permittivity.
This means voltage charges will get accumulated
in it making them equivalent to some fine iron filings
thrown in to oil. Particle counting in transformer oil has
a turbulent history. For that refer to annexure 1 of IEEE
C57.152 -2013 Diagnostic test methods for transformers.
For measurement relevant standard is IEC 60970-2007.
This refers to ISO 11171 & ISO 4406 Cleanliness code.
The generally used limit for 4-14 micron sized particles
is 2.5- 15 particles per milliliter depending on the type
and voltage class of transformer. National Aerospace
contamination limits (NAS 1638) is not popular with
transformer industry here, though no one prevents us
from using it with comparison charts.
Query No 19:
One 31.5 mva,132/33kv old PTR charged after
conducting all pre-commissioning tests and
immediately tripped on Bucholz and OSR relays and
oil gushed out from vent pipe. The OLTC was side
mounted. After draining the total oil on inspection it is
found the barrier board between main tank and OLTC
was one side broken. OLTC mechanism also disturbed.
We have replaced the OLTC with the same type of OLTC
removed from another PTR. Conducted all routine pre-
commissioning tests on PTR and found that all the tests
results are satisfactory except magnetising current. On
1ph magnetising current test we are getting in B ph 2
to 3milli amps more than Rph. Whether the PTR can be
charged or further thorough investigation required.
Reply Section:
1. Any situation of transformer tripping without any
combined operation of transformer protection
Say Mechanical and also Electrical, then there is
nothing any serious and transformer can be revived
for operation after due checking as recommended.
Here nothing any actuation of electrical relays or not like
REF, DIFF etc during this incident have actuated.
2. The splashing out of oil incident resulted during
charging or after loading to the transformer.
i, Oil bleeding done may not be proper.
ii. Equalization pipe may be in closed condition.
iii. Sufficient settle time might not have been
allowed.
If proper air bleeding not done, then availability of air
bubbles shall cause PD and deterioration of Breakdown
voltage and final forcefully outage of the oil on the weak
link. In such cases, bushings get spiltted out and catch fire.
In this case barrier board was the weak link so ruptured.
Next point comes that after change of the barrier
board, test results found well within the limit, so next
energization can be taken as planned.
The other reasons
A. if it is of air cell filled transformer, improper handling
of this device like pressure inside and oil level in
conservator being provided over than required.
May 2023
May 2023 41
Events and Eventualities
B. Valve towards conservator side of BR being in
closed condition.
So sudden charging and on resulting of inrush current
with turbulence on oil has resulted the volumetric rise of
oil and on exerting pressure and trap of air has caused
OSR and BR tripping.
Query No 20:
What should be concept of fixing FT polarity for the
Protection system of Transformer?
Reply Section:
1. Conventionally, generally, normally, usually,
maximum utilities in India adopt the practice of P2
towards the object of protection and P1 towards
STATION BUS.
This is not a CONCEPT again to say This is convention
and nothing wrong if someone attempts otherwise in
the scheme.
2. Regarding star connection and earth on secondary
protection circuit we have to follow the CONCEPT/
RULE.
The secondary side facing to the object for protection
MUST be star connected and earthed*
Special note:
1. This statement is valid for star connection.
2. In some numerical relay selection provision of
secondary star choice given (either to object or to
line), for such this concept may not hold good)
3. This is also valid for combined/composite
protection schemes like Differential or REF or
others.
4. Secondary star and earth has very significant
role for DIRRECTIONAL elements like Distance
protection relays, directional OC and EF relays, as
because here defined zone protection plays the
role.
Query No 21:
Is there any device Sudden PRV and normal PRV? What
is the principle difference if so any device available?
Reply Section:
PRV and sudden PRV are provided for same application,
depending upon the requirement of the customers.
SPR is even more sensitive than PRD and works on
principle of rate of change of pressure. PRV works on
the principle of pressure limit and above the set value,
PRV operates and releases once attaining the reduced
pressure.
SPR works as described above with rate of change
of pressure with inverse characteristics i.e. faster
operation in case of rapid change But less populated
in our country. Some of the highly oil content devices,
these items are used like 765 KV Transformers.
42
The operation could be considered in different logics
either in OR gate or AND gate mode. Mostly OR logic is
preferable than AND.
Sometimes, SPR may operate for the condition of close
in fault, if oil surges out with heavy pressure. But this
effect also helps to reduce out the impact of current in
the transformers.
Query No 22:
What is the disadvantage of isolated neutral in Y/Y
transformer from 3rd harmonic point of view??
Reply section:
This is one of the valid question on the concept of 3rd
harmonics.
From the basic of the concept, this can be stated that
to handle 3rd harmonics current, we basically need a
closed path to avoid the effect and the need to have
Delta winding. Moreover, for the case of isolated
NEUTRAL without Delta system may cause abnormal
heating of the core and subsequent on insulation.
Query No 23:
What is the basic concept of Vector group representation
in transformer?
Reply Section:
The vector group connection can be explained with
an example. Traditionally a clock position is used to
describe the phase displacement between the primary
& secondary windings of the transformer. Each no
represents a phase angle e.g. 1 = 30 deg, 5= 150
deg, 11 = 330 deg. (360/12= 30deg). If we take an
example Dyn11 transformer, it means primary is delta
connected, secondary is star connected with neutral,
and the secondary voltage has a phase displacement
of 330 deg w.r.t. Primary (11 * 30 deg). Meaning when
one phase of the delta is pointing towards the clock
12 as reference, the same phase in the secondary will
point towards 11, a phase lag of 330, since the sense of
rotation of the phasor diagrams is anti-clockwise.
The capital letter of the vector group indicates the HV
winding connection and the small one denotes the LV
winding
HV side is always taken as reference, with one of the
phase (e.g. Phase I) pointing towards 12 hour of the
clock. „
Contd... from March-April 2023
Er. P.K. Pattanaik
GM (Elect), at Odisha Power Transmission
Corporation Ltd. – Odisha
May 2023
TechSpace

Investigation of
Voltage Distribution
across 765kV
Disc Insulator String

Abstract
IInsulators are the most important
components for overhead transmission
lines, because of the transmission line
insulation requirement and weight carrying
capability of the line conductors. Porcelain
suspens on type string insulators are
traditionally used in high voltage overhead
transmission lines. A suspension type string
insulator consists of a number of porcelain
disc insulators connected in series through
metallic links. The transmission line's rated
voltage determines number of insulator
units that are to be used. However, voltage
is not equally distributed among the units
in a suspension type insulator string.
The capacitances between each cap/pin
junction and the tower and between the
cap and pin of each unit determine the
voltage distribution. In this paper, voltage
distribution across each disc insulator
is analyzed using 2-D based numerical
analysis. Further, 765 kV suspension type
string disc insulator was subjected to voltage
distribution test at National laboratory, to
estimate the voltage distribution across
each disc experimentally. The voltage drop
in % is estimated across each disc insulator
by considering different grading shields.
Finally, voltage distribution results obtained
through numerical analyses are validated
with the experimental results.
May 2023 43
TechSpace
Introduction
Overhead transmission lines must be supported on
poles or towers in such a way that the line conductors
are properly isolated from metal supports. An insulator
is a component that can support electrical conductors
while preventing the flow of an electric current. They
must provide the requisite clearances between the
line conductors, between the conductors and the
ground, and between the conductors and the pole
or tower against the maximum test voltage. These
insulators shall also be capable to work against worst
weather conditions which the line is anticipated to
experience. Further, they are also installed on a suitable
cross-arm[1]. Now a days, due to the ever increasing
energy consumption and power supply optimization,
it is required to construct new power plants, switching
substations and transmission lines. In India also,
because of increasing demand for electrical energy,
to reduce losses while transmitting power over long
distances, and to construct high voltage transmission
lines at optimum cost, the transmission lines are
now being considered at Ultra High Voltage (UHV)
levels. However, design of 765kV lines require special
considerations due to their complexity in nature.
Porcelain string insulator is one of the crucial equipment
in power transmission and the safety of power grid
operation is directly influenced by its operational
reliability. Performance of outdoor insulators in various
environmental conditions is one of the main factors to
be taken into account while designing the insulators for
high voltage transmission lines as they are exposed to a
variety of operational circumstances and surroundings
which affect the likelihood of flashover[2]. The porcelain
disc insulators are joined to one another by metallic
linkages in series to form string of suspension
insulators.Three-disc string of suspension insulators
as shown in Figure 1 is considered for analyzing the
section of string insulators. In between two metal links
is the porcelain section of each disc. Thus, as seen in
Figure 1(a), each disc creates a selfcapacitance C. The
charging current would have been the same through all
of the discs if selfcapacitance had been the only factor
present, and as a result, the voltage across each unit
would have been the same, i.e., V/3, as depicted in
Figure 1(b). However, in practical use, capacitance also
exists between each disc's metal fitting and the tower
or ground. This is referred to as shunt capacitance
C1. Charging current varies among the string's disc
insulators due to shunt capacitance which result in
different voltage across each disc insulator. The disc
insulator close to the high voltage (HV) terminal have
the highest voltage. Referring back to Figure 1(c), V3
will therefore be substantially greater than V2 and V2
shall be greater than V1.
44
Figure 1: Configuration of Disc Insulators
It is important to note that shunt capacitance prevents
the voltage impressed on a string of suspension
insulators from dispersing evenly among the individual
discs. Highest voltage appears across the disc insulator
which is closest to the HV terminal. Until the cross-
arm is reached, the voltage across each disc insulator
continues to decrease. The disc insulator unit that is
closest to the HV conductor is subjected to highest
electrical stress and is therefore most likely to puncture.
Therefore, it is necessary to device a mechanism for
equal voltage distribution or close to uniform voltage
distribution among all disc insulator units[3].
A three-phase 345 kV transmission tower with non-
ceramic suspension insulators (two I-strings and one
V-string) was analyzed by few authors. The effect of
conductors, tower configurations and grading devices
on the electric field and potential distribution along the
insulators were investigated. The calculation results
show that the factors investigated have different levels
of effects on the voltage distribution[3]. One of the
most significant issues for power transmission at UHV
levels is pollution flashover, which is seen on insulators
used in high voltage transmission. Due to a number
of factors, including modelling challenges posed by
the complex shape of the insulator, varying pollution
densities in different regions, non-homogeneous
pollution distribution on the surface of the insulator, and
unknown effects of humidity on the pollution, simulation
of pollution flashover is a very complex problem.
Ulhan et al[4] studied the effect of non-uniform geometry
of suspension string insulator on voltage distribution.
It was found that increase in number of discs in a
string severely affects the voltage distribution. Also,
stray capacitances have direct impact on the voltage
distribution across the string even for a clean insulator.
In the present paper, a new type of disc insulator with
higher creepage distance of 460 mm for application
in 765kV transmission lines of highly polluted areas is
considered[5]. Figure 2 shows the both side views of
individual disc insulators that are being used in a string.
Prototype of disc insulator was designed, developed,
manufactured and tested. The type testing was carried
out on suspension type string insulator and certified at
National Test Laboratory.
May 2023
TechSpace

which are material interfaces or assigned boundary

conditions and provides perfectly smooth voltage
distribution solutions[6]. Table 1 shows the input
parameters and the voltages considered for the study.
The program was developed to calculate the voltage
distribution across Disc insulators. Different materials
are considered for the study and their characteristics
are listed in Table 2. The basic geometric model used
in modelling the 2D geometry of the string insulator is
shown in Fig 3.
Figure 2: Disc Insulator used in the study
Table 1: Input parameters considered for
In this paper, an attempt has been made to validate
the voltage distribution obtained across the porcelain
study
disc insulator string through numerical analysis with
Electrode Voltage(kV)
the experimental measurements obtained during
certification testing at National Test Laboratory. High Voltage geometry 100
Ground geometry 0

Modelling of Disc Insulator String Table 2: Material properties considered

The critical stage in the design of suspension type for Study
string insulators is the computation of voltage
distribution across each disc insulator. In today's Material Properties
engineering environment, computeraided engineering Aluminum Conductivity=1X10-10 S/m
(CAE) is essential at design and manufacturing stage Porcelain Dielectric Constant=6.0
of product development. The Finite Difference or
Air Dielectric Constant=1.0
Finite Element methods have traditionally been the
most often utilized techniques for addressing voltage Cement glue Dielectric Constant=4.0
distribution calculations. These methods have a A total of 35 such disc units as shown in Fig 3 are
number of limitations, including a lengthy computation connected in series to make the string insulator.
time, requirement for enormous volumes of input Simulations are run with 50 Hz power frequency, and no
data, erroneous derivations of potential functions, and conductivity of air insulation is considered. Porcelain-
inability to solve open region problems[5]. glass insulators exhibit low volume conductivities; as
a result, the real part of permittivity dominates and the
In the process of development of 765kV porcelain string
imaginary part contributes very little to the distribution of
insulator, at first, a design was conceptualized based on
potential and electrical field along the insulator strings.
electro-mechanical calculations. The proposed design
was then geometrically modeled using Electro 2D software For all practical purposes, the condition of the string
to evaluate the electrical performance parameters. The insulators used for simulation was considered clean.
string consisted of 35 numbers of disc insulators. Due to
the axis-symmetric configuration of the string insulator
assembly, only half of the insulator is modeled and
analyzed in the study. The model was solved to evaluate
the voltage distribution across each disc of the insulator
string. The voltage drop in % was calculated from the
results obtained from Electro- 2D model.
ELECTRO 2D/RS is a two Dimensional Simulation
program which combines the advantages of both the
Boundary Element Method (BEM) and Finite Element
Method (FEM) field solvers for modelling electric field
designs. The geometry of the problem is created with Figure 3: Fundamental geometry of cap and pin disc insulator
the geometric model built into the electric field solvers.
The FE method is a numerical technique for solving The four primary components of the insulator used in
models in differential form. For a given design, the FE the present analysis are metal cap, porcelain insulator
model requires the entire design including surroundings surface, cement glue, and a steel foot [7]. To analyse
to be modeled with finite elements. A system of linear the design, it is first required to draw the boundaries of
equations is generated to calculate the potential at the the geometry as per the proposed design and assign
nodes of each element. The boundary element method the materials and the boundary conditions. In the
(BEM) solves voltage distribution problems by solving proposed model, the top end potential of the insulator is
an equivalent electrical charge. BEM uses elements defined as ground, while the lower end of the insulator is

May 2023 45
TechSpace
applied to rated voltage. The type and mode of analysis
required and the field parameter to be computed shall
be selected from the solver menu. The program was
used to calculate the voltage distribution across disc
insulators for various grading shield designs.
Results and Discussions
In the study, voltage distribution across 765 kV string
insulator is analyzed through numerical software by
considering design parameters of disc insulator. The
voltage drop in % is estimated by using the voltage
distribution analysis. The calculated voltage drop
in % across each disc insulator are compared with
experimental measurements.
Numerical Analysis
An Electro model is prepared to analyze the effect of
grading shield on voltage distribution across string
insulator assembly. For this purpose, 765 kV class
string insulator is designed and developed. Due to
the axisymmetric configuration of the string insulator
assembly, only half of the insulator was modeled
and analyzed in the study. This has the advantage
of significantly reducing the amount of computation
needed for analysis and in turn the computation time.
Figure 4 shows the typical voltage distribution computed
across the discs by using Electro-2D model. Figure 5
shows the voltage distribution near HV terminal.
Figure 4: Voltage distribution across 765 kV Insulator string
The voltage drop across each disc in % was calculated
from the results obtained from Electro-2D model based
voltage distribution. To evaluate the effect of the grading
shield on voltage distribution pattern, the suspension
type string insulators with-out and with grading shield
are analyzed (refer Figure 6). It can be observed from
Figure 6 that use of grading shield near the high voltage
terminal has improved the voltage distribution across
46
the disc units connected in its vicinity by nearly 37.2%
(w.r.t. ideal conditions and reduced from 44.0 to 6.8%).
Further, effect of the location of the grading ring near
high voltage terminal on uniform voltage distribution
was also evaluated and is shown in Fig 7.
Figure 5: Voltage distribution across 765 kV Insulator string
near HV terminal
The position of the grading ring was varied by
considering three configurations which are grading
shield I, grading shield II and grading VT designed for
accuracy
Figure 6. Non-uniform voltage distribution across disc
insulators with and without grading shield shield III.
The diameter of the grading shield however was kept
constant. It was found that the non-uniform voltage
distribution across the string insulator is improved by
using grading rings at appropriate distance from the
high voltage terminal. The voltage distribution across
string insulator is found to be depending on the shield
dimensions/ profile, the electrical properties of the disc
insulator and height of the disc insulator from grounded
plane. The HV conductor / grading shield is energized
with rated voltage of 765 kV system. The LT (low tension)
conductor is considered to be at zero potential. Voltage
distribution analysis is carried out using grading shields
of various heights and highest voltage drop in % across
disc insulator near HT terminal decreases and reaches
an optimal value of 6.8% (refer Figure 6 and 7). If shield
height increases beyond this value, the highest voltage
drop in % across above disc insulator again increases.
May 2023
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May 2023 47
TechSpace
Figure 7. Voltage drop in % across disc insulators for various
grading shield designs
Measurements on Physical Model
The voltage distribution test was carried out at national
laboratory as a part of type test certification along
with Lightning Impulse test and switching impulse test
under different conditions.The device under test (DUT)
is a string insulator with 35 numbers of porcelain disc
insulators in series and accessories constituting the
suspension type string insulator being used in 765kV
transmission line.
The power frequency voltage appearing across
each disc in the insulator string is measured using a
20mm diameter sphere gap with predefined spacing.
To begin with the test, the procedure started with the
connection of the sphere gap across the first disc of the
insulator string. The power frequency voltage across
the insulator string was increased gradually and the
voltage at which a sustained spark over of the sphere
gap occur was recorded. Then the voltage was reduced
and after a small time interval, voltage again gradually
increased to reach spark over of the sphere gap. This
was repeated for three times and the average voltage
was calculated. This procedure was repeated for each
disc of the insulator string. The voltage drop in % across
disc insulator is defined as ratio of spark over voltage of
the sphere-gap of disc insulator to the applied voltage
across the insulator string. The average voltage that
appears across nth disc insulator in % is calculated as:
Vn%=(Vs/En) *100 ---- (1)
Where,
Vs=Spark over voltage of the sphere-gap under
laboratory conditions of nth disc insulator
En=Applied voltage across the insulator string with
spark gap connected across nth disc insulator
The post analysis of the data was taken up to understand
the distribution of voltage along the string insulator
(refer Figure 9). From the results, it is evident that only
there is a marginal difference in voltage drop in %
obtained through numerical analysis from experimental
measurements. The voltage drop in % is highest for
disc insulators near the high voltage terminal and it is
48
found to be about 5.9% for the 765 kV string insulator
with grading shield-III. Further, the variation of voltage
drop in % through experimental measurements is found
to be similar to the results obtained through numerical
analysis. The difference in values obtained through
simulation and values obtained through measurements
may be attributed to climatic
Figure 9: Measured and Calculated voltage drop in % for 765
kV suspension type String Insulator Assembly
conditions, estimations in stray capacitances and
approximations of disc insulator modelling.
Conclusions
Porcelain suspension type string insulators are
traditionally used in high voltage overhead transmission
lines to provide necessary insulation from metallic
tower and for its mechanical support. A suspension
type string insulator consists of a number of porcelain
discs connected in series through metallic links. The
proposed analysis in the study gave an insight into the
voltage distribution appears across the 765 kV insulator
string. The voltage distribution across string insulator
is found to be depending on the shield dimensions/
profile, the electrical properties of the disc insulator and
height of the disc insulator from grounded plane. The
insulator unit closest to the line/high voltage terminal
is stressed to the most as the voltage distribution
across string insulator assembly is highly nonuniform.
It is advisable to carry out the simulation study during
initial design stage so that necessary modification
from permissible electrical stress point of view can be
taken into consideration. Voltage distribution analysis is
carried out by using grading shields of various heights
(grading shield I, II and III) and highest voltage drop in
% decreases with increase of shield height and reaches
an optimal value of 6.8%. If shield height increases
beyond this value, the highest voltage drop in % again
increases.
The voltage distribution test was carried out on 765 kV
suspension type string insulator at national laboratory
as a part of type test certification. The voltage drop in
% through experimental measurements is observed
May 2023
TechSpace
to be highest for disc insulators near the high voltage
terminal and it is calculated as 5.9% for the string
insulator with grading shield-III. The difference in the
results of simulation and experimental measurements
may be attributed to atmospheric test conditions,
approximations of disc insulator modelling and
estimations in stray capacitances.
REFERENCES
[1] S. M. A. Dhalaan and M. A. Elhirbawy,
“Investigation on the characteristics of a string
of insulator due to the effect of dirt”, IEEE PES
Transmission and Distribution Conference and
Exposition (IEEE Cat. No.03CH37495), 2003, pp.
915-920 vol.3, doi: 10.1109/TDC.2003.1335059.
[2] S. M. A. Dhalaan and M. A. Elhirbawy, “Simulation
of voltage distribution calculation methods over
a string of suspension insulators”, IEEE PES
Transmission and Distribution Conference and
Exposition (IEEE Cat. No.03CH37495), 2003, pp.
909-914 vol.3, doi: 10.1109/TDC.2003.1335058.
[3] Zhao T. and Comber M.G. “Calculation of Electric
Field and Potential Distribution Along Non-
Ceramic Insulators Considering the Effects of
Conductors and Transmission Towers”, IEEE
Transactions on Power Delivery, Vol. 15, No. 1, pp
313–318, January 2000.
May 2023
[4] S. UIlhan and A. Ozdemir, “Voltage Distribution
Effects of Non-Uniform Units in Suspension
Strings”, IEEE Lausanne Power Tech, 2007, pp.
801-806, doi: 10.1109/PCT.2007.4538418.
[5] V.T. Kontargyri, L.N. Plati, I.F. Gonos, and I.A.
Stathopulos, “Measurement and simulation of
the voltage distribution and the electric field on
a glass insulator string”, Measurement, Volume
41, Issue 5,2008, pp. 471-480, https://doi.org/
10.1016/j.measurement.2007.07.002.
[6] Integrated Engineering Software—Users Guide
and Technical Manual for ELECTRO 2D, Version
9.2, Winnipeg: Enginia Research Inc., 2014.
[7] I. Mohamed, K. Aramugam and M. K. A. A. Khan,
“Simulation and Measurement of the Voltage
Distribution on Porcelain Insulator String under
Polluted Condition”, 4th IEEE International
Symposium in Robotics and Manufacturing
Automation (ROMA), 2018, pp. 1-5, doi: 10.1109/
ROMA46407.2018.8986724. „
Moutusi Paul and M Mohana Rao
BHEL Corporate R&D Division,
Vikas Nagar, Hyderabad – 500 042
E-mail: mmrao@bhel.in
49
Insight

Industrial
Electronics
Manufacturing
Industry:
Exploring The
Opportunities

T he i n d u s tri al
manufacturing
encompasses the production of
el ectro n i cs
industry

electronic components and systems

that are specifically designed for use
in industrial applications. This includes
a wide range of products such as
sensors, control systems, power
electronics, communication devices,
and instrumentation equipment. The
industrial electronics manufacturing
industry is essential for the automation
and optimization of industrial
processes, helping to improve
efficiency and safety. The industrial
electronics manufacturing industry
in India has grown significantly in
recent years, driven by factors such
as government initiatives to boost
domestic manufacturing, a skilled
workforce, and a large consumer
market. Indian companies have made
significant strides in the manufacturing
of electronic components and devices,
as well as in the development of
software and design services. With the
adoption of new technologies such as
the Internet of Things (IoT) and artificial
intelligence (AI), the industry is poised
for further growth and innovation in the
years to come.

50 May 2023
Insight
Importance of industrial electronics
manufacturing industry
The industrial electronics manufacturing industry
plays a vital role in modern society, supporting
the production of a wide range of products and
services. The importance of this industry lies in its
ability to provide high-quality electronic components
and systems that are used in various industrial
applications, such as automation, control, and
communication. These components and systems form
the backbone of modern industrial processes, enabling
manufacturers to improve productivity, reduce costs,
and increase efficiency.
One of the main benefits of industrial electronics
manufacturing is that it provides reliable and robust
components that can withstand harsh operating
conditions. This is essential for many industries,
including the automotive, aerospace, and defence
sectors, where reliability is critical. Electronic
components such as sensors, switches, and controllers
must be able to operate in extreme temperatures,
vibrations, and other harsh conditions without failure.
Without the high-quality components produced by the
industrial electronics manufacturing industry, many
industrial processes would be impossible.
Another important aspect of industrial electronics
manufacturing is its contribution to the development
of new technologies. Manufacturers in this industry are
constantly developing new and innovative products that
push the boundaries of what is possible. For example,
they are developing advanced sensors and control
systems that enable autonomous vehicles, robotics,
and smart factories. These technologies have the
potential to revolutionise many industries and drive
economic growth and innovation.
Industrial electronics manufacturing also plays a
crucial role in supporting sustainability and
environmental protection efforts. By developing energy-
efficient components and systems, manufacturers in
this industry help to reduce energy consumption and
greenhouse gas emissions. They are also developing
technologies that support the transition to renewable
energy sources such as solar and wind power. As
governments around the world seek to address
climate change, the role of the industrial electronics
manufacturing industry in supporting sustainability will
only become more important.
Finally, the industrial electronics manufacturing
industry is a major contributor to the global economy.
This industry provides employment opportunities for
millions of people around the world and generates
billions of dollars in revenue. As demand for electronic
components and systems continues to grow, the
industrial electronics manufacturing industry is poised
for continued growth and expansion. By investing in
this industry, governments and businesses can support
May 2023
economic development and create new opportunities
for innovation and growth.
Potential Opportunities in industrial
electronics manufacturing industry
Electronic components Manufacturing
With the increasing demand for electronic products
across various sectors, the need for electronic
components has also grown exponentially. This
demand presents an opportunity for entrepreneurs to
venture into the manufacture of electronic components
such as resistors, capacitors, and transistors. These
components are used in various devices, including
smartphones, computers, and televisions, and their
demand is expected to continue growing.
Another opportunity in electronic components
manufacturing is the production of customised
components. Many electronic devices require
components that are tailored to specific requirements,
such as size, shape, and electrical characteristics.
Hence the electronic components manufacturing
industry presents various opportunities to start
successful businesses that can cater to the growing
demand for electronic devices across various sectors.
Printed Circuit Board Manufacturing
Printed Circuit Board (PCB) manufacturing is a critical
component of the electronics industry. PCBs are
used in virtually every electronic device, from simple
appliances like microwaves and toasters to complex
computer systems and medical equipment. As such,
the demand for PCBs is continuously increasing,
creating opportunities for entrepreneurs in the PCB
manufacturing industry.
One opportunity in the PCB manufacturing industry is
the demand for high-density interconnect (HDI) PCBs.
HDI PCBs are smaller, denser, and more complex than
traditional PCBs, making them ideal for use in smaller
and more complex electronic devices like smartphones
and tablets. As more people shift to using these
devices, the demand for HDI PCBs will only continue
to grow. Entrepreneurs who specialise in manufacturing
51
Insight
HDI PCBs can take advantage of this growing demand
by offering high-quality products at competitive prices.
Finally, advancements in technology, such as the use
of artificial intelligence (AI) and machine learning (ML),
are creating opportunities for PCB manufacturers.
AI and ML can be used to optimise PCB design and
manufacturing processes, making them faster, more
efficient, and less error-prone.
Control Systems Manufacturing
Control systems are integral components of modern
electronic devices, from industrial machines to
household appliances. As such, the demand for
control system manufacturing is constantly increasing,
offering numerous opportunities for entrepreneurs.
Control systems are typically made up of various
electronic components, such as sensors, actuators,
and processors, which work together to control the
behaviour of a device or machine.
One of the most significant opportunities in control
system manufacturing is in the development of
smart home automation systems. As more and more
homes become connected to the internet, there is a
growing demand for devices that can be controlled
remotely, such as lighting systems, thermostats, and
security systems. Another area of opportunity is in
the development of control systems for the industrial
sector. Factories and manufacturing plants require
sophisticated control systems to ensure efficient and
safe operation. As manufacturing processes become
increasingly automated, the need for advanced control
systems will continue to grow.
52
Power electronics Manufacturing:
Power electronics manufacturing is a rapidly growing
sector, driven by the increasing demand for energy-
efficient and sustainable technologies. This industry
involves the design, development, and production of
electronic devices and systems that are used for power
conversion, distribution, and control. One opportunity
is the production of power inverters, which are devices
that convert direct current (DC) to alternating current
(AC). Inverters are widely used in renewable energy
systems, such as solar panels and wind turbines, as
well as in uninterruptible power supply (UPS) systems.
With the increasing adoption of renewable energy
sources, there is a growing demand for high-quality and
efficient power inverters.
Another opportunity is the production of power supplies,
which are essential components in electronic devices.
Power supplies convert AC power from the mains into
DC power that can be used by electronic devices. With
the increasing demand for electronic devices, such as
smartphones, laptops, and tablets, there is a growing
demand for high-quality and efficient power supplies.
A third opportunity is the production of electric vehicle
(EV) charging stations. With the increasing adoption of
EVs, there is a growing demand for charging stations
that can provide fast and reliable charging. The
production of EV charging stations requires expertise in
power electronics, as well as knowledge of EV charging
standards and regulations
Industrial automation equipment
manufacturing:
Industrial automation equipment manufacturing
presents a plethora of opportunities for entrepreneurs
looking for a promising business venture. Industrial
automation equipment, such as robotics and assembly
line systems, are increasingly becoming essential in
the manufacturing industry. The need for automation
has grown tremendously over the years, driven by the
demand for increased production efficiency, lower costs,
and improved product quality. The automation market
is expected to grow rapidly over the next few years,
May 2023
Insight
providing a significant opportunity for entrepreneurs.
One of the most significant opportunities in
industrial automation equipment manufacturing is
the development of collaborative robots or cobots.
These robots work alongside human operators,
providing an additional set of hands and performing
repetitive or dangerous tasks that could harm human
workers. Cobots are gaining popularity in various
industries, including automotive, electronics, and food
manufacturing. Another promising area of opportunity
in industrial automation equipment manufacturing is in
the development of intelligent automation systems. The
integration of artificial intelligence and machine learning
into automation systems allows for real-time decision-
making and enhances efficiency.
Industrial sensor manufacturing
Industrial sensors play a crucial role in various
applications, including process control, safety
monitoring, and predictive maintenance, among
others. The market for industrial sensors is growing
rapidly due to the increasing demand for automation
and data-driven decision-making processes in the
industrial sector. As such, entrepreneurs looking for
good business opportunities should consider venturing
into the industrial sensor manufacturing industry.
One significant opportunity in industrial sensor
manufacturing is the development of innovative and
advanced sensors. With the rise of the internet of things
(IoT), there is a growing need for sensors that can gather
and transmit data in real-time. Another opportunity in
the industrial sensor manufacturing industry is the
customization of sensors to meet specific needs of
different industries. Many industrial applications, such
as oil and gas, mining, and chemical processing, require
sensors that can withstand extreme temperatures,
pressure, and corrosive substances. Developing
sensors that can operate in such environments can be
a lucrative opportunity.
May 2023
Electronic instrument and measurement equipment
manufacturing:
This industry includes the manufacturing of various
electronic instruments and measurement equipment
such as oscilloscopes, multimeters, and power supplies.
The growing demand for electronic devices and the
increasing use of technology in various industries such
as healthcare, automotive, and aerospace is driving
the growth of this industry. One of the opportunities
in electronic instrument and measurement equipment
manufacturing is the increasing demand for specialised
and customised equipment. Many industries require
specialised electronic instruments and measurement
equipment that are tailored to their specific needs. For
example, the healthcare industry requires specialised
equipment for medical imaging and diagnosis, while
the automotive industry requires specialised equipment
for testing and diagnostics.
Another opportunity in electronic instrument and
measurement equipment manufacturing is the
increasing demand for portable and handheld devices.
The demand for portable and handheld devices is
increasing, especially in industries such as healthcare,
where mobility is essential. Entrepreneurs who can
develop portable and handheld devices that are
reliable, accurate, and easy to use can benefit from this
growing demand.
Challenges and Risks in Industrial
Electronics Manufacturing Industry
One of the most significant challenges in this industry
is the need to constantly innovate and improve
products in order to remain competitive. This requires
significant investment in research and development,
as well as a deep understanding of market trends
and customer needs. Another major challenge in the
industrial electronics manufacturing industry is supply
chain management. Electronics manufacturers rely
on a complex network of suppliers and vendors to
provide them with the raw materials, components, and
equipment needed to produce their products. Any
disruption in this supply chain, whether due to natural
disasters, geopolitical instability, or other factors, can
have a major impact on production and profitability.
In addition to these challenges, the industrial electronics
manufacturing industry also faces a number of risks. One
53
Insight
of the biggest risks is the threat of intellectual property
theft and counterfeiting. The high value and complexity
of electronic components makes them a prime target for
counterfeiters and other criminals looking to profit from
the sale of fake or stolen goods. This can lead to lost
revenue, damage to brand reputation, and legal liability.
Trends in Industrial Electronics
Manufacturing industry
Industry 4.0
Industry 4.0 has also enabled manufacturers to
implement predictive maintenance, reduce downtime,
and enhance their overall supply chain management.
The integration of technologies such as artificial
intelligence, the Internet of Things, and data analytics
has led to increased automation, improved efficiency,
and reduced costs. This has allowed manufacturers
to optimise their production processes, increase their
speed to market, and deliver higher quality products.
Additive Manufacturing
Additive manufacturing, also known as 3D printing, has
revolutionised the industrial electronics manufacturing
industry by providing a range of benefits such as
increased speed, reduced costs, and improved product
design. With the ability to create complex shapes and
parts with precision, additive manufacturing has enabled
manufacturers to produce custom components that
were previously difficult or impossible to make using
traditional manufacturing techniques. This has also
reduced the need for inventory management, as parts
can be produced on-demand, leading to a reduction in
waste and cost.
Advanced Robotics
With the use of robotics, manufacturers are able to
achieve greater precision, efficiency, and flexibility in
their production processes. This has led to reduced
costs, increased productivity, and improved product
quality. Robotics has also enabled manufacturers to
automate tasks that were previously performed by
humans, such as material handling, assembly, and
quality control. As a result, human workers can focus on
more complex tasks that require problem solving skills
and creativity.
Green Manufacturing
By implementing eco-friendly processes, manufacturers
can reduce waste, lower energy consumption, and
minimise their carbon footprint, leading to a more
sustainable and cost-effective production process. In
addition, using environmentally friendly materials and
designing products with end-of-life considerations
in mind can enhance the overall sustainability of the
industry, which not only benefits the environment
but also helps to meet the growing demand for
sustainable products and solutions. By adopting green
54
manufacturing practices, the Industrial Electronics
Manufacturing industry can improve its reputation,
attract environmentally conscious customers, and
create a competitive advantage in the market.
Internet of Things (IOT)
IoT technologies enable the integration of sensors,
actuators, and other smart devices to collect and
exchange data, leading to improved efficiency,
productivity, and safety. IoT-enabled solutions can
streamline the manufacturing process, optimise supply
chain management, and reduce maintenance costs by
providing real-time insights and predictive analytics.
Furthermore, IoT can enhance product quality and
customization by enabling manufacturers to monitor
and control the entire production process from start to
finish. As a result, IoT has become a crucial technology
for industrial electronics manufacturers seeking to stay
competitive in a rapidly changing landscape.
Supply Chain Transparency
With supply chains becoming more complex and
globalised, transparency ensures that all stakeholders
have visibility into the entire supply chain, including
suppliers, manufacturers, distributors, and customers.
By providing transparency, companies can improve
their social and environmental responsibility, reduce
risk and increase accountability, while also fostering
greater trust and loyalty from customers. Additionally,
transparency can enhance the efficiency of supply
chains by enabling better communication and
collaboration among stakeholders, which can result in
faster problem-solving and decision-making.
Future of Industrial Electronics
Manufacturing industry in India
The electronics manufacturing industry in India has
witnessed significant growth in recent years. This
growth can be attributed to several factors such as a
favourable business environment and an increasing
demand for electronics. With the rapid advancement
in technology, the future of the industrial electronics
manufacturing industry in India looks very promising.
One of the main reasons why the future of the industrial
electronics manufacturing industry in India is bright is
the increasing adoption of Industry 4.0. Industry 4.0
is the current trend of automation and data exchange
in manufacturing technologies. This involves a
combination of cyber-physical systems, the internet of
things (IoT), and cloud computing. India is embracing
this trend and moving towards a smarter and more
efficient manufacturing process 
Arjun N
Founder and CEO, SolutionBuggy
May 2023


 
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May 2023 55
SpecialFeature

Four Gujarat State

Discoms and Adani
Electricity
Secures Top Positions
at Power Ministry’s
Integrated Rating and
Ranking Report

T he Union power ministry’s

integrated rating and ranking
report, for which Power Finance
Corporation is the nodal agency, was
released on April 10, 2023.

All the four Gujarat state discoms

— Uttar Gujarat Vij Company Ltd
(UGVCL), Madhya Gujarat Vij
Company Ltd (MGVCL), Paschim
Gujarat Vij Company Ltd (PGVCL),
and Dakshin Gujarat Vij Company Ltd
(DGVCL) – have earned the highest
integrated rating of “A+”. These
discoms ranked second, third, fifth,
and sixth, respectively, in the overall
rank table.
Adani Electricity Mumbai Ltd (AEML)
ranked first with an overall score of
99.6 (out of 100). In the preceding
(10th) rating report, AEML was ranked
sixth while Gujarat utility DGVCL had
earned the top rank.
The report covered 71 power
distribution utilities that included 45
state discoms, 14 private discoms
and 12 power departments, across
the country. The study covered the
period FY20 to FY22. The integrated
ranking was derived from the
discoms’ performance across three

56 May 2023
SpecialFeature
broad categories – financial stability (with a weight of
75 per cent), performance excellence (13 per cent) and
external environment (12 per cent).
At the disaggregated level, the metric “ACS – ARR Gap”
(under “financial stability”) was the biggest component
with 35 per cent weight. Under “performance excellence”
important parameters included billing efficiency and
collection efficiency.
One of the major overall observations of the report
was that fiscal deficit of discoms under study nearly
halved in FY22, compared to FY20, despite an 8
percent increase in gross input energy. The report also
observed that AT&C losses in FY22 were 16.5 percent –
a big improvement over 19.9 percent in FY20 and 21.5
percent in FY21.
Speaking of the top 10 utilities, as many as seven of them
were state government discoms. The remaining three
private utilities comprised Adani Electricity Mumbai Ltd
(Rank: 1), Noida Power Company Ltd (Rank: 7), and
Tata Power Company — Mumbai (Rank: 8).
Utilities Excluded From The Main List
It is pertinent to note that TP Western Odisha
Distribution Ltd (TPWODL) – a joint venture between
Tata Power and Odisha Government – also earned the
highest “A+” rating. However, TPWODL, along with five
others, were not featured in the main list as they had not
completed three full years of operations. Their rating
and ranking were derived on the basis of performance
in FY22 alone. The five other similarly excluded discoms
were TP Southern Odisha Distribution Ltd (TPSODL),
TP Northern Odisha Distribution Ltd (TPNODL), TP
Central Odisha Distribution Ltd (TPCODL), Kashmir
Power Distribution Corporation Ltd, and Jammu Power
Distribution Corporation Ltd.
Andhra Pradesh Central Power
Distribution Company Limited
(APCPDCL)
Rank : 35 out of 51
Grade: C
Key Insights
h APCPDCL score improved from 21.6 (10th Ratings)
to 25.9 (11th Ratings).
h Major improvement in ACR-ARR Gap, Leverage
metrics in FY22
h Major decline in Loss Takeover by State
Government metric in FY 22
h Data for FY22 for the 11th Rating Exercise sourced
from Audited accounts
May 2023
Relative Performance
h ACS-ARR Gap improved from 1.03 in FY21 to 0.64
in FY22. FY21 accounts have been recasted.
h PBT (excl. Other Subsidy) declined from 0.04% of
Revenue booked in FY21 to (-8%) in FY22
h Tariff Subsidy received improved significantly from
41% of subsidy booked in FY21 to 96% in FY22
h AT&C losses improved significantly from 22.7%
in FY21 to 10.0% in FY22 – driven majorly by
improvement in Collection Efficiency (from 84.2%
in FY21 to 97.8% in FY22)
Key Improvement Areas
h ACS-ARR Gap can be reduced – currently at INR
0.64/ kWh
h Negative PBT ((-8%) of Revenue booked)
h Total Subsidy disbursement – 96% of Subsidy
booked
h Negative cash adjustment due to Trade Receivables
((-1%) of Revenue booked)
h Days Payable may be reduced – currently at 193
days as compared to LPS norm of 45 days
h Debt Service Coverage Ratio (cash adjusted) can
be improved – currently it is 0.15 (for max. score,
expected greater than or equal to 1.10)
h Leverage (cash adjusted) can be reduced –
currently it is 33.44 (for max. score, expected
greater than 0 upto 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 94%, as
compared to National median of ~50%
Eastern Power Distribution Company
of Andhra Pradesh Limited (APEPDCL)
Rank: 22 out of 51
Grade: B
Key Insights
h APEPDCL score improved significantly from 11.3
(10th Ratings) to 57.8 (11th Ratings).
h Major improvement in ACR-ARR Gap, Adjusted
Quick Ratio, Leverage, Loss Takeover by State
Government, Default to banks metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.40 in FY21 to
(-0.08) in FY22
57
SpecialFeature
h PBT (excl. Other Subsidy) improved from (-6%) of
Revenue booked in FY21 to 0.4% in FY22
h Tariff Subsidy received improved significantly from
24% of subsidy booked in FY21 to 91% in FY22.
Further, the DISCOM received Other Subsidy of
2% of Revenue booked in FY22.
h AT&C losses improved from 20.9% in FY21 to
7.8% in FY22 – driven majorly by improvement
in Collection Efficiency (from 84.8% in FY21 to
98.7% in FY22)
Key Improvement Areas
h Days Payable may be reduced – currently at 122
days as compared to LPS norm of 45 days
h Debt Service Coverage Ratio (cash adjusted) can
be improved – currently it is 0.58 (for max. score,
expected greater than or equal to 1.10).
Southern Power Distribution Company
of Andhra Pradesh
Rank: 40 out of 51
Grade: C
Key Insights
h APSPDCL score improved from 7.0 (10th Ratings)
to 16.2 (11th Ratings).
h Major improvement in ACR-ARR Gap, Default to
banks metrics in FY22
h Major decline in Loss Takeover by State
Government in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.55 in FY21 to
0.96 in FY22. Major recasting in FY21 accounts.
h PBT (excl. Other Subsidy) declined from 0% of
Revenue booked in FY21 to (-10%) in FY22
h Tariff Subsidy received improved significantly from
43% of subsidy booked in FY21 to 105% in FY22
‡$7 &ORVVHVLPSURYHGVLJQLILFDQWO\IURP
in FY21 to 13.6% in FY22 – driven majorly by
improvement in Collection Efficiency (from 66.8%
in FY21 to 94.2% in FY22)
Key Improvement Areas
h ACS-ARR Gap may be improved – currently at
INR 0.96/ kWh
h Negative PBT ((-10%) of Revenue booked)
h Total Subsidy disbursement – 105% of Subsidy
booked
58
h Negative cash adjustment due to Trade
Receivables ((-8%) of Revenue booked)
h Days Payable may be reduced – currently at 187
days as compared to LPS norm of 45 days
h Days Receivables may be reduced – currently at
154 days (for max. score, expected less than or
equal to 60 days)
h Debt Service Coverage Ratio (cash adjusted)
can be improved – currently it is (-0.47) (for max.
score, expected greater than or equal to 1.10)
h Leverage (cash adjusted) may be improved –
currently at (-10.71) (for max. score, expected
greater than 0 upto 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at ~92%,
as compared to National median of ~50%
Assam Power Distribution Company
Ltd
Rank: 14 out of 51
Grade: A
Key Insights
h APDCL score improved significantly from 44.9
(10th Ratings) to 74.5 (11th Ratings).
h Major improvement in ACR-ARR Gap, Days
Payable, Adjusted Quick Ratio, Leverage metrics
in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved significantly from 0.40 in
FY21 to (-0.52) in FY22
h PBT (excl. Other Subsidy) improved from (-11%)
of Revenue booked in FY21 to (-2%) in FY22
h Tariff Subsidy received declined from 144% of
subsidy booked in FY21 to 104% in FY22. Further,
the DISCOM received Other Subsidy of ~6% of
Revenue booked in FY22.
h Cash adjustment due to Trade Receivables has
improved from (-5%) of Revenue booked in FY21
to 3% in FY22
h AT&C losses improved from 18.7% in FY21 to
17% in FY22 – driven by improvement in Billing
efficiency (from 81.5% in FY21 to 83% in FY22)
Key Strengths
h Amongst the top 20%ile performers in ACS-ARR
Gap (cash adjusted)
May 2023
SpecialFeature

h Positive PBT (4% of Revenue booked) h Total Subsidy disbursement – 91% of Subsidy
h High Total Subsidy disbursement – 102% of booked
Subsidy booked h Negative cash adjustment due to Trade
h Positive cash adjustment due to Trade Receivables ((-5%) of Revenue booked)
Receivables (3% of Revenue booked) h Days Payable may be reduced – currently at 130
h Amongst the top 20%ile performers in Days days as compared to LPS norm of 45 days
Payable to Gencos and Transcos– currently at 37 h Days Receivables may be reduced – currently at
days as compared to LPS norm of ~45 days 148 days (for max. score, expected less than or
h Healthy Cash adjusted Leverage, currently at equal to 60 days)
0.97 h Debt Service Coverage Ratio (cash adjusted) may
h Healthy Debt levels – currently Debt as % of be improved, currently at (-0.38) (for max. score,
Revenue booked is 11%, as compared to National expected greater than or equal to 1.1)
median of ~50% h Leverage (Cash Adjusted) may be improved,
currently at (-16.17) (for max. score,
expected greater than 0 upto 5)
North Bihar Power Distribution
Company Ltd South Bihar Power Distribution
Rank: 44 out of 51 Company Limited (SBPDCL)
Rank: 45 out of 51
Grade: C-
Key Insights Grade: C-
h NBPDCL score declined from 9.2 (10th Ratings) Key Insights
to 8.8 (11th Ratings).
h SBPDCL score deteriorated from 8.1 (10th
h Major improvement in ACR-ARR gap metric in Ratings) to 7.2 (11th Ratings).
FY22
h Major improvement in Uncovered Revenue Gap
h Major deterioration in Uncovered Revenue Gap metric in FY22
metric in FY22
h Major deterioration in ACS-ARR Gap metric in
h Data for FY22 for the 11th Rating Exercise FY22
sourced from Audited accounts
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.06 in FY21 to Relative Performance (w.r.t FY21)
0.97 in FY22
h ACS-ARR Gap deteriorated from 1.34 in FY21 to
h PBT (excl. Other Subsidy) improved from (-20%) 1.56 in FY22
of Revenue booked in FY21 to (-13%) in FY22
h PBT (excl. Other Subsidy) improved from (-21%)
h Tariff Subsidy received improved from 85% of of Revenue booked in FY21 to (-18%) in FY22
subsidy booked in FY21 to 90% in FY22. Further, h Tariff Subsidy received improved from 97% of
the DISCOM received Other Subsidy of ~4% of subsidy booked in FY21 to 98% in FY22. Further,
Revenue booked in FY22. the DISCOM received Other Subsidy of 8% of
h Cash adjustment due to Trade Receivables Revenue booked in FY22
decline from 0% of Revenue booked in FY21 to h Cash adjustment due to Trade Receivables
(-5%) in FY22 decline from (-11%) of Revenue booked in FY21
h AT&C losses deteriorated from 27.8% in FY21 to (-16%) in FY22
to 28.9% in FY22 – driven majorly by decline in h AT&C losses improved from 37.6% in FY21 to
Collection Efficiency (from 93.8% in FY21 to 89% 35.3% in FY22 – driven majorly by improvement
in FY22) in billing efficiency (from 72.4% in FY21 to 77.9%
in FY22)
Key Improvement Areas
h ACS-ARR Gap may be improved – currently at Key Improvement Areas
INR 0.97/ kWh h ACS-ARR Gap may be improved – currently at
h Negative PBT ((-8%) of Revenue booked) INR 1.56/ kWh

May 2023 59
SpecialFeature
h Negative PBT ((-10%) of Revenue booked)
h Total Subsidy disbursement – 98% of Subsidy
booked
h Negative cash adjustment due to Trade
Receivables ((-16%) of Revenue booked)
h Days Payable may be reduced – currently at 189
days as compared to LPS norm of 45 days
h Days Receivables may be reduced – currently at
339 days (for max. score, expected less than or
equal to 60 days)
h Liquidity can be improved – Adjusted Quick Ratio
currently at 0.34 (for max. score, expected is 1.00)
h Debt Service Coverage Ratio (cash adjusted) may
be improved, currently at (-2.17) (for max. score,
expected greater than or equal to 1.1)
h Leverage (Cash Adjusted), currently at (-3.15) (for
max. score, expected greater than 0 upto 5)
Chhattisgarh State Power Distribution
Company
Rank: 34 out of 51
Grade: C
Key Insights
h CSPDCL score improved from 25.1 (10th Ratings)
to 27.5 (11th Ratings).
h Major improvement in Uncovered Revenue Gap,
Tariff Cycle delay metrics in FY22
h Major deterioration in ACS-ARR, loss takeover by
state govt, Adjusted Quick Ratio metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
60
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated marginally from 0.45
in FY21 to 0.46 in FY22
h PBT (excl. Other Subsidy) declined from (-4%) of
Revenue booked in FY21 to (-7%) in FY22
h Tariff Subsidy received improved from 105% of
subsidy booked in FY21 to 110% in FY22.
h Cash adjustment due to Trade Receivables has
improved from (-8%) of Revenue booked in FY21
to (-5%) in FY22
h AT&C losses improved from 20.4% in FY21 to
18.1% in FY22 – driven majorly by improvement in
Collection Efficiency (from 95.7% in FY21 to 100%
in FY22)
Key Strengths
h Healthy Debt levels – currently Debt as % of
Revenue booked is 20%, as compared to National
median of ~50%
DNH Power Distribution Company Ltd
Rank: 4 out of 51
Grade: A+
Key Insights
h DNHPDCL score declined marginally from 96.7
(10th Ratings) to 96.6 (11th Ratings).
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from (-0.39) in FY21
to (-0.14) in FY22
h PBT (excl. Other Subsidy) declined from 9% of
Revenue booked in FY21 to 3% in FY22
h Cash adjustment due to Trade Receivables
improved from (-2%) of Revenue booked in FY21
to (-1%) in FY22.
h AT&C losses improved from 5.2% in FY21 to
3.5% in FY22 – driven both by improvement in
Collection Efficiency (from 98.4% in FY21 to
99.4% in FY22) and Billing Efficiency (from 96.4%
in FY21 to 97.1% in FY22).
Key Strengths
h Amongst the top 33%ile performers in ACS-ARR
Gap (cash adjusted)
h Positive PBT (3% of Revenue booked)
h Negative cash adjustment due to Trade
Receivables (-1% of Revenue booked)
May 2023
May 2023 61
SpecialFeature

h Amongst the top 20%ile performers in Days Madhya Gujarat Vij Company Limited
Payable to GenCos &TransCos – currently at 32
days as compared to LPS norm of 45 days (MGVCL)
h Amongst the top 33%ile performers in Days
Rank: 3 out of 51
Receivable – currently at 36 days as against
National median of ~71 days
h Healthy Debt Service Coverage Ratio, currently at
Grade: A+
27.51 Key Insights
h Healthy Adjusted Quick Ratio, currently at 2.04
h MGVCL score declined from 98.0 (10th Ratings)
h Healthy Debt levels, currently Debt as % of to 97.6 (11th Ratings).
Revenue booked is at 0%, as compared to
h Data for FY22 for the 11th Rating Exercise
National median of ~50% sourced from Audited accounts

Dakshin Gujarat Vij Company Ltd Relative Performance (w.r.t FY21)

h ACS-ARR Gap deteriorated marginally from
Rank: 6 out of 51 (-0.13) in FY21 to (-0.05) in FY22
h Tariff Subsidy received remained constant at
Grade: A+ 100% of subsidy booked in FY21 and FY22.
Key Insights h AT&C losses improved from 10% in FY21 to 8.7%
in FY22 – driven majorly by improvement in Billing
‡ '*9&/ VFRUH GHFOLQHG IURP  WK 5DWLQJV WR
93.8 (11th Ratings).
‡0DMRUGHFOLQHLQ$&5$55JDSPHWULFLQ)<
‡'DWDIRU)<IRUWKHWK5DWLQJ([HUFLVHVRXUFHG
from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from (-0.25) in FY21
to 0.07 in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
h Cash adjustment due to Trade Receivables has
declined from 3% of Revenue booked in FY21 to
(-2%) in FY22.
h AT&C losses improved from 7.4% in FY21 to 4.8%
in FY22 – driven majorly by improvement in Billing
Efficiency (from 92.6% in FY21 to 97% in FY22).
Efficiency (from 90% in FY21 to 92.3% in FY22)
Key Strengths
h Amongst the top 20%ile performers in Days
Receivable – currently at 18 days as against
National median of ~71 days
h Amongst the top 10%ile performers in Days
Payable to Gencos and Transcos – currently at
~0 days as compared to LPS norm of ~45 days
h Healthy Adjusted Quick Ratio, currently at 2.77
h Healthy Debt Service Coverage Ratio, currently at
5.84
h Healthy Cash adjusted Leverage, currently at 0.11
h Healthy Debt levels – currently Debt as % of
Revenue booked is 1%, as compared to National
median of ~50%

Key Strengths
Paschim Gujarat Vij Company Limited
h Amongst the top 10%ile performers in Days
(PGVCL)
Payable to Gencos and Transcos– currently at 0 Rank: 5 out of 51
days as compared to LPS norm of ~45 days
h Amongst the top 10%ile performers in Days
Receivable – currently at 13 days as against
Grade: A+
National median of ~71 days Key Insights
h Healthy Adjusted Quick Ratio, currently at 2.73 h PGVCL score improved from 91.0 (10th Ratings)
h Healthy Debt Service Coverage Ratio, currently at to 94.0 (11th Ratings).
2.29 h Data for FY22 for the 11th Rating Exercise
h Healthy Cash adjusted Leverage, currently at 0.09 sourced from Audited accounts

62 May 2023
SpecialFeature

Relative Performance (w.r.t FY21) declined from 4% of Revenue booked in FY21 to

(-1%) in FY22
h ACS-ARR Gap deteriorated from (-0.22) in FY21
to (-0.04) in FY22. Major recasting in FY21 h AT&C losses improved marginally from 6.8% in
FY21 to 6.7% in FY22
accounts.
h Tariff Subsidy received remained constant at
Key Strengths
100% of subsidy booked in FY21 and FY22.
h Cash adjustment due to Trade Receivables h Amongst the top 10%ile performers in Days
decline from 3% of Revenue booked in FY21 to Receivable – currently at 12 days as against
0% in FY22 National median of ~71 days
h AT&C losses improved from 17.9% in FY21 to h Amongst the top 10%ile performers in Days
16.7% in FY22 – driven majorly by improvement Payable to Gencos and Transcos– currently at 0
in Billing Efficiency (from 82.1% in FY21 to 83.6% days as compared to LPS norm of ~45 days
in FY22) h Healthy Cash adjusted Leverage, currently at 0.11
h Healthy Adjusted Quick Ratio, currently at 2.98
Key Strengths h Healthy Debt Service Coverage Ratio, currently at
h Amongst the top 25%ile performers in Days 5.04
Receivable – currently at 23 days as against h Healthy Debt levels – currently Debt as % of
National median of 71 days Revenue booked is ~0.4%, as compared to
h Amongst the top 10%ile performers in Days National median of ~50%
Payable to Gencos and Transcos– currently at 0
days as compared to LPS norm of ~45 days
Dakshin Harayan Bijli Vitran Ltd
h Healthy Adjusted Quick Ratio, currently at 3.39
h Healthy Debt Service Coverage Ratio, currently at Rank : 9 out of 51
10.25
h Healthy Cash adjusted Leverage, currently at 0.15 Grade A+
h Healthy Debt levels – currently Debt as % of
Revenue booked is 1%, as compared to National Key Insights
median of ~50% h DHBVNL score improved from 85.7 (10th Ratings)
to 89.3 (11th Ratings).

Uttar Gujarat Vij Company Ltd h Major improvement in Adjusted Quick Ratio
metric in FY22
Rank: 2 out of 51 h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Grade: A+ Relative Performance (w.r.t FY21)
Key Insights h ACS-ARR Gap remained constant at (-0.11) in
h UGVCL score improved from 94.9 (10th Ratings) FY21 and FY22
to 99.1 (11th Ratings). h Tariff Subsidy received remained constant at
h Major deterioration in ACR-ARR gap metric in 100% of subsidy booked in FY21 and FY22.
FY22 h AT&C losses improved from 16.9% in FY21 to
h Data for FY22 for the 11th Rating Exercise 13.6% in FY22 – driven majorly by improvement
sourced from Audited accounts in Billing Efficiency (from 83.1% in FY21 to 86.4%
in FY22)
Relative Performance (w.r.t FY21)
Key Strengths
h ACS-ARR Gap deteriorated from (-0.23) in FY21
to (-0.01) in FY22. Major recasting in FY21 h Amongst the top performers in ACS-ARR Gap
accounts. (cash adjusted)
h PBT (excl. Other Subsidy) declined marginally h Positive PBT (1% of Revenue booked)
from 1% of Revenue booked in FY21 to 0.8% in h High Total Subsidy disbursement – 100% of
)<‡7DULII6XEVLG\UHFHLYHGUHPDLQHGFRQVWDQW Subsidy booked
at 100% of subsidy booked in FY21 and FY22 h Positive cash adjustment due to Trade
h Cash adjustment due to Trade Receivables Receivables

May 2023 63
SpecialFeature

h Amongst the top 33%ile performers in Days Himachal Pradesh State Electricity
Receivable – currently at 40 days as against
National median of 71 days Board Ltd
h Healthy Debt Service Coverage Ratio (cash
adjusted), currently at 1.78
Rank : 23 out of 51
h Healthy Cash adjusted Leverage, currently at 2.96
h Healthy Debt levels – currently Debt as % of
Grade: B
Revenue booked is 19%, as compared to National Key Insights
median of ~50%
h HPSEBL score improved from 49.6 (10th Ratings)
to 54.1 (11th Ratings).
Uttar Haryana Bijli Vitran Nigam Ltd
h Major decline in ACR-ARR gap, DSCR metrics in
Rank: 10 out of 51 FY22
h Major improvement in Days Payable, Loss
Grade: A+ takeover by government metrics in FY22
h Data for FY22 for the 11th Rating Exercise
Key Insights sourced from Audited accounts
h UHBVNL score improved from 74.7 (10th Ratings)
to 87.6 (11th Ratings). Relative Performance (w.r.t FY21)
h Major improvement in DSCR, Adjusted Quick h ACS-ARR Gap deteriorated from (-0.02) in FY21
Ratio, Days Payables metrics in FY22 to 0.09 in FY22
h Data for FY22 for the 11th Rating Exercise h PBT (excl. Other Subsidy) remained constant at
sourced from Audited accounts (-3%) of Revenue booked in both FY21 and FY22
h Tariff Subsidy received declined from 107% of
Relative Performance (w.r.t FY21) subsidy booked in FY21 to 92% in FY22. Further,
the DISCOM received Other Subsidy of 1% of
h ACS-ARR Gap improved from (-0.22) in FY21 to
Revenue booked in FY22.
(-0.34) in FY22
h Cash adjustment due to Trade Receivables
h PBT (excl. Other Subsidy) improved from 3% of
declined from 3% of Revenue booked in FY21 to
Revenue booked in FY21 to 5% in FY22
0% in FY22
h Tariff Subsidy received remained constant at 100%
h AT&C losses improved from 14.0% in FY21 to
of subsidy booked in FY21 & FY22.
12.9% in FY22 – driven majorly by improvement
h AT&C losses improved from 17.2% in FY21 to in Billing Efficiency (from 86% in FY21 to 87.3% in
14.0% in FY22 driven majorly by improvement in FY22)
Billing Efficiency (from 82.8% in FY21 to 86.0% in
FY22) Key Strengths
Key Strengths h Amongst the top 20%ile performers in Days
Receivable – currently at 21 days as against
h Amongst the top 20%ile performers in ACS-ARR National median of 71 days
Gap (cash adjusted)
h Positive PBT (5% of Revenue booked)
h High Total Subsidy disbursement – 100% of
Jammu Power Distribution
Subsidy booked Corporation Limited
h Positive cash adjustment due to Trade
Receivables Rank: NA
h Amongst the top 20%ile performers in Days
Payable to Gencos and Trancos– currently at 42 Grade: C-
days as compared to LPS norm of ~45 days
Key Insights
h Amongst the top 10%ile performers in Days
Receivable – currently at 8 days as against h JPDCL score improved marginally from -20.5
National median of ~71 days (10th Ratings) to -20.0 (11th Ratings).
h Healthy Debt Service Coverage Ratio currently at h Received Red Card as the Audited Accounts are
1.81 not available
h Healthy Cash adjusted Leverage, currently at 3.06 h In case of JPDCL, the Government manages

64 May 2023
SpecialFeature
revenue collection and power purchase. Hence,
JPDCL accounts do not capture this information.
The revenue captured therein is the Grant in aid
from the Government to cover for other expenses.
Thus, the accounts does not depict the true
financial condition of discom and therefore, zero
marks have been awarded for metrics linked to
financial accounts.
h Data for FY22 for the 11th Rating Exercise
sourced from Provisional accounts.
Jharkand Bijli Vitrnan Nigam Ltd
Rank: 50 out of 51
Grade: C-
Key Insights
h JBVNL score improved from -21.4 (10th Ratings)
to -16.1 (11th Ratings).
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts.
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 2.11 in FY21 to
1.81 in FY22. FY21 accounts have been recasted.
h PBT (excl. Other Subsidy) improved from (-37%)
of Revenue booked in FY21 to (-30%) in FY22
h Tariff Subsidy received improved from 74% of
subsidy booked in FY21 to 118% in FY22.
h Cash adjustment due to Trade Receivables
declined from (-4%) of Revenue booked in FY21
to (-12%) in FY22
h AT&C losses improved from 43.1% in FY21 to
33.8% in FY22 – driven by both improvement in
Billing Efficiency (from 65.3% in FY21 to 72.5%
in FY22) and Collection Efficiency (from 87.2% in
FY21 to 91.3% in FY22)
Key Improvement Areas
h ACS-ARR Gap can be improved – currently at INR
1.81/ kWh
h Negative PBT ((-30%) of Revenue booked)
h Total Subsidy disbursement – 118% of Subsidy
booked
h Negative cash adjustment due to Trade
Receivables ((-12%) of Revenue booked)
h Days Payable may be reduced – currently at 537
days as compared to LPS norm of 45 days
h Days Receivable may be reduced – currently at
439 days (for max. score, expected less than or
equal to 60 days)
h Liquidity can be improved – Adjusted Quick Ratio
May 2023
currently at 0.29 (for max. score, expected is 1.00)
h Debt Service Coverage Ratio (cash adjusted) may
be improved - currently at (-0.30) (for max. score,
expected is greater than or equal to 1.1)
h Leverage (Cash Adjusted) may be improved -
currently at (-27.01) (for max. score, expected is
greater than 0 up to 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 241%,
as compared to National media of 50%
Bangalore Electricity Supply Company
Limited (BESCOM)
Rank: 31 out of 51
Grade: B-
Key Insights
h BESCOM score improved significantly from 11.3
(10th Ratings) to 40.2 (11th Ratings).
h Major improvement in ACR-ARR Gap, Subsidy
Realization metrics in FY22
h Major decline in Loss Takeover by State
Government in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 0.99 in FY21 to
(-0.09) in FY22
h PBT (excl. Other Subsidy) improved from (-8%) of
Revenue booked in FY21 to (-2%) in FY22
h Tariff Subsidy received improved significantly from
86% of subsidy booked in FY21 to 151% in FY22
h AT&C losses improved from 15.9% in FY21 to
11.2% in FY22 – driven majorly by improvement in
Collection Efficiency (from 95.2% in FY21 to 100%
in FY22)
65
SpecialFeature

Key Strengths Gulbarga Electricity Supply Company

h ACS-ARR Gap (cash adjusted) currently at (-0.09) Limited (GESCOM)
h Negative PBT ((-13%) of Revenue booked)
h High Total Subsidy disbursement – 149% of Rank: 21 out of 51
Subsidy booked
h Negative cash adjustment due to Trade Grade : B
Receivables ((-4%) of Revenue booked)
Key Insights
h Healthy Debt Service Coverage Ratio, currently at
1.38 h GESCOM score improved significantly from 8.6
(10th Ratings) to 59.9 (11th Ratings).
Chamundeshwari Electricity Supply h Major improvement in ACR-ARR Gap, DSCR,
Collection Efficiency metrics in FY22
Corporation Limited h Data for FY22 for the 11th Rating Exercise
Rank : 18 out of 51 sourced from Audited accounts

Grade: B Relative Performance (w.r.t FY21)

h ACS-ARR Gap improved significantly from 1.27 in
Key Insights FY21 to (-0.73) in FY22
h CHESCOM score improved significantly from 5.6 h PBT (excl. Other Subsidy) improved from (-13%)
(10th Ratings) to 62.5 (11th Ratings). of Revenue booked in FY21 to 2% in FY22
h Major improvement in ACR-ARR gap, DSCR, h Tariff Subsidy received improved from 92% of
Subsidy Realization metrics in FY22 subsidy booked in FY21 to 131% in FY22.
h Data for FY22 for the 11th Rating Exercise h Cash adjustment due to Trade Receivables has
sourced from Audited accounts improved from (-6%) of Revenue booked in FY21
to (-3%) in FY22
Relative Performance (w.r.t FY21) h AT&C losses improved from 20% in FY21 to
10.5% in FY22 – driven majorly by improvement in
h ACS-ARR Gap improved significantly from 1.23 in
Collection Efficiency (from 90.6% in FY21 to 100%
FY21 to (-0.88) in FY22
in FY22)
h PBT (excl. Other Subsidy) improved from (-12%)
of Revenue booked in FY21 to (-7%) in FY22
Key Strengths
h Tariff Subsidy received improved significantly from
85% of subsidy booked in FY21 to 163% in FY22. h Amongst the top 10%ile performers in ACS-ARR
Gap (cash adjusted)
h Cash adjustment due to Trade Receivables
improved from (-3%) of Revenue booked in FY21 h Negative PBT ((-1%) of Revenue booked)
to (-1%) in FY22 h High Total Subsidy disbursement – 131% of
h AT&C losses improved significantly from 20.3% Subsidy booked
in FY21 to 11.3% in FY22 – driven majorly by h Negative cash adjustment due to Trade
improvement in Collection Efficiency (from 91.4% Receivables ((-3%) of Revenue booked)
in FY21 to 100% in FY22) h Healthy Cash adjusted Leverage, currently at 2.35
h Healthy Debt Service Coverage Ratio, currently
Key Strengths at 2.42
h Amongst the top 10%ile performers in ACS-ARR
Gap (cash adjusted) Hubli Electricity Supply Company
h Negative PBT ((-8%) of Revenue booked) Limited (HESCOM)
h High Total Subsidy disbursement – 163% of
Subsidy booked Rank: 24 our ot 51
h Negative cash adjustment due to Trade
Receivables Grade: B
h Healthy Cash adjusted Leverage, currently at
2.69 Key Insights
h Healthy Debt Service Coverage Ratio, currently at h HESCOM score improved significantly from 17.6
2.20 (10th Ratings) to 50.3 (11th Ratings).

66 May 2023
SpecialFeature

h Major improvement in ACR-ARR Gap, metric in 9% in FY22 – driven majorly by improvement in

FY22 Collection Efficiency (from 97.3% in FY21 to 100%
h Major decline in Adjusted Quick Ratio metric in in FY22)
FY22
h Data for FY22 for the 11th Rating Exercise
Key Strengths
sourced from Audited accounts h Amongst the top 10%ile performers in ACS-ARR
Gap
Relative Performance (w.r.t FY21) h Positive PBT (1% of Revenue booked)
h ACS-ARR Gap improved significantly from 1.11 in h High Total Subsidy disbursement – 166% of
FY21 to (-0.44) in FY22 Subsidy booked
h PBT (excl. Other Subsidy) declined from (-17%) of h Negative cash adjustment due to Trade
Revenue booked in FY21 to (-23%) in FY22 Receivables ((-2%) of Revenue Booked)
h Tariff Subsidy received improved from 101% of h Healthy Debt Service Coverage Ratio, currently at
subsidy booked in FY21 to 159% in FY22. 3.92
h AT&C losses improved from 14.2% in FY21 to h Healthy Cash adjusted Leverage, currently at 1.34
13.5% in FY22
Kashmir Power Distribution
Key Strengths
Corporation Limited (KPDCL)
h Amongst the top 20%ile performers in ACS-ARR
Gap (cash adjusted) Rank: NA
h Negative PBT ((-17%) of Revenue booked)
h High Total Subsidy disbursement – 159% of Grade: C-
Subsidy booked
Key Insights
h Healthy Cash adjusted Leverage, currently at 3.82
h KPDCL score improved from -21.5 (10th Ratings)
to -19.0 (11th Ratings).
Mangalore Electricity Supply Company h Received Red Card as the Audited Accounts are
Limited (MESCOM) not available
h In case of KPDCL, the Government manages
Rank: 15 out of 51 revenue collection and power purchase. Hence,
KPDCL accounts do not capture this information.
Grade: A The revenue captured therein is the Grant in aid
from the Government to cover for other expenses.
Key Insights Thus, the accounts does not depict the true
financial condition of discom and therefore, zero
h MESCOM score improved significantly from 34.5 marks have been awarded for metrics linked to
(10th Ratings) to 73.9 (11th Ratings). financial accounts.
h Major improvement in ACR-ARR gap, DSCR, Loss h Data for FY22 for the 11th Rating Exercise
Takeover by State Government metrics in FY22 sourced from Provisional accounts.
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Kerala State Electricity Board Limited
Relative Performance (w.r.t FY21) (KSEBL)
h ACS-ARR Gap improved significantly from 0.68 in Rank: 20 out of 51
FY21 to (-1.52) in FY22
h PBT (excl. Other Subsidy) improved from (-9%) of Grade: B
Revenue booked in FY21 to 9% in FY22
h Tariff Subsidy received improved from 89% of Key Insights
subsidy booked in FY21 to 166% in FY22. h KSEBL score improved significantly from 28.5
h Cash adjustment due to Trade Receivables has (10th Ratings) to 60.8 (11th Ratings).
declined from 1% of Revenue booked in FY21 to h Major improvement in ACR-ARR gap, DSCR,
(-2%) in FY22. Leverage, Loss Takeover by State Government
h AT&C losses improved from 12.3% in FY21 to metrics in FY22

May 2023 67
SpecialFeature

h Data for FY22 for the 11th Rating Exercise

sourced from Audited accounts

Relative Performance (w.r.t FY21)

h ACS-ARR Gap improved from 0.03 in FY21
to (-0.29) in FY22. Major recasting in FY 21
accounts.
h PBT (excl. Other Subsidy) improved from (-3%) of
Revenue booked in FY21 to 4% in FY22
h Tariff Subsidy received remained constant at
100% in FY21 and FY22
h Cash adjustment due to Trade Receivables subsidy booked in FY21 to 104% in FY22. Further,
declined from 3% of Revenue booked in FY21 to the DISCOM received Other Subsidy of ~5% of
1% in FY22 Revenue booked in FY22.
h AT&C losses improved from 7.8% in FY21 to 7.7% h Cash adjustment due to Trade Receivables has
in FY22 improved from (-10%) of Revenue booked in FY21
to (-5%) in FY22
Key Strengths h AT&C losses improved from 49% in FY21 to
h Amongst the top 25%ile performers in ACS-ARR 26.4% in FY22 – driven both by improvement
Gap (cash adjusted) in Collection Efficiency (from 71.5% in FY21 to
h Positive PBT (4% of Revenue booked) 95.8% in FY22) and Billing Efficiency (from 71.3%
in FY21 to 76.9% in FY22)
h High Total Subsidy disbursement – 100% of
Subsidy booked
Key Strengths
h Positive cash adjustment due to Trade
Receivables h Discom implements automatic pass-through of
fuel costs
h Days Receivable currently at 53 days as against
National median of 71 days
Key Improvement
h Healthy Cash adjusted Leverage, currently at 4.92
h Days Payable may be reduced – currently at 374
days as compared to LPS norm of 45 days
Madhya Pradesh Madhya Kshetra h Days Receivable may be reduced – currently at
Vidyut Vitaran Company Limited 228 days (for max. score, expected less than or
equal to 60 days)
(MPMKVVCL) h Adjusted Quick Ratio currently at 0.33 (for max.
score, expected is 1.00)
Rank: 37 out of 51
h Debt Service Coverage Ratio can be improved
- currently at 0.28 (for max. score, expected is 1.1)
Grade: C h Debt as % of Revenue booked is significantly high
Key Insights at ~121%, as compared to National median of
~50%
h MPMKVVCL score improved significantly from
-6.3 (10th Ratings) to 23.4 (11th Ratings).
h Major improvement in ACR-ARR Gap, Leverage, Madhya Pradesh Paschim Kshetra
Uncovered Revenue Gap metrics in FY22 Vidyut Vitaran Company Limited
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
(MPPaKVVCL)
Rank: 27 out of 51
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved significantly from 1.75 in Grade: B-
FY21 to 0.26 in FY22
h PBT (excl. Other Subsidy) improved from (-12%) Key Insights
of Revenue booked in FY21 to (-7%) in FY22 h MPPaKVVCL score improved significantly from
h Tariff Subsidy received improved from 69% of 31.5 (10th Ratings) to 49.98 (11th Ratings).

68 May 2023
May 2023 69
SpecialFeature
h Major improvement in ACR-ARR gap, Collection
Efficiency, Subsidy realization, Tariff Cycle delay
metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.12 in FY21 to
0.35 in FY22
h PBT (excl. Other Subsidy) declined from 0% of
Revenue booked in FY21 to (-13%) in FY22
h Tariff Subsidy received improved from 73% of
subsidy booked in FY21 to 105% in FY22
h Cash adjustment due to Trade Receivables has
improved from (-6%) of Revenue booked in FY21
to 5% in FY22
h AT&C losses improved significantly from 30.3%
in FY21 to 11.6% in FY22 – driven majorly by
improvement in Collection Efficiency (from 79.9%
in FY21 to 100% in FY22)
Key Strengths
h Amongst the top 20%ile performers in Days
Payable – currently at 32 days as compared to
LPS norm of ~45 days
h Healthy Adjusted Quick Ratio, currently at 1.25
Madhya Pradesh Poorv Kshetra
Vidyut Vitaran Company Limited
(MPPoKVVCL)
Rank: 38 out of 51
Grade: C
Key Insights
h MPPoKVVCL score improved from -3.1 (10th
Ratings) to 22.0 (11th Ratings).
h Major improvement in ACR-ARR gap, Leverage,
Uncovered Revenue Gap metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved significantly from 2.13 in
FY21 to 0.27 in FY22
h PBT (excl. Other Subsidy) improved from (-26%)
of Revenue booked in FY21 to (-15%) in FY22
h Tariff Subsidy received improved from 70% of
subsidy booked in FY21 to 105% in FY22. Further,
the DISCOM received Other Subsidy of ~10% of
Revenue booked in FY22.
70
h Cash adjustment due to Trade Receivables
improved from (-7%) of Revenue booked in FY21
to (-3%) in FY22
h AT&C losses improved from 45.4% in FY21 to
31.0% in FY22 – driven majorly by improvement
in Collection Efficiency (from 77.1% in FY21 to
94.9% in FY22)
Key Strengths
h Discom implements automatic pass-through of
fuel costs
Key Improvement Areas
h Days Payable may be reduced – currently at 321
days as compared to LPS norm of 45 days
h Days Receivables may be reduced – currently at
218 days (for max. score, expected less than or
equal to 60 days)
h Debt levels can be reduced – currently Debt as
131% of Revenue booked is significantly high, as
compared to National median of 50%
h Liquidity can be improved – Adjusted Quick Ratio
currently at 0.33 (for max. score, expected is 1.00)
h Debt Service Coverage ratio (cash adjusted) can
be improved, currently at 0.21 (for max. score,
expected greater than or equal to 1.1)
Maharashtra State Electricity
Distribution Company Limited
(MSEDCL)
Rank: 30 out of 51
Grade: B-
Key Insights
h MSEDCL score improved significantly from 6.9
(10th Ratings) to 40.6 (11th Ratings).
h Major improvement in ACR-ARR Gap, Leverage,
Loss Takeover by State Government metrics in
FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved significantly from 1.19 in
FY21 to 0.08 in FY22
h PBT (excl. Other Subsidy) improved from (-7%) of
Revenue booked in FY21 to (-1%) in FY22
h Tariff Subsidy received improved from 86% of
subsidy booked in FY21 to 127% in FY22.
h Cash adjustment due to Trade Receivables has
May 2023
SpecialFeature

improved from (-11%) of Revenue booked in FY21 Key Strengths

to (-3%) in FY22
h Healthy Debt Service Coverage Ratio, currently
h AT&C losses improved from 27.2% in FY21 to
at 5.70
15.5% in FY22 – driven majorly by improvement
in Collection Efficiency (from 86.3% in FY21 to h Achieved SERC – approved Distribution loss
99.7% in FY22) target

Key Strengths Key Improvement Areas

h Healthy Cash adjusted Leverage, currently at 4.03 h ACS-ARR Gap may be reduced – currently at INR
1.02/ kWh
h Collection Efficiency currently at 99.73%
h Negative PBT ((-4%) of Revenue booked)
h Achieved SERC approved Distribution loss target
h Discom implements automatic pass-through of h Total Subsidy disbursement – 100% of Subsidy
fuel costs booked
h Negative cash adjustment due to Trade
Key Improvement Areas Receivables ((-8%) of Revenue booked)
h Days Payable may be reduced – currently at 100
h Days Payable may be reduced – currently at 177
days as compared to LPS norm of 45 days
days as compared to LPS norm of 45 days
h Days Receivable may be reduced – currently at h Days Receivables may be reduced – currently at
202 days (for max. score, expected less than or 425 days (for max. score, expected less than or
equal to 60 days) equal to 60 days)

Manipur State Power Distribution Meghalaya Power Distribution

Company Ltd Corporation Limited
Rank : 36 out of 51 Rank: 51 out of 51

Grade: C
Key Insights
h MSPDCL score improved from 18.2 (10th Ratings)
to 24.8 (11th Ratings).
h Major improvement in DSCR, Adjusted Quick
Ratio metrics in FY22
h Major decline in ACS-ARR Gap metric in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from 0.54 in FY21 to
1.02 in FY22
h PBT (excl. Other Subsidy) declined from (-1%) of
Revenue booked in FY21 to (-4%) in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
h Cash adjustment due to Trade Receivables
declined from (-7%) of Revenue booked in FY21
to (-8%) in FY22
h AT&C losses deteriorated from 20.3% in FY21
to 25.0% in FY22 – driven by decline in Billing
Efficiency (from 86.1% in FY21 to 83.6% in FY22)
and Collection Efficiency (from 92.6% in FY21 to
89.7% in FY22)
Grade: D
Key Insights
h MePDCL score improved from -1.3 (10th Ratings)
to 16.7 (11th Ratings). Grade over-ride due to
SMA-2 loan default
h Major improvement in ACR-ARR gap, Leverage,
Loss Takeover by State Government metrics in
FY22
h Major decline in Collection Efficiency metric in
FY22
h Audited Accounts for FY22 have not been
provided
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.24 in FY21 to
0.05 in FY22. FY21 accounts have been recasted.
h PBT (excl. Other Subsidy) improved from (-25%)
of Revenue booked in FY21 to (-13%) in FY22
h Tariff Subsidy received declined from 100% of
subsidy booked in FY21 to 99% in FY22. Further,
the DISCOM received Other Subsidy of ~16% of
Revenue booked in FY22.
h Cash adjustment due to Trade Receivables
declined from (-1%) of Revenue booked in FY21
to (-5%) in FY22

May 2023 71
SpecialFeature
h AT&C losses deteriorated from 30.9% in FY21
to 36.1% in FY22 – driven majorly by reduction
in Collection Efficiency (from 100.0% in FY21 to
92.4% in FY22)
Key Improvement areas
h Days Payable may be reduced – currently at 284
days as compared to LPS norm of ~45 days
h Days Receivables may be reduced – currently at
233 days (for max. score, expected less than or
equal to 60 days)
h Liquidity can be improved – Adjusted Quick Ratio
currently at 0.35 (for max. score, expected is 1.00)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 151%,
as compared to National median of 50%
Punjab State Power Corporation
Limited (PSPCL)
Rank: 11 out of 51
Grade: A
Key Insights
h PSPCL score improved significantly from 62.3
(10th Ratings) to 83.8 (11th Ratings).
h Major improvement in ACR-ARR Gap, DSCR
metrics, Days Payable and Collection Efficiency
in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 0.08 in FY21 to
(-0.18) in FY22
h PBT (excl. Other Subsidy) improved from 2.5% of
Revenue booked in FY21 to 3% in FY22
h Tariff Subsidy received improved from 87% of
subsidy booked in FY21 to 105% in FY22.
h AT&C losses improved from 18.5% in FY21 to
11.7% in FY22 – driven majorly by improvement in
Collection Efficiency (from 92% in FY21 to 100%
in FY22)
Key Strengths
h Amongst the top 33%ile performers in ACS-ARR
Gap (cash adjusted)
h Positive PBT (3% of Revenue booked)
h High Total Subsidy disbursement – 105% of
Subsidy booked
h Negative cash adjustment due to Trade
72
Receivables ((-2%) of Revenue booked)
h Healthy Adjusted Quick Ratio, currently at 1.04
h Healthy Cash adjusted Leverage, currently at 4.29
Key Improvement Areas
h Ind-AS may be complied and Employee Liabilities
may be addressed to remove audit qualification
h Quarterly accounts can be prepared by discom
Ajmer Vidyut Vitran Nigam Limited
Rank: 19 out of 51
Grade: B
Key Insights
h AVVNL score improved significantly from 21.5
(10th Ratings) to 62.1 (11th Ratings).
h Major improvement in ACR-ARR Gap, DSCR,
Leverage, Collection Efficiency metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 0.38 in FY21 to
(-0.58) in FY22
h PBT (excl. Other Subsidy) improved from -2% of
Revenue booked in FY21 to -0.3% in FY22
h Tariff Subsidy received improved from 75% of
subsidy booked in FY21 to 122% in FY22. Further,
the DISCOM received Other Subsidy of ~4% of
Revenue booked in FY22.
h AT&C losses improved from ~21.4% in FY21 to
~12.7% in FY22 – driven majorly by improvement
in Collection Efficiency (from ~92.6% in FY21 to
~100% in FY22)
Key Strengths
h Amongst the top 20%ile performers in ACS-ARR
Gap (cash adjusted)
h Positive PBT (~3% of Revenue booked)
h High Total Subsidy disbursement – 119% of
Subsidy booked
h Positive cash adjustment due to Trade
Receivables
h Amongst the top 10%ile performers in Days
Receivable – currently at ~16 days as against
National median of ~71 days
h Healthy Cash adjusted Leverage, currently at 4.83
May 2023
SpecialFeature

Key Improvement Areas Jaipur Vidyut Vitran Nigam limited

h Days Payable may be reduced – currently at ~80
days as compared to LPS norm of ~45 days Rank: 29 out of 51
h Debt levels can be reduced – currently Debt
as % of Revenue booked is significantly high Grade: B-
at ~117%, as compared to National median of
~50% Key Insights
h Adjusted Quick Ratio can be improved, currently h JVVNL score improved significantly from 16.7
at 0.60 (for max. score, expected is 1.00) (10th Ratings) to 42.8 (11th Ratings).
h Major improvement in ACR-ARR gap, DSCR,
Jodhpur Vidyut Vitran Nigam Ltd Collection Efficiency metrics in FY22
h Data for FY22 for the 11th Rating Exercise
Rank: 39 out of 51 sourced from Audited accounts

Grade: C Relative Performance (w.r.t FY21)

Key Insights h ACS-ARR Gap is improved from 0.60 in FY21 to
h JdVVNL score improved from 7.7 (10th Ratings) (-0.36) in FY22
to 20.9 (11th Ratings). h PBT (excl. Other Subsidy) improved from (-5%) of
h Major improvement in ACR-ARR Gap, Leverage Revenue booked in FY21 to (-2%) in FY22
metrics in FY22
h Tariff Subsidy received improved from 82% of
h Data for FY22 for the 11th Rating Exercise Subsidy booked in FY21 to 119% in FY22. Further,
sourced from Audited accounts the DISCOM received Other Subsidy of ~4% of
Revenue booked in FY22.
Relative Performance (w.r.t FY21)
h Cash adjustment due to Trade Receivables has
h ACS-ARR Gap improved significantly from 1.18 in improved from (-2%) of Revenue booked in FY21
FY21 to 0.18 in FY22 to (-0.40%) in FY22
h PBT (excl. Other Subsidy) declined from (-11%) of
h AT&C losses improved from 25.1% in FY21 to
Revenue booked in FY21 to (-14%) in FY22
16.8% in FY22 – driven by improvement in Billing
h Tariff Subsidy received improved from 75% of Efficiency (from 80.6% in FY21 to 83.2% in FY22)
subsidy booked in FY21 to 113% in FY22. Further, and Collection Efficiency (from 93.0% in FY21 to
the DISCOM received Other Subsidy of 7% of 100.0% in FY22)
Revenue booked in FY22.
h AT&C losses improved from 31.0% in FY21 to
Key Strengths
21.9% in FY22 – driven majorly by improvement in
Collection Efficiency (from 89.0% in FY21 to 100% h Amongst the top 20%ile performers in ACS-ARR
in FY22) Gap (cash adjusted)
h Positive PBT (2% of Revenue booked)
Key Strengths
h High Total Subsidy disbursement – 116% of
Performance Excellence Subsidy booked
h Collection Efficiency currently at 100% External h Marginally negative cash adjustment due to Trade
Environment
Receivables
h Discom implements automatic pass-through of
fuel costs h Healthy Cash adjusted Leverage, currently at 4.09

Key Improvement Areas Key Improvement Areas

h Days Payable may be reduced – currently at 164
days as compared to LPS norm of 45 days
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 117%,
as compared to National median of 50%
h Days Payable may be reduced – currently at 173
days as compared to LPS norm of 45 days
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 101%,
as compared to National median of 50%

May 2023 73
SpecialFeature

Tamil Nadu Generation and Northern Power Distribution Company

Distribution Corporation Limited
(TANGEDCO)
Rank: 49 our of 51
Grade: C-
Key Insights
h TANGEDCO score declined from -1.6 (10th
Ratings) to -0.9 (11th Ratings)
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 2.12 in FY21 to
1.79 in FY22
h PBT (excl. Other Subsidy) improved from (-48%)
of Revenue booked in FY21 to (-38%) in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
Further, the DISCOM received Other Subsidy of
~18% of Revenue booked in FY22
h AT&C losses deteriorated from 11.9% in FY21
to 13.5% in FY22 – driven by decline in Billing
Efficiency (from 89.5% in FY21 to 87.9% in FY22)
of Telangana Limited (TSNPDCL)
Rank: 47 out of 51
Grade: C-
Key Insights
h TSNPDCL score declined from 8.6 (10th Ratings)
to 6.6 (11th Ratings).
h Major decline in ACR-ARR gap metric in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from 0.68 in FY21 to
1.52 in FY22
h PBT (excl. Other Subsidy) improved from (-21%)
of Revenue booked in FY21 to (-19%) in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
h Cash adjustment due to Trade Receivables has
declined from 8% of Revenue booked in FY21 to
(-4%) in FY22
h AT&C losses deteriorated from 9.0% in FY21
to 14.1% in FY22 – driven majorly by decline in
Collection Efficiency (from 100% in FY21 to 94.2%
in FY22)

Key Improvement Areas Key Strengths

h ACS-ARR Gap may be reduced – currently at INR h Achieved SERC - approved Distribution loss
1.79/kWh target
h Negative PBT ((-19%) of Revenue booked) h Key Improvement Areas

h Total Subsidy received – 98% of Subsidy booked
h Negative cash adjustment due to Trade
Receivables (-1%) of Revenue booked)
h Days Payable may be reduced – currently at
~200 days as compared to LPS norm of ~45
days
h Debt Service Coverage Ratio (cash adjusted)
may be improved – currently at (-0.26) (for max.
score, expected greater than or equal to 1.1)
h Leverage can be improved which is currently at
(-48.14) (for max. score, expected greater than 0
up to 5)
h Debt levels can be reduced – currently Debt
as % of Revenue booked is significantly high
at ~251%, as compared to National median of
~50%
h ACS-ARR Gap can be reduced – currently at INR
1.52/kWh
h Negative PBT (-1%) of Revenue booked)
h Total Subsidy Received – 61% of Subsidy booked
h Negative cash adjustment due to Trade
Receivables ((-4%) of Revenue booked)
h Days Payable can be reduced – currently at
~356 days as compared to LPS norm of ~45
days
h Days Receivable can be reduced – currently at
~267 days (for max. score, expected less than or
equal to 60 days)
h Debt Service Coverage Ratio (cash adjusted)
may be improved – currently at (-1.24) (for max.
score, expected is greater than or equal to 1.1)
h Leverage can be improved which is currently at
(-5.23) (for max. score, expected greater than 0
up to 5)

74 May 2023
SpecialFeature

Southern Power Distribution Company currently at (-4.57) (for max. score, expected
greater than 0 upto 5)
of Telangana Limited (TSSPDCL)
Rank: 43 out of 51 Tripura State Electricity Corporation
Limited
Grade: C-
Rank: 32 out of 51
Key Insights
h TSSPDCL score improved from 2.5 (10th Ratings) Grade: B-
to 10.8 (11th Ratings)
h Major improvement in Collection Efficiency, Audit Key Insights
Qualifications metrics in FY22 h TSECL score declined from 39.0 (10th Ratings)
h Data for FY22 for the 11th Rating Exercise to 35.2 (11th Ratings).
sourced from Audited accounts h Major decline in ACR-ARR gap, Loss Takeover by
State Government metrics in FY22
Relative Performance (w.r.t FY21) h Major improvement in Regulatory Assets metric
h ACS-ARR Gap improved from 1.60 in FY21 to in FY22
1.40 in FY22 h Data for FY22 for the 11th Rating Exercise
h PBT (excl. Other Subsidy) declined from (-19%) of sourced from Audited accounts
Revenue booked in FY21 to (-20%) in FY22 h Relative Performance (w.r.t FY21)
h Tariff Subsidy received remained constant at h ACS-ARR Gap deteriorated from 0.18 in FY21 to
100% of subsidy booked in FY21 and FY22. 0.53 in FY22
h Cash adjustment due to Trade Receivables h PBT (excl. Other Subsidy) declined from 1% of
improved from (-10%) of Revenue booked in FY21 Revenue booked in FY21 to (-6%) in FY22
to (-2%) in FY22 h Tariff Subsidy received improved from 74% of
h AT&C losses improved from 15.5% in FY21 to subsidy booked in FY21 to 87% in FY22.
9.1% in FY22 – driven majorly by improvement in h AT&C losses improved from 37.4% in FY21 to
Collection Efficiency (from 91.1% in FY21 to 100% 33.2% in FY22 – driven majorly by improvement
in FY22) in Billing Efficiency (from 71.5% in FY21 to 75.3%
in FY22)
Key Strengths
h Collection Efficiency currently at 100% Key Strengths
h Achieved SERC - approved Distribution loss h Healthy Adjusted Quick Ratio, currently at 1.14
target External Environment
h Key Improvement Areas h Discom implements automatic pass-through of
h ACS-ARR Gap may be improved – currently at fuel costs
INR 1.40/ kWh
h Negative PBT ((-1%) of Revenue booked)
h Total Subsidy Received– 18% of Subsidy booked
h Negative cash adjustment due to Trade
Receivables (-2%) of Revenue booked)
h Days Payable may be reduced – currently at 375
days as compared to LPS norm of 45 days
h Days Receivables may be reduced – currently at
130 days (for max. score, expected less than or
equal to 60 days)
h Adjusted Quick Ratio can be improved, currently
at 0.36 (for max. score, expected is 1.00)
h Debt Service Coverage Ratio (cash adjusted)
can be improved – currently it is (-0.75) (for max.
score, expected greater than or equal to 1.1)
h Leverage (cash adjusted) may be improved –

May 2023 75
SpecialFeature

Key Improvement Areas h Negative PBT (-20%) of Revenue booked)

h ACS-ARR Gap may be improved – currently at h Total Subsidy disbursement – 100% of Subsidy
INR 0.53/ kWh booked

h Negative PBT ((-6%) of Revenue booked) h Negative cash adjustment due to Trade
Receivables (-5%) of Revenue booked)
h Total Subsidy disbursement – 87% of Subsidy
booked h Days Payable may be reduced – currently at 251
days as compared to LPS norm of 45 days
h Negative cash adjustment due to Trade
h Days Receivables may be reduced – currently at
Receivables ((-4%) of Revenue booked)
596 days (for max. score, expected less than or
h Debt Service Coverage Ratio (cash adjusted) may equal to 60 days)
be improved – currently at (-4.02) (for max. score,
h Adjusted Quick Ratio can be improved, currently
expected greater than or equal to 1.1)
at 0.22 (for max. score, expected is 1.00) Debt
h Leverage (cash adjusted) may be improved – Service Coverage Ratio (cash adjusted) can be
currently at (-5.16) (for max. score, expected improved – currently it is 0.36 (for max. score,
greater than 0 upto 5) expected greater than or equal to 1.1)
h Debt levels can be reduced – currently Debt as %
Dakshinanchal Vidyut Vitran Nigam of Revenue booked is significantly high at 145%,
as compared to National median of ~50%
Limited
Rank 42 out of 51 Kanpur Electricity Supply Company Ltd
Rank : C- Rank: 41 out of 51
Key Insights Grade: C-
h DVVNL score improved from 9.1 (10th Ratings) to
12.3 (11th Ratings).
Key Insights
h Major improvement in Leverage and Government h KESCO score improved from 8.6 (10th Ratings) to
Dues metrics in FY22 16.6 (11th Ratings). Grade over-ride due to ACS-
ARR Gap boundary condition for C grade.
h Major decline in ACS-ARR Gap metric in FY22
h Major improvement in ACR-ARR gap, Loss
h Data for FY22 for the 11th Rating Exercise
Takeover by State Government metrics in FY22
sourced from Audited accounts
h Data for FY22 for the 11th Rating Exercise
Relative Performance (w.r.t FY21) sourced from Audited accounts

h ACS-ARR Gap deteriorated from 1.36 in FY21 to
1.45 in FY22
h PBT (excl. Other Subsidy) remained constant at
(-23%) of Revenue booked for FY21 and FY 22
h Tariff Subsidy received remained constant at
100% for FY21 and FY 22 Further, the DISCOM
received Other Subsidy of 3% of Revenue booked
in FY22.
h Cash adjustment due to Trade Receivables
improved from (-10%) of Revenue booked in FY21
to (-5%) in FY22
h AT&C losses improved from 32.1% in FY21 to
28.6% in FY22 – driven majorly by improvement
in Collection Efficiency (from 91.7% in FY21 to
96.0% in FY22)
Key Improvement Areas
h ACS-ARR Gap may be improved – currently at
INR 1.45/ kWh
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved significantly from 2.33 in
FY21 to 1.05 in FY22
h PBT (excl. Other Subsidy) improved from (-22%)
of Revenue booked in FY21 to (-14%) in FY22
h The DISCOM received Other Subsidy of 9% of
Revenue booked in FY22.
h Cash adjustment due to Trade Receivables has
declined from (-3%) of Revenue booked in FY21
to (-8%) in FY22
h AT&C losses deteriorated from 12.4% in FY21 to
15.5% in FY22 – driven by decline in Collection
Efficiency (from 97.8% in FY21 to 93.4% in FY22)
Key Improvement Areas
h ACS-ARR Gap can be improved – currently at INR
1.05/ kWh
h Negative PBT (-7%) of Revenue booked)

76 May 2023
May 2023 77
SpecialFeature

h Total Subsidy disbursement – 123% of Subsidy

booked
h Negative cash adjustment due to Trade
Receivables (-8%) of Revenue booked)
h Days Payable may be reduced – currently at 338
days as compared to LPS norm of 45 days
h Days Receivable may be reduced – currently at
425 days (for max. score, expected less than or
equal to 60 days)
h Liquidity can be improved – Adjusted Quick Ratio
currently at 0.19 (for max. score, expected is 1.00)
h Debt Service Coverage Ratio (Cash Adjusted) can
be improved – currently at (-0.17) (for max. score,
expected is greater than or equal to 1.1)
h Leverage (Cash Adjusted) can be improved –
currently at (-30.90) (for max. score, expected is
greater than 0 up to 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 94%, as
compared to National median of 50%

Madhyanchal Vidyut Vitran Nigam Ltd
Rank: 48 out of 51
Grade: C-
Key Insights
h MVVNL score declined from 6.3 (10th Ratings) to
3.4 (11th Ratings)
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
h Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from 1.81 in FY21 to
2.45 in FY22. FY21 have been recasted
h PBT (excl. Other Subsidy) declined from (-15%) of
Revenue booked in FY21 to (-19%) in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
Further, the DISCOM received Other Subsidy of
8% of Revenue booked in FY22.
h Cash adjustment due to Trade Receivables has
declined from (-15%) of Revenue booked in FY21
to (-22%) in FY22
h AT&C losses deteriorated from 32.2% in FY21 to
34.9% in FY22 – driven by decline in Collection
Efficiency (from 85% in FY21 to 78.8% in FY22)
Key Improvement Areas
h ACS-ARR Gap may be improved – currently at
INR 2.45/ kWh
h Negative PBT ((-11%) of Revenue booked)
h Total Subsidy disbursement – 102% of Subsidy
booked
h Negative cash adjustment due to Trade
Receivables ((-22%) of Revenue booked)
h Days Payable may be reduced – currently at 263
h
days as compared to LPS norm of 45 days
Days Receivable may be reduced – currently at
597 days (for max. score, expected less than or
equal to 60 days)
h Liquidity can be improved – Adjusted Quick Ratio
currently at 0.38 (for max. score, expected is 1.00)
h Debt Service Coverage Ratio can be improved
– currently at (-0.22) (for max. score, expected
is 1.1) Leverage can be improved – currently at
(-23.72) (for max score, expected is between 0
and 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 98%, as
compared to National median of ~50%
Paschimanchal Vidyut Vitran Nigam
Limited
Rank: 33 out of 51
Grade: C
Key Insights
h PVVNL score improved significantly from 18.4
(10th Ratings) to 34.3 (11th Ratings).
h Major improvement in ACR-ARR Gap, Leverage
metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts

78 May 2023
SpecialFeature
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 1.10 in FY21 to
0.57 in FY22
h PBT (excl. Other Subsidy) improved from (-22%)
of Revenue booked in FY21 to (-12%) in FY22
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
Further, the DISCOM received Other Subsidy of
9% of Revenue booked in FY22.
h Cash adjustment due to Trade Receivables has
declined from 0% of Revenue booked in FY21 to
(-5%) in FY22
h AT&C losses deteriorated from 17.8% in FY21
to 22.3% in FY22 – driven majorly by decline in
Collection Efficiency (from 100% in FY21 to 94.4%
in FY22)
Key Improvement Areas
h ACS-ARR Gap can be improved – currently at
INR 0.57/ kWh
h Negative PBT ((-3%) of Revenue booked)
h Total Subsidy disbursement – 100% of Subsidy
booked
h Negative cash adjustment due to Trade
Receivables ((-5%) of Revenue booked)
h Days Payable may be reduced – currently at 98
days as compared to LPS norm of 45 days
h Days Receivable may be reduced – currently at
220 days (for max. score, expected less than or
equal to 60 days)
h Debt Service Coverage Ratio (cash adjusted)
may be improved – currently at 0.33 (for max.
score, expected is greater than or equal to 1.1)
Purvanchal Vidyut Vitran Nigam
Limited
Rank: 46 out of 51
Grade: C-
Key Insights
h PuVVNL score improved from 3.1 (10th Ratings)
to 7.1 (11th Ratings)
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 2.00 in FY21 to
1.81 in FY22
h PBT (excl. Other Subsidy) improved from (-29%)
of Revenue booked in FY21 to (-18%) in FY22
May 2023
h Tariff Subsidy received remained constant at
100% of subsidy booked in FY21 and FY22.
Further, the DISCOM received Other Subsidy of
15% of Revenue booked in FY22.
h Cash adjustment due to Trade Receivables has
declined from (-13%) of Revenue booked in FY21
to (-23%) in FY22
h AT&C losses deteriorated from 32.5% in FY21
to 40.3% in FY22 – driven majorly by decline
in Collection Efficiency (from 85.1% in FY21 to
74.7% in FY22)
Key Improvement Areas
h ACS-ARR Gap may be improved – currently at
INR 1.81/ kWh
h Negative PBT ((-3%) of Revenue booked)
h Total Subsidy disbursement – 100% of Subsidy
booked
h Negative cash adjustment due to Trade
Receivables ((-23%) of Revenue booked)
h Days Payable may be reduced – currently at 282
days as compared to LPS norm of 45 days
h Days Receivable may be reduced – currently at
864 days (for max. score, expected less than or
equal to 60 days)
h Debt Service Coverage Ratio (Cash Adjusted)
may be improved , currently at 0.26 (for max.
score, expected greater than or equal to 1.1)
h Leverage (Cash Adjusted) may be
improved, currently at 22.27 (for max. score,
expected greater than 0 upto 5)
h Debt levels can be reduced – currently Debt as %
of Revenue booked is significantly high at 143%,
as compared to National median of 50%
Uttarakhand Power Corporation
Limited (UPCL)
Rank: 12 out of 51
Grade: A
Key Insights
h UPCL score improved significantly from 55.6
(10th Ratings) to 81.7 (11th Ratings).
h Major improvement in ACR-ARR gap, DSCR,
Loss Takeover by State Government metrics in
FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
79
SpecialFeature

h ACS-ARR Gap improved from 0.04 in FY21 to h PBT (excl. Other Subsidy) improved significantly
(-0.49) in FY22 from (-19%) of Revenue booked in FY21 to 4% in
h PBT (excl. Other Subsidy) improved from (-2%) of FY22
Revenue booked in FY21 to 0% in FY22 h Tariff Subsidy received improved from 99% of
h Cash adjustment due to Trade Receivables subsidy booked in FY21 to 100% in FY22
improved from 1% of Revenue booked in FY21 to h AT&C losses improved from 21.3% in FY21 to
10% in FY22 16.7% in FY22 – driven majorly by improvement
h AT&C losses improved from 15.4% in FY21 to in Billing Efficiency (from 79.0% in FY21 to 84.8%
14.1% in FY22 – driven majorly by improvement in in FY22
Collection Efficiency (from 98.3% in FY21 to 100%
in FY22) Key Strengths
h Amongst the top 33%ile performers in ACS-ARR
Key Strengths Gap (cash adjusted)
h Amongst the top 20%ile performers in ACS-ARR h Negative PBT ((-1%) of Revenue booked)
Gap (cash adjusted)
h High Total Subsidy disbursement – 100% of
h Positive PBT Subsidy booked
h Positive cash adjustment due to Trade h Positive cash adjustment due to Trade
Receivables (10% of Revenue booked) Receivables
h Amongst the top 20%ile performers in Days h Healthy Cash adjusted Leverage, currently at 3.76
Receivable – currently at 17 days as against
National median of ~71 days
Key Improvement Areas
h Amongst the top 10%ile performers in Days
Payable to Gencos and Trancos – currently at 24 h Days Payable may be reduced – currently at 147
days as compared to LPS norm of ~45 days days as compared to LPS norm of 45 days
h Healthy Cash adjusted Leverage, currently at h Adjusted Quick Ratio can be improved, currently
1.09 at 0.25 (for max. score, expected is 1.00)
h Healthy Debt Service Coverage Ratio currently at
3.67 BSES Rajdhani Power Limited (BRPL)
h Healthy Debt levels – currently Debt as % of
Revenue booked is ~19%, as compared to Rank: 26 out of 51
National median of ~50%

Key Improvement Areas

h Adjusted Quick Ratio can be improved, currently
at 0.17 (for max. score, expected is 1.00)
West Bengal State Electricity
Distribution Company Limited
(WBSEDCL)
Key Insights
h WBSEDCL score improved significantly from 19.4
(10th Ratings) to 48.5 (11th Ratings).
h Major improvement in ACR-ARR gap metric in
FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap improved from 0.92 in FY21 to
(-0.22) in FY22. Major recasting in FY21
Grade: B-
Key Insights
h BRPL score improved significantly from 39.9
(10th Ratings) to 68.8 (11th Ratings). Grade over-
ride due to regulatory asset disincentive.
h Major improvement in ACR-ARR Gap, DSCR
metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from (-0.69) in FY21
to (-0.26) in FY22. FY21 accounts have been
recasted
h PBT (excl. Other Subsidy) declined from 10% of
Revenue booked in FY21 to 5% in FY22
h Tariff Subsidy received improved from 91% of
subsidy booked in FY21 to 94% in FY22
h AT&C losses improved marginally from 9.6% in
FY21 to 8.9% in FY22

80 May 2023
SpecialFeature

Key Strengths Key Strengths

h Amongst the top 33%ile performers in ACS-ARR h Amongst the top 20%ile performers in Days
Gap (cash adjusted) Receivable – currently at 20 days as against
h Positive PBT (4% of Revenue booked) National median of ~71 days
h Total Subsidy disbursement – 94% of Subsidy h Healthy Cash adjusted Leverage, currently at 1.26
booked h Healthy Debt Coverage Service Ratio, currently at
h Marginally negative cash adjustment due to Trade 1.11
Receivables h Healthy Debt levels – currently Debt as % of
Revenue booked is 25%, as compared to National
h Amongst the top 20%ile performers in Days
median of ~50%
Receivable – currently at 19 days as against
National median of ~71 days
Key Improvement Areas
h Healthy Debt Service Coverage Ratio (cash
adjusted), currently at 1.46 h Days Payable may be reduced – currently at 645
days as compared to LPS norm of 45 days
h Healthy Cash adjusted Leverage, currently at 0.92
h Adjusted Quick Ratio can be improved, currently
h Healthy Debt levels – currently Debt as % of
at 0.10 (for max. score, expected is 1.00)
Revenue booked is 16%, as compared to National
median of ~50%
Tata Power Delhi Distribution Limited
Key Improvement Areas
(TPDDL)
h Days Payable may be reduced – currently at 375
days as compared to LPS norm of 45 days Rank: 13 out of 51
h Adjusted Quick Ratio can be improved, currently
at 0.19 (for max. score, expected is 1.00) Grade: A
Key Insights
BSES Yamuna Power Limited (BYPL)
h TPDDL score decline from 81.5 (10th Ratings) to
Rank: 25 out of 51 79.0 (11th Ratings)
h Data for FY22 for the 11th Rating Exercise
Grade: B- sourced from Audited accounts
h Relative Performance (w.r.t FY21)
Key Insights h ACS-ARR Gap improved from (-0.23) in FY21 to
h BYPL score improved significantly from 41.8 (10th (-0.35) in FY22
Ratings) to 69.1 (11th Ratings). Grade over-ride h PBT (excl. Other Subsidy) improved marginally
due to regulatory asset discincentive. from 3.8% of Revenue booked in FY21 to 3.9% in
FY22
h Major improvement in ACR-ARR Gap, DSCR
metrics in FY22 h Tariff Subsidy received improved from 91% of
subsidy booked in FY21 to 104% in FY22.
h Data for FY22 for the 11th Rating Exercise
sourced from audited accounts. h AT&C losses improved marginally from 7.7% in
FY21 to 7.1% in FY22
Relative Performance (w.r.t FY21)
Key Strengths
h ACS-ARR Gap deteriorated from (-1.05) in FY21
to (-0.01) in FY22. FY21 accounts has been h Amongst the top 25%ile performers in ACS-ARR
recasted PBT (excl. Other Subsidy) declined from Gap (cash adjusted)
13% of Revenue booked in FY21 to 0% in FY22 h Positive PBT (8% of Revenue booked)
h Tariff Subsidy received improved from 97% of h High Total Subsidy disbursement – 104% of
subsidy booked in FY21 to 99% in FY22. Subsidy booked
h AT&C losses improved from 9.4% in FY21 to 8% h Positive cash adjustment due to Trade
in FY22 – driven by improvement in Collection Receivables
Efficiency (from 99.1% in FY21 to 100% in FY22) h Amongst the top 10%ile performers in Days
and Billing Efficiency (from 91.4% in FY21 to 92% Receivable – currently at 10 days as against
in FY22) National median of ~71 days

May 2023 81
SpecialFeature

h Healthy Cash adjusted Leverage, currently at 2.59 h Positive cash adjustment due to Trade
h Healthy Debt Service Coverage Ratio, currently at Receivables
1.15 h Amongst the top 20%ile performers in Days
Payable to Gencos and Transcos– currently at 42
Improvement Areas days as compared to LPS norm of 45 days
h Adjusted Quick Ratio can be improved, currently h Amongst the top 20%ile performers in Days
at 0.33 (for max. score, expected is 1.00) Receivable – currently at 21 days as against
National median of 71 days
h Healthy Adjusted Quick Ratio, currently at 1.46
Adani Electricity Mumbai Limited h Healthy Debt Service Coverage Ratio, currently
(AEML) at 4.16 Healthy Cash adjusted Leverage, currently
at 2.50
Rank: 1 out of 51

Grade: A+ TATA Power Limited Mumbai

Key Insights Rank: 8 out of 51
h AEML score improved from 93.4 (10th Ratings) to
99.6 (11th Ratings).
Grade: A+
h Major improvement in Adjusted Quick Ratio Key Insights
metric in FY22
h TPML score improved from 88.0 (10th Ratings) to
h Data for FY22 for the 11th Rating Exercise
89.7 (11th Ratings).
sourced from Audited accounts .
h Data for FY22 for the 11th Rating Exercise
h Relative Performance (w.r.t FY21)
sourced from Audited accounts
h ACS-ARR Gap improved significantly from 0.37 in
h Relative Performance (w.r.t FY21)
FY21 to (-0.55) in FY22. Major recasting in FY21
accounts h ACS-ARR Gap improved from 0.10 in FY21 to
(-0.10) in FY22
h PBT (excl. Other Subsidy) improved significantly
from (-7%) of Revenue booked in FY21 to 6% in h PBT (excl. Other Subsidy) improved from (-4%) of
FY22 Revenue booked in FY21 to 3% in FY22
h AT&C losses improved from 8.9% in FY21 to 6.7% h Cash adjustment due to Trade Receivables
in FY22 – driven majorly by improvement in Billing declined from 2% of Revenue booked in FY21 to
efficiency (from 91.7% in FY21 to 93.3% in FY22). (-1%) in FY22
h AT&C losses deteriorated from 0.2% in FY21
Key Strengths to 2.1% in FY22 – driven majorly by decline in
h Amongst the top 20%ile performers in ACS-ARR Collection Efficiency (from 100% in FY21 to 98.7%
Gap (cash adjusted) in FY22)

h Positive PBT (15% of Revenue booked)

Key Strengths
h Amongst the top 33%ile performers in ACS-ARR
Gap (cash adjusted)
h Positive PBT (5% of Revenue booked)
h Negative cash adjustment due to Trade
Receivables ((-1%) of Revenue booked)
h Amongst the top 20%ile performers in Days
Payable to Gencos and Transcos– currently at 32
days as compared to LPS norm of 45 days
h Amongst the top 25%ile performers in Days
Receivable – currently at 32 days as against
National median of 71 days
h Healthy Debt Service Coverage ratio, currently at
1.55
h Healthy Cash adjusted Leverage, currently at 3.49

82 May 2023
SpecialFeature

TP Central Odisha Distribution Limited
(TPCODL)
Grade: B
Key Insights
h TPCODL score declined from 64.8 (10th Ratings)
to 51.8 (11th Ratings).
h Major decline in ACR-ARR gap, Collection
Efficiency metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated from 0.07 in FY21 to
0.46 in FY22. Minor recasting in FY21 accounts
h PBT (excl. Other Subsidy) improved from (-2%) of
Revenue booked in FY21 to 3% in FY22
h Cash adjustment due to Trade Receivables
declined from 0% of Revenue booked in FY21 to
(-12%) in FY22
h AT&C losses deteriorated from 25.9% in FY21 to
33.5% in FY22 – driven majorly by improvement in
Collection Efficiency (from 100% in FY21 to 87%
in FY22)
Key Strengths
h Days Receivable currently at 50 days as against
National median of ~71 days
h Healthy Debt levels – currently Debt as % of
Revenue booked is ~15%, as compared to
National median of ~50%
Key Improvement Areas
h Debt Service Coverage Ratio (cash adjusted)
may be improved, currently at (-1.88) (for max.
score, expected greater than or equal to 1.1)
h Leverage (Cash Adjusted) may be improved,
currently at (-3.87) (for max. score,
expected greater than 0 upto 5)
TP Northern Odisha Distribution
Limited (TPNODL)
Grade: B
Key Insights
h TPNODL score improved significantly from 31.3
(10th Ratings) to 55.9 (11th Ratings).
h Major improvement in ACR-ARR gap, Days
receivables, Days Payables, Adjusted Quick Ratio
Loss Takeover by State Government metrics in
FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h TPNODL is a New Utility with 1 year of operation
and hence has excluded from the ranking list.
Last year the rating was done basis financials of
the erstwhile utility (before takeover)
Key Strengths
h Amongst the top 33%ile performers in Days
Receivable – currently at 37 days as against
National median of ~71 days
h Healthy Adjusted Quick Ratio, currently at 1.08

h ACS-ARR Gap may be improved – currently at h Healthy Debt levels – currently Debt as % of
INR 0.46/ kWh Revenue booked is 8%, as compared to National
median of ~50% Performance Excellence
h Positive PBT (1% of Revenue booked)
h Achieved SERC - approved Distribution loss
h Negative cash adjustment due to Trade
target
Receivables ((-12%) of Revenue booked)

Key Improvement Areas

h ACS-ARR Gap can be improved – currently at INR
0.33/ kWh
h Positive PBT (4% of Revenue booked)
h Negative cash adjustment due to Trade
Receivables ((-11%) of Revenue booked
h Debt Service Coverage Ratio (cash adjusted) may
be improved – currently at (-0.06) (for max. score,
expected is greater than or equal to 1.1)
h Leverage can be improved which is currently at
(-83.66) (for max. score, expected greater than 0
upto 5)

May 2023 83
SpecialFeature

TP Southern Odisha Distribution

Limited (TPSODL)
Grade: A
Key Insights
h TPSODL score improved significantly from 46.0
(10th Ratings) to 79.3 (11th Ratings).
h Major improvement in ACR-ARR gap, DSCR
metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
Relative Performance (w.r.t FY21)
h TPSODL is a New Utility with less than 2-years of
operation and hence has been excluded from the
ranking list
h ACS-ARR Gap deteriorated from (-1.09) in FY21
to 0.38 in FY22. Major recasting in FY21 accounts
h PBT (excl. Other Subsidy) declined significantly
from 8% of Revenue booked in FY21 to 5% in
FY22
h Cash adjustment due to Trade Receivables has
declined from 18% of Revenue booked in FY21 to
(-14%) in FY22
h AT&C losses deteriorated from 20.5% in FY21
to 34.3% in FY22 – driven majorly by decline in
Collection Efficiency (from 100% in FY21 to 85.8%
in FY22)
h Key Strengths
h Amongst the top 20%ile performers in Days
Payable to Gencos and Transcos– currently at 37
days as compared to LPS norm of ~45 days
h Healthy Adjusted Quick Ratio, currently at 1.31
h Healthy Debt levels – currently Debt as % of
Revenue booked is 20%, as compared to National
median of ~50%
Key Improvement Areas
h ACS-ARR Gap can be reduced – currently at INR
0.38/kWh
h Positive PBT (5% of Revenue booked)
h Negative cash adjustment due to Trade
Receivables ((-14%) of Revenue booked
h Debt Service Coverage Ratio (cash adjusted) may
be improved – currently at (-3.02) (for max. score,
expected greater than or equal to 1.1)
h Leverage (cash adjusted) may be improved –
currently at (-4.17) (for max. score, expected
greater than 0 upto 5)
TP Western Odisha Distribution
Limited (TPWODL)
Grade: A+
Key Insights
h TPWODL score improved from 81.5 (10th
Ratings) to 87.2 (11th Ratings).
h Major improvement in ACR-ARR Gap, Loss
Takeover by State Government metrics in FY22
h Data for FY22 for the 11th Rating Exercise
sourced from Audited accounts
h Relative Performance (w.r.t FY21)
h ACS-ARR Gap deteriorated significantly from
(-1.64) in FY21 to (-0.02) in FY22. Major recasting
in FY21.
h PBT (excl. Other Subsidy) improved from 10% of
Revenue booked in FY21 to 14% in FY22
h Cash adjustment due to Trade Receivables has
declined from 24% of Revenue booked in FY21 to
(-14%) in FY22
h AT&C losses deteriorated from 22.4% in FY21
to 30.2% in FY22 – driven majorly by decline in
Collection Efficiency (from 100% in FY21 to 88.4%
in FY22)
Key Strengths
h ‡'D\V5HFHLYDEOHFXUUHQWO\DWGD\VDVDJDLQVW
National median of ~71 days
h ‡+HDOWK\$GMXVWHG4XLFN5DWLRFXUUHQWO\DW
h ‡+HDOWK\'HEW6HUYLFH&RYHUDJH5DWLRFXUUHQWO\
at 4.39
h ‡+HDOWK\&DVKDGMXVWHG/HYHUDJHFXUUHQWO\DW
0.96
h ‡+HDOWK\'HEWOHYHOV²FXUUHQWO\'HEWDVRI
Revenue booked is 4%, as compared to National
median of ~50%
Key Improvement Areas
h ‡%LOOLQJ(IILFLHQF\FDQEHLPSURYHG²FXUUHQWO\DW
79.0% (for max. score, expected is 92%+)
h ‡&ROOHFWLRQ(IILFLHQF\FDQEHLPSURYHG²
currently at 88% (for max. score, expected is
99.5%+)

84 May 2023
SpecialFeature

Noida Power Company Limited (NPCL) h ‡3%7H[FO2WKHU6XEVLG\GHFOLQHGIURPRI

Revenue booked in FY21 to 4% in FY22
Rank: 7 out of 51 h ‡&DVKDGMXVWPHQWGXHWR7UDGH5HFHLYDEOHVKDV
improved from (-5%) of Revenue booked in FY21
Grade: A+ to 5% in FY22
Key Insights h ‡$7 &ORVVHVLPSURYHGIURPLQ)<WR
8.1% in FY22 – driven majorly by improvement in
h ‡13&/VFRUHLPSURYHGIURPWK5DWLQJV Collection Efficiency (from 93.9% in FY21 to 100%
to 93.3 (11th Ratings). in FY22)
h ‡'DWDIRU)<IRUWKHWK5DWLQJ([HUFLVH
sourced from Audited accounts Key Strengths
Relative Performance (w.r.t FY21) h ‡$PRQJVWWKHWRSLOHSHUIRUPHUVLQ$&6$55
Gap (cash adjusted)
h ‡$&6$55*DSGHWHULRUDWHGIURPLQ)< h ‡3RVLWLYH3%7RI5HYHQXHERRNHG
to (-1.09) in FY22
h ‡3RVLWLYHFDVKDGMXVWPHQWGXHWR7UDGH
h ‡3%7H[FO2WKHU6XEVLG\GHFOLQHGIURPRI Receivables (5% of Revenue booked)
Revenue booked in FY21 to 15% in FY22
h ‡'D\V5HFHLYDEOHFXUUHQWO\DWGD\VDVDJDLQVW
h ‡$7 &ORVVHVLPSURYHGIURPLQ)<WR National median of ~71 days
8.5% in FY22 – driven majorly by improvement
in Collection Efficiency (from 98.5% in FY21 to h ‡+HDOWK\'HEW6HUYLFH&RYHUDJH5DWLRFDVK
99.4% in FY22) adjusted), currently at 1.16
h ‡+HDOWK\&DVKDGMXVWHG/HYHUDJHFXUUHQWO\DW
h Key Strengths
4.93
h ‡$PRQJVWWKHWRSLOHSHUIRUPHUVLQ$&6$55
Gap (cash adjusted)
h ‡3RVLWLYH3%7RI5HYHQXHERRNHG India Power Corporation Ltd
h ‡0DUJLQDOO\QHJDWLYHFDVKDGMXVWPHQWGXHWR Rank: 17 out of 51
Trade Receivables
h ‡$PRQJVWWKHWRSLOHSHUIRUPHUVLQ'D\V
Receivable – currently at 15 days as against
Grade: A
National median of 71 days Key Insights
h ‡+HDOWK\$GMXVWHG4XLFN5DWLRFXUUHQWO\DW
h ‡,3&/VFRUHGHFOLQHGIURPWK5DWLQJVWR
h ‡+HDOWK\'HEW6HUYLFH&RYHUDJH5DWLRFXUUHQWO\ 71.4 (11th Ratings).
at 29.36
h ‡0DMRUGHFOLQHLQ$&5$55JDS'6&5
h ‡+HDOWK\'HEWOHYHOV²FXUUHQWO\'HEWDVRI Leverage metrics in FY22
Revenue booked is Nil, as compared to National
h ‡'DWDIRU)<IRUWKHWK5DWLQJ([HUFLVH
median of ~50%
sourced from Audited accounts

CESC Limited (CESC) Relative Performance (w.r.t FY21)

Rank: 16 out of 51 h ‡$&6$55*DSGHWHULRUDWHGIURPLQ)<
to 0.34 in FY22
Grade: A h ‡3%7H[FO2WKHU6XEVLG\GHFOLQHGIURPRI
Key Insights Revenue booked in FY21 to (-5%) in FY22
h ‡&DVKDGMXVWPHQWGXHWR7UDGH5HFHLYDEOHVKDV
h ‡&(6&VFRUHLPSURYHGIURPWK5DWLQJV declined from 1% of Revenue booked in FY21 to
to 73.5 (11th Ratings). (-1%) in FY22
h ‡0DMRULPSURYHPHQWLQ'6&5PHWULFLQ)< h ‡$7 &ORVVHVGHWHULRUDWHGPDUJLQDOO\IURP
h ‡0DMRUGHFOLQHLQ'D\V3D\DEOHLQ)< in FY21 to 4.0% in FY22
h ‡'DWDIRU)<IRUWKHWK5DWLQJ([HUFLVH
sourced from Audited accounts Key Strengths
h ‡$PRQJVWWKHWRSLOHSHUIRUPHUVLQ'D\V
Relative Performance (w.r.t FY21)
Receivable – currently at 43 days as against
h ‡$&6$55*DSLPSURYHGIURPLQ)<WR National median of 71 days Performance
(-0.67) in FY22 Excellence

May 2023 85
ERDANews

1.2 Transformer Components

h Paper Covered Copper Conductors
h Paper Covered Aluminium Conductors
h High Voltage Bushings
h Insulators
h CRGO Core Laminations
Transformer Oil (Routine, DGA, DP & Furan Tests)
Solid Insulating Materials

2. 0 Calibration Services
h Calibration of CTs and PTs of class 0.05 at
laboratory and class 0.1 at site.

ERDA’s State-of-the-Art Laboratory for Impulse Test Laboratory 900 kV, 3 Amp Partial
Transformers Discharge Laboratory
ERDA’s fully automated transformer test facilities are
recognized by BIS & NABL for testing of transformers
3. Field Services
according to IS: 1180-2014. The laboratory has been h Measurement of No-Load and Load Loss at Site
actively engaged in evaluating distribution transformers upto 100 MVA, 220 kV
as per IS:1180 within the framework of the Quality h Harmonic Measurements of Magnetizing Current
Control Order of 2015 of the Department of Heavy h Third Party Testing (220 kV, 100 MVA) using
Industries, Govt. of India for mandatory BIS Certification Calibrated Instruments
of Distribution Transformers. h Calibration of CTs and PTs
Transformers up to 160 MVA, 400 kV Class for Impulse h Testing of CTs and PTs
Test, 4 MVA, 33 kV class for short circuit test and up h Noise Level Measurements
to 2500 kVA, 11 kV to 33 kV for routine tests can be h Transformer Oil (New & In-service), Synthetic &
evaluated. In addition to laboratory testing, the ERDA Ester Oil
also provides site testing of transformers for utilities h Dissolved Gas Analysis (DGA) & Furan Analysis
at Narol, Gujarat (UGVCL), Navsari, Gujarat (DGVCL)
and Muradnagar, U.P. (PVVNL) and also at customer’s
premises. ERDA undertakes range of field diagnostics
and calibration services and Research and Development
projects in relevant areas related to transformers and
power systems. Highlights of the transformer laboratory
are presented below:

Testing and Evaluation Short Circuit Test Laboratory Power Transformer Test Laboratory

1.1 Transformers: R&D and Expert Services

h Condition Monitoring by Capacitance and Tan
h Distribution Transformers Delta Measurements
h Power Transformers h Partial Discharge Measurement
h Current Transformers h Failure Analysis
h Potential Transformers h DIRANA /DOMINO USS (for Paper Moisture
Determination)
h Continuously Variable Voltage Auto Transformers
h Sweep Frequency Response Analysis (SFRA)
h Dry Type Transformers
h Dielectric Spectroscopy (DIRANA)
h Reactors h Online Condition Monitoring by Acoustic Emission
h Compact Substations Method

86 May 2023
ERDANews

h Degree of Polymerization (DP) of Paper h Wideband Partial Discharge Bridge and Balance
h Major R&D projects undertaken include: Detector, with shielding room for 245 kV class
equipment
h Health Index of Power Transformer
h Condition Monitoring by Capacitance and Loss
h Development of Evolved Hydrogen Gas Sensor
Angle Measurement by Automatic C & Tan Delta
h Impulse Breakdown Studies on Transformer Oil Test Instrument
h Residual Life Assessment of Transformer h Type Test Facilities for Potential Transformers upto
h Heat Transfer Studies on Radiators Class 0.05, 220 kV
h Acoustic Emission Detection Technique for Partial h Type Test Facilities for Current Transformers upto
Discharge Detection and Location Class 0.05, 5000 A, upto 220 kV
h Accelerated Ageing Tests on Distribution h Automatic Microprocessor Based Error Measuring
Transformers to Assess Insulation Life System
h Remote Monitoring of Transformer h Analyzer for Measurement of Harmonics
h Loss Measurement by Using 0.1 Class CTs & PTs
5. Major Facilities and Digital Power Meter
h 6 number parallel test bays to undertake Routine, h Dissolved Gas Analysis (Fully Automated – Head
Temperature rise and Special test of distribution Space Method –based Gas Chromatographs)
transformers h HPLC for Furan Analysis
h Three Short Circuit Laboratories (120 kA, 570 V (1 h Epstein Test Frame for Core Loss Measurement
No.) and 50 kA, 525 V (2 Nos.) h Single Sheet CRGO Core Loss Machine
h Short Circuit Facility for Transformers upto 4 MVA, h B-H Loop Machine
33 kV class h Franklin Insulation Tester
h Short Circuit Facility for LT Switchgear upto 50 kA, h Acoustic Emission Test Setup for Online P.D
1 sec. at 525 V/ 250V Measurement
h Routine and Type Testing Facilities for Transformer
upto 2500 kVA, 33 kV Rajib Chattopadhyay
Head BD & CRM
h Lightning Impulse Voltage Test Facility upto 1600
Phone (D): 0265-3021505, Mobile: 9978940954
kV, 80 kJ for Transformers upto 160 MVA, 100 kV
E-mail: rajib.chattopadhyay@erda.org

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May 2023 87
PowerStatistics

Global Energy Outlook

Source: World Energy Outlook 2022

88 May 2023
PowerStatistics

Transmission
State-wise System
installedfor
capacity
Integration
of Renewable
of over 500
Power
GW RE
as Capacity
on 28.02.2023
by 2030
As of 31st October 2022, the installed electricity generating capacity in the country was 409 GW including
166 GW of RE generating capacity (including large hydro), which is about 40% of the total installed
electricity generating capacity in the country. India has envisaged to increase the non-fossil fuel based
installed electricity generation capacity to 500 GW by 2030.
As a significant step towards successfully achieving the planned RE capacity by 2030, transmission
system has been planned for about 537 GW of RE capacity as detailed below:
Category Capacity (MW)
RE Capacity already Commissioned (as on 31.10.2022) 165943
“66.5 GW RE capacity to be integrated to ISTS network 57639
(8.861 GW RE capacity already commissioned and included in Sl. No. 1 above)”
“Additional RE capacity totaling to 236.58 GW (55.08 GW + 181.5 GW) to be 236580
integrated to ISTS network”
Margin already available in ISTS sub-stations which can be used for integration 33658
of RE capacity
“Balance RE capacity to be integrated to intra-state system under Green Energy 7000
Corridor – I (GEC-I) Scheme”
RE capacity to be integrated to intra-state system under Green Energy Corridor 19431
- II (GEC-II) Scheme
Additional Hydro Capacity likely by 2030 16673
Total (RE) 536924
The length of the transmission lines and sub-station capacity planned under ISTS for integration of
additional wind and solar capacity by 2030 has been estimated as 50,890 ckm and 4,33,575 MVA
respectively at an estimated cost of Rs 2,44,200 crores.
The present inter-regional transmission capacity is 1,12,250 MW. With the additional inter-regional
transmission corridors under implementation/planned, the cumulative inter-regional transmission
capacity is likely to be about 1,50,000 MW in 2030.
Total ckm of transmission lines and transformation capacity in India as on 31.10.2022
±800 ±500 ±320 765 400 220 Total
Transmission Lines (ckm) 9655 9432 288 51938 196138 196307 463758
Sub-station capacity (MVA) 18000 13500 2000 267700 408933 434974 1145107

Additional ckm and MVA capacity likely by 2030 below:

The tentative additional ckm and MVA capacity under ISTS, required for integration of additional RE
capacity by 2030 is given
±800 ±350 765 400 220 Total
Transmission Lines (ckm) 6200 1920 25960 15758 1052 50890
Sub-station capacity (MVA) 20000 5000 274500 134075 0 433575
With the additional inter-regional corridors under implementation/planned, the inter-regional capacity is
likely to be 149,850 MW in 2030 as detailed below.

Inter-regional capacity apacity (MW) Transmission plan for additional

West-East 22790 Hydro Electric Projects likely
West-North 62720 by 2030
West-South 28120 Installed capacity of hydroelectric projects in the
North-East 22530 country is 46,850.18 GW (as on 31st October,
2022). Transmission system has been planned for
South-East 7830 about 16,673 MW additional hydro capacity likely
East-North East 2860 to be commissioned by 2030.
North East-North 3000
Total 149850
Source: CEA

May 2023 89
IEEMADatabase

Basic Prices and Index Numbers

as on as on
Unit Unit
01.02. 23 01.02. 23

IRON, STEEL & STEEL PRODUCTS OTHER RAW MATERIALS

BLOOMS (SBLR) Epoxy Resin CT - 5900 `/Kg 736.00
`/MT 53036.00
150mmX150mm
Phenolic Moulding Powder `/Kg 109.00
BILLETS (SBIR) 100MM `/MT 54605.00 PVC Compound - Grade `/MT
CW - 22
156075.00
CRNGO Electrical Steel Sheets
`/MT 110.49 PVC Compound Grade `/MT
M-45,C-6 (Ex-Rsp) HR - 11
157075.00

CRGO ELECTRICAL STEEL Transformer Oil Base Stock `/KLitre

646226.00 (TOBS)
96866.00
SHEETS
OTHER IEEMA INDEX NUMBERS
a) For Transformers of rating
up to 10MVA and voltage up `/MT
IN-BUSDUCTS (BASE JUNE 2000=100)
to 33 KV
FOR THE MONTH December 2022
346.31
b) For Transformers of rating IN - BTR - CHRG (BASE JUNE
above 10MVA or voltage `/MT 2000=100)
547.69
above 33 KV
IN - WT (BASE JUNE 2000=100) 365.80
NON-FERROUS METALS
Wholesale price index number for 'Insulators'
Electrolytic High Grade Zinc - `/MT 323700.00 (Base 2011-12 = 100) for the month 123.20
December 2022
Lead (99.97%) - `/MT 211400.00 Wholesale price index number for
'Manufacture of Basic Metals (Base 2011- 143.20
Copper Wire Bars `/MT 781517.00 12 = 100) for the month December 2022

Copper Wire Rods `/MT 801475.00 Wholesale price index number for' Fuel
Aluminium Ingots - EC Grade & Power (Base 2011-12 = 100) for the 158.00
`/MT 239374.00 month December 2022
(IS 4026-1987)
Aluminuium Properzi Rods -
`/MT 245991.00 ALL INDIA AVERAGE CONSUMER
EC Grade (IS5484 1978)
PRICE INDEX NUMBER FOR
INDUSTRIAL WORKERS (BASE
132.30
Aluminium Busbar
`/MT 315000.00 2016=100) December 2022
(IS 5082 1998)
# Estimated, NA: Not available QE/PVC/39

200000
PVC Compound Grade HR - 11 Rs./MT
195000

190000

185000

180000

175000

170000

165000

160000

155000
Mar 2021 to Feb 2023
150000

145000
03-21

04-21

05-21

06-21

07-21

08-21

09-21

10-21

11-21

12-21

01-22

02-22

03-22

04-22

05-22

06-22

07-22

08-22

09-22

10-22

11-22

12-22

01-23

02-23

The basic prices and indices are calculated on the basis of raw material prices, exclusive of excise/C.V.
duty wherever manufactures are eligible to obtain MODVAT benefit.
These basic prices and indices are for operation of IEEMA’s Price Variation Clauses for various products.
Basic Price Variation Clauses, explanation of nomenclature can be obtained from IEEMA office.
Every care has been taken to ensure correctness of reported prices and indices. However, no
responsibility is assured for correctness. Authenticated prices and indices are separately circulated
by IEEMA every month. We recommend using authenticated prices and indices only for claiming
price variation.
Source : IEEMA

90 May 2023
IEEMADatabase

24000 Power Transformers

22000

20000

18000

16000

14000

12000

10000 MVA
8000

6000

4000

2000 Dec 19 to Nov 22

0
12 2 4 6 8 10 12 2 4 6 8 10 12 2 4 6 8 10

Production
Accounting
Name of Product For the Month From Oct. 21 Highest Annual
Unit
Nov. 22 to Nov. 22 Production
Electric Motors
AC Motors - LT 000' KW 1276 17219 16732
AC Motors - HT 000' KW 451 4625 5273
DC Motors 000' KW 27 527 618
Switchgears *
Contactors 000' Nos. 1055 14187 15211
Motor Starters 000' Nos. 141 2046 2427
SDF 000' Nos. 49 676 752
Circuit Breakers DIN Rail Mounted 000' Poles 16150 215193 212922
Circuit Breakers - LT Nos. 327907 4060500 3944432
Circuit Breakers - HT Nos. 5699 64811 77659
Custom Built Product Rs. Lakhs 21447 304425 265267
HRC Fuses & Overload Relays 000' Nos. 1132 14108 17246

Power Cables * KM 62154 789988 838017

Power Capacitors - LT & HT * 000' KVA R 4160 59539 57368

Transformers *
Distribution Transformers 000' KVA 3532 36138 58341
Power Transformers 000' KVA 13176 163822 234922

Instrument Transformers *
Current Transformers 000' Nos. 74 938 941
Voltage Transformers Nos. 15965 155691 158703

Energy Meters * 000' Nos. 2457 23987 22460

Transmission Line Towers * 000' MT 77 816 1250

* Weighted Production

Source : IEEMA # NA – Not Available

May 2023 91

Mitsubishi Power begins commercial
operation of the first M701JAC gas
turbine at Rayong plant in Thailand
Mitsubishi Power, a power solutions brand of Mitsubishi
Heavy Industries Limited (MHI), has commenced
operation of the first M701JAC unit at a natural gas-
fired power plant project in Rayong Province, Thailand.
The Rayong plant is owned and operated by Gulf
PD Company Limited (Note), a joint venture project
by Gulf Energy Development PCL, one of the largest
independent power producers in Thailand, and Mitsui
& Co., Limited. Power generated at these plants will
be sold to Thailand’s Electricity Generating Authority
of Thailand (EGAT). This milestone is part of a
turnkey contract signed in 2018 for the construction
of two gas turbine combined cycle (GTCC) thermal
power generation facilities in Chonburi and Rayong
provinces, each with four M701JAC gas turbine units
providing an output of 2,650 MW. Mitsubishi Power has
delivered five of the gas turbines within the contract
delivery period, and the two plants are expected to be
commercially operation by October 2024. Notably, all
four units of the Chonburi power plant, operated by
Gulf SRC Company Limited, commenced commercial
operation in October 2022 and have exceeded 25,000
actual operating hours.
European battery storage markets to
attract over € 70bn investment by 2050
According to research from Aurora Energy, battery
storage markets across the European continent will
attract over €70 billion ($77 billion) in investment
between now and 2050.
The vital role that batteries can play in the European
power sector’s decarbonisation is set to drive a surge
in installations over the next few decades — installed
grid-scale capacity will rise to 42GW by 2030, and at
92
INTERNATIONAL
NEWS
least 95GW by 2050, compared to the 5GW installed
across the continent today.
This is according to Aurora Energy Research’s latest
European Battery Markets Attractiveness Report,
released last week.
These capacity additions represent a cumulative
investment opportunity of over €70 billion between 2023
and 2050. Over 40% of this capital will be deployed by
the end of 2030, Aurora calculates.
According to their findings and modellings, the average
battery duration will increase over time, due to growing
demand for longer storage as renewable power
generation increases. Batteries with over four hours’
storage capacity will account for 61% of total installed
battery capacity in 2050, compared with 22% in 2025.
Ryan Alexander, research lead of European Power
Markets for Aurora Energy Research, commented:
“Batteries represent an attractive investment
opportunity in Europe’s energy sector—new projects
are announced on a near-daily basis as developers
seek to capitalise on the need for storage in the energy
transition.
bp and Shell break ground on 112MW
solar plant in Trinidad and Tobago
A sod turning ceremony has taken place at Brechin
Castle in Trinidad and Tobago, signalling the island
nation’s first utility-scale solar project.
The 112MWac solar project consisting of two sites,
Brechin Castle and Orange Grove, is owned by
consortium partners bp Alternative Energy Trinidad and
Tobago (bpAETT) and Shell Renewables Caribbean.
The project will produce approximately 300,000MWh per
year, enough to power the equivalent of 42,500 homes.
Development and construction of the project are being
managed by solar developer Lightsourcebp. Grupotec
Servicios Avanzados S.A. has been selected as the
May 2023
InternationalNews
main contractor for the construction of the project
at both sites and SDV West Indies Limited has been
selected to provide high-voltage connections to the
T&TEC network.
Anja-Isabel Dotzenrath, executive vice president, Gas
& Low Carbon Energy, bp said: “Today’s sod turning
represents a significant milestone, bringing us all one
step closer to the goal of producing power from Trinidad
and Tobago’s first utility-scale solar project.
“It also reinforces the importance of a collaborative
approach to this country’s energy transition goals and
together with the other consortium partners, we look
forward to being part of delivering this country’s first
solar project.”
The groundbreaking ceremony was attended by Dr the
Honourable Keith Rowley, Prime Minister of the Republic
of Trinidad and Tobago, as well as the Ministers of
Energy and Energy Industries and Public Utilities and
representatives from bp and Shell.
Israel’s largest solar project launched
Renewables developer Teralight has announced the
launch of a 250MW solar plant, said to be Israel’s
largest, in the Ta’anakh region in the southern
Jezreel Valley.
The IEA’s analysis and activities were cited throughout
the communiqué, covering key areas such as efforts to
improve energy efficiency, accelerate the deployment
of renewables, scale up low-emissions hydrogen,
and bring down emissions from road transport and
heavy industry.
For critical minerals, a major area where international
cooperation is needed to ensure secure clean energy
transitions, the Ministers committed to a Five-Point
Plan for Critical Minerals Security that the IEA will
support, including by producing medium- and long-
term outlooks for critical minerals demand and supply
to help inform decision making.
Ministers welcomed the recent IEA reports on the
emissions intensity of hydrogen production, on
measuring the emissions of the steel industry, and on
managing seasonal variability of renewables, as well as
the Agency’s work on regulatory frameworks for energy
efficiency and on natural gas security. The communiqué
also cited IEA work on net zero pathways, innovation
and emissions from coal and road transport.
Norwegian Group Promotes 20 Areas for
Offshore Wind Development
A Norwegian energy regulator has told officials it has
7KH SURMHFW YDOXHG DW 1,6  PLOOLRQ  PLOOLRQ
was initiated by Teralight company and developed with
support from the Moshavim Movement cooperative, an
initiative aimed at creating green and cultivated rural
space in Israel.
A quarter million Israelis in approximately 63 thousand
households will benefit from the clean energy produced.
This represents 5.2% of the country’s green energy
capacity and 1.2% of its overall electricity capacity.
Rani Lifshitz, CEO of Teralight, said: “The Ta’anakh
project advances Israel a significant step towards
increasing the use of electricity produced from clean
solar energy, produced by Blue and White. The practical
meaning of 250 megawatts in the Ta’anakh project, on
its two parts, is the supply of electricity to about 60
thousand homes in Israel, during the first half of 2024.”
G7 Ministers welcome key IEA work
on energy security and clean energy
transitions
Ministers of the G7 group of advanced economies gave
strong recognition to many areas of the IEA’s work on
clean energy transitions and energy security – including
critical minerals, energy efficiency, renewables, natural
gas, hydrogen, emissions from road transport and coal,
and the decarbonisation of heavy industries.
After a two-day meeting in Sapporo under Japan’s 2023
Presidency of the G7, Climate, Energy and Environment
Ministers issued a communiqué setting out aims to
strengthen energy security and accelerate progress on
clean energy transitions.
May 2023
identified at least 20 areas suitable for offshore wind
farm development, as the government seeks to meet
a target of installing at least 30 GW of offshore wind
power capacity by 2040.
The Norwegian Water Resources and Energy
Directorate, known as NVE, an agency under the
country’s Ministry of Petroleum and Energy, on April 25
made the recommendations to Norway’s government.
NVE chief Kjetil Lund at a news conference Tuesday
said the sites would likely face the least opposition for
development, and together could allow for more than
30 GW of power generation capacity.
The government asked for a list of sites so it could
then work on detailed assessments for each of the
recommended areas. Officials in March of this year
opened tenders for Norway’s first commercial offshore
wind farms, looking for up to 3.75 GW of capacity. The
government has said it plans to open tenders for more
sites in 2025.
Important for Meeting Goals
“This is an important basis for our further work,” said
Terje Aasland, the country’s minister of Petroleum and
Energy. “It shows that at this point in time we have
enough areas to meet our ambition and goals.”
An analysis published earlier this month by consultancy
Multiconsult, done for the Norwegian Offshore
Wind cluster, found that Norwegian waters offered
areas suitable for development of almost 340 GW
of generation capacity, more than 10 times the
government’s current target.
93

Union Minister of Commerce & Industry,
Consumer Affairs, Food & Public
Distribution and Textiles Piyush Goyal
addressed India – France Business
Summit and CEOs Roundtable
Union Minister of Commerce & Industry, Consumer
Affairs, Food & Public Distribution and Textiles Shri
Piyush Goyal mentioned that there is a huge delta of
opportunities in India during his address at the India
– France Business Summit and CEOs Roundtable
yesterday in Paris, France. “We are one the largest
consumers of goods and services. Exports of goods
and services are growing by over 50% and we hope
to continue this growth trajectory. We hope to see our
H[SRUWVRIJRRGVDQGVHUYLFHVWRWULSOHIURPELOOLRQ
WRWULOOLRQE\µKHDGGHG
The Embassy of India, Paris, France, in association
with the Confederation of Indian Industry (CII), the
Mouvement des entreprises de France(MEDEF)
and the Indo French Chamber of Commerce and
Industry(IFCCI), organised the India – France Business
Summit and CEOs Roundtable.
Minister Delegate for Foreign Trade, Economic
Attractiveness and French Nationals Abroad,
Government of France, Mr Olivier Becht shared that
he is confident that both sides will foster bilateral
& multilateral meetings. “India being the world’s
most populous country has the potential to attract
numerous manufacturing activities, already, many
French companies are actively engaged in India, and
there is tremendous untapped potential for further
collaboration”, he said.
Sessions were held on ‘Building a green future’;
Critical and Emerging Technologies: The New Strategic
Frontier; ‘Defence Cooperation: Securing a Shared
Future Through Atmanirbhar Bharat’ and France and
India: Springboard to Europe and Indo-Pacific.
94
NATIONAL
NEWS
Building a Green Future
Both India and France attach the highest importance
to building a green future. Both countries have
ambitious climate goals. Building a green future creates
enormous market opportunities, but it also requires
huge investments and technological breakthroughs.
In recent years, there has been significant increase
in investments, collaborations and joint ventures,
especially from France to India, in “green technologies”.
The Session brought out ways on how businesses
could tap opportunities in green transition; discussed
new technologies in various areas – renewable energy,
mobility, buildings, infrastructure, construction, energy
efficiency, industrial processes, agriculture. The Session
was moderated by the Head of AFD Activities in Eastern
Europe – Middle East and Asia, Mr Cyrille Bellier.
REC’s subsidiary RECPDCL hands over
‘KPS1 Transmission Ltd’ to M/s Megha
Engineering & Infrastructures Ltd
REC Power Development and Consultancy Limited
(RECPDCL), a wholly owned subsidiary of REC Limited,
the NBFC Maharatna CPSU under the aegis of Ministry
of Power, handed over the project specific Special
Purpose Vehicle (SPV), formed for construction of
Transmission Project viz., ‘KPS1 Transmission Limited’
to M/s Megha Engineering & Infrastructures Ltd. on
20th April, 2023. With the handing over of this SPV,
RECPDCL successfully handed over 52 transmission
projects till now costing around Rs. 70,974 crores.
The SPV has been handed over by Shri Rahul Dwivedi,
CEO, RECPDCL to Shri Pravin Sharad Dixit, Vice
President, M/s Megha Engineering & Infrastructures Ltd.
at function in Gurugram last evening in the presence of
Shri P.S. Hariharan, CGM, RECPDCL and other senior
officials of RECPDCL, MEIL & CTUIL.
M/s Megha Engineering & Infrastructures Ltd. was
the successful bidder of the Inter-State Transmission
May 2023
NationalNews
Project of Ministry of Power, Government of India and
RECPDCL was the Bid Process Coordinator.
The selection of M/s Megha Engineering &
Infrastructures Ltd. was carried out through Tariff
Based Competitive Bidding (TBCB) for selection of
Transmission Service Provider in line with the Standard
Bidding Documents and Guidelines notified by Ministry
of Power, Government of India.
The work involves implementation of KPS1-Khavda PS
GIS (KPS2) 765 kV double circuit line & augmentation of
Khavda PS1. The project is targeted to be implemented
in 21 months.
PFC approves 633 crores loan for 5000
passenger EVs and 1000 cargo EVs
Power Finance Corporation Ltd (PFC), a Maharatna
company and the leading NBFC in Indian power
sector, has sanctioned a loan of `633 crores to
Gensol Engineering Ltd (GEL) for purchase of 5000
passenger Electric Vehicles (EVs) and 1000 cargo
EVs. The passenger EVs will be leased to Blusmart
Mobility Pvt. Ltd (BMPL) to expand its fleet of ride-
hailing cabs. The first tranche of the loan has been
disbursed, and the first lot of EV cabs has hit the
roads of Delhi.
The cabs were flagged off by Shri Ajay Tewari,
Additional Secretary, Ministry of Power and
Shri Ravinder Singh Dhillon, CMD, PFC at a function
yesterday. Rajiv Ranjan Jha, Director (Projects), Shri
Manoj Sharma, Director (Commercial), Smt. Simmi R.
Nakra, CVO and Shri Anmol Singh Jaggi (CEO and co-
founder, Blusmart Mobility) and other Senior Officers were
present on the occasion.
Addressing on the occasion of flagging off the first lot of EVs,
Shri Ravinder Singh Dhillon, CMD, PFC said, “E-mobility
adoption is going on at a fast pace in the country, and we
believe that there is a huge potential in this field. Through
this funding, PFC has endeavoured to contribute towards
India’s Nationally Determined Contributions (NDC) goals,
and this will go a long way for moving towards a healthy
and sustainable mode of transport.”
The 5000 passenger e4Ws (Electric Four-Wheelers)
funded by PFC are being deployed in Delhi and would
result in emission savings of over 1,00,000 tons of
CO2 equivalent. This is equivalent to the amount of
CO2 absorbed by over 5 million fully-grown trees in a
year. With a vision of accelerating India’s net-zero goal,
PFC, apart from funding renewables in a big way, has
been exploring opportunities in debt funding of EVs
(OEMs and fleet acquisition), Battery OEMs and EV
charging infrastructure.
2nd G20 Energy Transitions Working Group
Meeting commenced in Gandhinagar
The 2nd Energy Transitions Working Group (ETWG)
meeting under India’s G20 Presidency commenced in
May 2023
Gandhinagar today. Union Minister of State for AYUSH
and Women and Child Development, Dr. Munjpara
Mahendrabhai Kalubhai in his inaugural address
emphasized India’s G20 Presidency’s commitment
to finding immediate and pressing solutions to global
warming, climate change, and energy security.
The Minister highlighted the need for research and
development of innovative technologies to promote
clean energy and make it cost-effective and reliable.
More than 100 delegates from G20 member
countries, special invitee countries, and International
Organizations, including International Energy Agency
(IEA), United Nations Economic and Social Commission
for the Asia and the Pacific (UNESCAP), European
Research Institute for ASEAN and East Asia (ERIA),
Organization of the Petroleum Exporting Countries
(OPEC), and International Solar Alliance (ISA), are
taking part in the meeting to engage in discussions and
deliberations on priority areas.
During the inaugural event, the Union Minister
mentioned about the importance of the ‘LiFE campaign’
or ‘Lifestyle for the Environment campaign’ introduced
by Prime Minister Narendra Modi. He urged individuals
and communities to drive and build it as an international
mass movement towards mindful and deliberate
utilization of resources, protecting and preserving the
environment.
Alok Kumar, Secretary, Ministry of Power, Govt. of India,
stressed the importance of identifying collective action
to promote equitable, shared, and inclusive growth
among G20 members. He urged member countries
to collaborate and build a sense of trusteeship to
achieve a clean energy transition. He also highlighted
the major schemes envisaged by the Government of
India, including the Green Hydrogen Mission, Energy
Transition, Energy Storage Projects, Renewable Energy
Evacuation, Green Credit Program, PM-PRANAM,
GOBARdhan Scheme, Bhartiya Prakritik Kheti Bio-Input
Resource Centres, MISHTI, Amrit Dharohar, Coastal
Shipping and Vehicle Replacement.
Six priority areas are the focus of the meeting including
energy transition through addressing technology gaps,
low-cost financing for energy transition, energy security
and diversified supply chains, energy efficiency,
industrial low carbon transitions, and responsible
consumption, fuels for the future, and universal access
to clean energy and just, affordable, and inclusive
energy transition pathways. A Seminar on Global Green
Hydrogen Ecosystem -Enabling Net Zero Pathways
was held as side event to the meeting. As part of the
2nd ETWG Meeting, delegates also visited Gift City in
Gandhinagar.
Under India’s Presidency, four ETWG meetings,
various side events, and a Ministerial Meeting have
been planned to advance global cooperation in clean
energy transition and make it central to the agenda of
sustainable economic development.
95

Airtel Partners with Secure Meters for
NB-IoT Smart Meters in Bihar
Bharti Airtel has announced its partnership with Secure
Meters for deploying Narrow Band (NB-IoT) services
that will power 1.3 million homes in Bihar through a
smart meter solution.
In a release, Airtel said this deployment will be India’s
first NB-IoT solution on a narrow band with a fall-back
option that will work on 2G and 4G and ensure real-time
connectivity and uninterrupted transfer of critical data.
NB-IoT is a low-power, wide area, radio network
technology developed by 3GPP which enables a wide
variety of IoT devices and services including smart
meters. This will also be India’s first NB-IoT service with
a fall-back option to ensure continuous connectivity,
Airtel said.
Ajay Chitkara, Director and CEO, Airtel Business,
commenting on this venture, said, “IoT is one of the
fastest-growing business segments for Airtel Business.
This venture into NB-IoT strengthens our credentials as
the largest cellular IoT player in the country and places
us firmly as a partner of choice for discoms looking to
invest in smart meters. We look forward to being an
active player in India’s energy transition.”
Ananya Singhal, Joint MD, Secure Meters, said,
“We are thrilled to have partnered with Airtel for the
implementation of NB-IoT services in our smart meter
rollout in North Bihar. Their expertise, professionalism
and dedication to providing top-notch services ensured
we learnt together and had a successful launch. With
Airtel’s support, we were able to seamlessly connect and
monitor our meters, resulting in greater efficiency and
cost savings for Secure Meters and for our customers in
North Bihar. We thank Bihar discom management and
staff for enabling us to work together.”
Airtel’s NB-IoT platform is future-ready and is scalable
to 5G. Airtel’s NB-IoT proposition also includes its
advanced IoT platform ‘The Airtel IoT Hub’ which
has been customised to suit the needs of Advance
96
CORPORATE
NEWS
Metering Infrastructure Service Providers (AMISPs).
Its Enterprise grade Feasibility Tool helps AMISPs plan
their meter deployments better. Other functionalities
include customer life cycle management and advanced
analytics tools like diagnostics, live sessions check, and
real-time data usage among others.
Sterling Generators Wins Rs.510 Crore
Orders in FY23
Sterling Generators Pvt Ltd (SGPL) announced that it
bagged orders of over Rs.510 crore during the financial
year ending March 31, 2023.
SGPL with its new engine partner Moteurs Baudouin
has been rapidly gaining ground in the auxiliary power
industry by securing multiple orders in the commercial
segment.
Moreover, the company recently achieved a significant
breakthrough by winning three orders in the data
centers segment from large customers, including one
in Malaysia and two in India.
Data centres have become mission-critical for many
important businesses and support essential information
management for large institutions. Hence, reliable
power backup becomes imperative to avoid data loss
during power outages. According to reports, the global
data center generator market is poised to grow at a
CAGR between 4-5 per cent by 2030, which makes the
market conducive to invest, a release from Sterling and
Wilson said.
Commenting on the strong performance, Sanjay
Jadhav, CEO, SGPL said, “Post our strategic tie up with
Moteurs Baudouin, there has been an uptick in the order
book for Sterling Generators. This reflects the superior
product in hand in terms of technology compared to
other players in the industry. ”
“Data centers have emerged as a favoured infrastructure
asset class as demand for data has shot through the
roof post the pandemic. Our product offers 100 per cent
up-time with high reliability, wide range and superior
May 2023
CorporateNews
features best suited for data centers. With Asia’s leading
genset manufacturing plant and a robust distributor
network, Sterling Generators is ready to take up the
mantle to globally deliver reliable 24×7 power backup
solutions,” he added.
Larsen & Toubro Wins RDSS Orders in
Rajasthan
The Power Transmission & Distribution (PTD)
business of Larsen & Toubro (L&T) has received
several EPC orders in India and overseas.
The PTD business has won orders to develop
distribution infrastructure in two discom circles of
western Rajasthan, under the Revamped Distribution
Sector Scheme (RDSS).
Without giving further details on the order, a release
from L&T said that under the umbrella of RDSS,
distribution utilities in the country have taken up various
modernization measures to improve operational
efficiency and financial sustainability. To significantly
reduce the aggregate technical & commercial (AT&C)
losses at pan-India level is an important objective of
the scheme towards which, the discoms undertake
several distribution infrastructure improvements such
as segregating feeders, reconductoring, cabling,
augmenting line networks and elements, geo-tagging
of assets, etc.
The PTD business of L&T has also bagged a power
supply system order for the second phase of Chennai
Metro. The scope includes design, supply, installation
and commissioning of receiving substations (RSS),
auxiliary substations and SCADA system for the
northern sections of Corridors 3 & 5.
The 110kV gas insulated receiving substations get
incoming supply from the grid and feed power supply
to the traction and station requirements. 33kV auxiliary
substations interconnected through 33kV cable
system feed the auxiliary loads of metro stations such
as lighting, ventilation, lifts etc. related control and
protection systems are also included in the scope.
In the overseas market, the business has won an order
to supply, construct, test, and commission a 132kV
substation in the United Arab Emirates.
Though the L&T release did not specify the value of
the orders, the order has been termed as “significant”
implying that the order value is in the range of Rs.1,000
crore to Rs.2,500 crore.
Adani Transmission Completes Four
TBCB Projects in FY23
Adani Transmission Ltd (ATL) has fully commissioned
four transmission schemes under the tariff-based
competitive bidding (TBCB) route during FY23,
according to a recent investor update filed by the
company on stock exchanges.
Of the four schemes, one was an intrastate project
in Uttar Pradesh, while the remaining three were
interstate schemes.
May 2023
The intrastate scheme in question is housed under
“Obra-C Badaun Transmission Ltd” for the 2×660-mw
Obra-C thermal power project of state government utility
Uttar Pradesh Vidyut Utpadan Nigam Ltd (UPVUNL).
According to available information, the Obra-C scheme
involved the setting up of 765kV and 400kV, totaling
some 625 ckm. Other elements included a 400kV GIS
substation at Badaun.
The three interstate schemes commissioned in FY23
are housed under the following project SPVs:
WRSS XXI (A) Transco Ltd
Lakadia Banaskantha Transco Ltd
Jam Khambaliya Transco Ltd
Adani Transmission won the development rights to two
schemes under the TBCB route. Both these projects
were won towards the end of the fiscal year, and related
to interstate projects.
ATL acquired “Khavda II-A Transmission Ltd”
after it emerged as the successful bidder under
the TBCB mode. The ISTS project is officially termed
as “”Transmission scheme for evacuation of 4.5 GW
RE injection at Khavda Pooling Station under Phase·II
– Part A”
Similarly, Adani Transmission also emerged as the
successful bidder for “WRSR Power Transmission Ltd”
– an interstate scheme with its scope described as
“ISTS network expansion scheme in Western Region &
Southern Region for export of surplus power during high
renewable energy (RE) scenario in Southern Region.”
The project involves, among other elements, setting
up of a 765kV double-circuit line between the New
Narendra GIS substation (Karnataka) and the Pune GIS
substation (Maharashtra), running around 340 km.
Siemens-RVNL Consortium Emerges L1
For Mumbai Metro Electrification
A consortium of Siemens Ltd and Rail Vikas Nigam Ltd
(RVNL) has emerged as the L1 bidder for an electrification
package related to the Mumbai metro rail project.
In a stock exchange communication, RVNL said that
its consortium with Siemens Ltd has emerged as
L1 for the design, manufacture, supply, installation,
testing, and commissioning of two 110kV receiving
substations including 110kV, 33kV, and 25kV cabling
work, complete 25kV overhead catenary system along
with switching station, 33kV auxiliary power distribution
system including 33/0.415kV auxiliary substation, and
complete SCADA system.
The order relates to the main line and depot of the
upcoming Mumbai Metro Line 2B of the nodal agency
Mumbai Metropolitan Region Development Authority
(MMRDA).
The contract is valued at around Rs.378.17 crore, RVNL
said, adding that the letter of award has yet to be issued.
97
ProductShowcase
Fybros unveils an alluring range of Cover
Plates for its Four-X Series
Fybros, a proficient brand
of modern electrical
goods in India, is excited
to introduce a new range
of cover plates to its Four-X
Series. This latest addition, Series 11- “It’s Time to
Reinvent,” is equipped with a metal strip to offer greater
durability and style to your interiors. It is available in
seven distinct colours and finishes designed to match
any decor and complement every taste.
Whether you’re looking for a bold statement piece or a
subtle accent, these cover plates are available in Dove
White, Lava Chroma, Khaki Mud, Rich Umber, Jade
Black, Espresso Wood, and Dark Walnut. The Series
11 cover plates are perfect for horizontal and vertical
installations and do not include partition plates, offering
greater flexibility in your installation choice. They are
meticulously designed from premium materials to
embody sophistication and refinement while providing
enhanced protection for your switches and outlets.
Siemens Launches F-Gas Free GIS
at 40.5kV Level
Siemens Smart Infrastructure has
expanded its sustainable blue GIS
portfolio with the “8DAB 40”. This
switchgear for primary distribution
networks up to 40.5kV uses clean air as an insulating
medium
With a Global Warming Potential (GWP) of less than 1,
the new switchgear is climate-friendly and completely
free of fluorinated gases (F-gases).
Developed based on industry-leading vacuum-
interrupter technology, this highly innovative switchgear
98
is Siemens’ first step to address 40.5kV market
requirements, enabling environmentally-friendly grid
expansion without fluorinated gases.
By combining clean air, consisting of natural-origin
gases, for insulation with proven vacuum-interrupter
technology, blue GIS is supporting customers’ endeavor
to reduce their carbon footprint and paves the way for a
more sustainable future.
Havells India Introduces Solid State Circuit
Breaker Technology With Swedish Tie-Up
Havells India Ltd, following its
commercial agreement with Swedish
technology company BLIXT Tech AB,
is introducing solid-state circuit breaker
(SSCB) technology to the Indian
subcontinent.
In an official release, Havells India said that this move
highlights the company’s focus on innovative and
future-ready solutions that meet sustainability standards
in a rapidly transforming industry.
By introducing revolutionary solid-state circuit
breakers (SSCB) in the Indian sub-continent, Havells
is strengthening its position as a leading switchgear
company in the region, the release said.
India’s demand for high-power applications is expected
to grow faster than any other nation in the coming
decades, and the power system is projected to become
technologically superior, smart, and conducive to
IT-enabled data sharing and management technology.
Panasonic Life Solutions India Showcases
Energy Saving Fans
Panasonic Life Solutions India
Pvt. Ltd. under its “Nayi Hawa
Nayi Soch” campaign has
brought in a range of energy
and cost-effective fans for this summer season.
The 34W BLDC (brushless direct current) fan motor
has a 5-star rating and a power draw of 34 watts.
New technology in the fans allows for remote control
operation, even at low voltage. The 6-speed fan comes
with an auto-off feature that makes it exceptionally quiet
and economical. Further, the safety wire adds another
layer of security. Penta Turbo Star comes in exciting
colour options such as Smoke Brown and Cream White
Turbopace Star is India’s first 4-star fan with an induction-
type motor that uses 38W of power and has a safety
wire for added security. The high-quality double ball
bearings offer silent and smooth operation. Turbospace
Star comes in stunning hues of Glossy Brown, Glossy
Ivory and Cream White. Its fully powder-coated design
offers an everlasting fresh appearance.
May 2023
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DIRECTORIES CABLEWIRE 2022 (Cables &

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102 May 2023

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May 2023 103

Sparks Sans Shocks

Anglo-Indian and ATM him to write to Prof Hardy of

Trinity College Cambridge.
ATM is an indispensable part of our lives. Inspiration He wrote a big letter with
came to John Shepherd-Barron while he was sitting his equations which held
in the bath, cursing his own tardiness. Hardy’s interest and
He’d gone to his bank to withdraw cash but arrived a he secured him an
minute after closing time one day in the mid-1960s, admission without
leaving him with no funds for the weekend. necessary
prerequisites
“Wouldn’t it be a good idea if there was some way of
obtaining money outside regular working hours?” he or hard Tripos
mused. Exam. He
w o u l d
Vending machines, which allowed him to buy not have
chocolate at any time of day or night, sprang to his made it to
mind.
Thus, Shepherd-Barron who worked for a printing
company, devised a system for automatically
dispensing cash.
Later that year, he bumped into the Chief General
Manager of Barclays Bank who was about to have
Cambridge and world fame if rules were not broken
lunch. Over a pink gin, Shepherd-Barron asked him
for him and at Trinity college he came up with partition
for 90 seconds to pitch his idea for a cash machine.
theory
“I told him I had an idea that if you put your standard
Barclays cheque through a slot in the side of the bank, When you put your debit or credit card in the machine
it will deliver standard amounts of money around the and order the machine to dispense the amount you
clock”. desire - the machine divides and arranges your
money before dispensing it, using Ramanujan’s
“He said, ‘Come and see me on Monday morning’.” partition theory, which is as:
Barclays commissioned Shepherd-Barron to build six
In number theory, a partition of a positive integer n,
cash dispensers, the first of which was installed at a
also called an integer partition, is a way of writing n
branch in the north London suburb of Enfield on June
as a sum of positive integers. Two sums that differ
27 , 1967.
only in the order of their summands are considered
Shepherd -Barron was born in Shillong, India in 1925 the same partition. For example, 4 can be partitioned
and later served in the Indian Army in Second Airborne in five distinct ways:
division where he taught Gurkhas to parachute.
4
He also invented the PIN by recalling his Indian Army
number, he had originally intended to make personal 3+1
identification numbers (PINs) six digit long, but 2+2
reduced the number to four when his wife, Caroline,
complained that six was too many. 2+1+1

“Over the kitchen table, she said she could only
remember four figures, so because of her, four figures
became the world standard,” he recalled.
And this was possible due to the work of Srinivasa
Ramanujan -mathematical genius of India.
Unconventional Genius mathematician Srinivasa
Ramanujan had no formal training in mathematics and
would not get further education in Madras university
and his English boss at Madras Port trust encouraged
1+1+1+1
The ATM machine arranges the correct money to be
dispensed according to Ramanujan’s Partition theory.
That’s the genius of two fine Gentlemen who never
met and never bothered to patent their ideas is at play
when you get cash in an ATM. Now, when you visit an
ATM, just think of these two geniuses- one who got
the idea and the other who gave how to work it before
the idea of ATM sprang.

104 May 2023

 R. N. I. No. MAHENG/2009/29760
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