Gottipati says power sector lost Rs 1.2 lakh crore under YSRC regime

Vijayawada:Energy minister Gottipati Ravi Kumar has held former chief minister Y.S. Jagan Mohan Reddy responsible for power sector losing ₹1.29 lakh crore despite burdening citizens with electricity bills of ₹35,000 crore.

He pointed out that the loss followed Jagan cancelling power purchase agreements (PPAs), thereby damaging investor confidence. This led to foreign bankers and investors filing complaints with the central government, which forced the state to pay penalties despite not using the electricity.

In addition, Gottipati charged that the YSRC government purchased electricity at inflated rates to favour its associates, further increasing losses of the power sector.

He asserted that inquiries will be held into these irregularities and those accountable brought to book.