Uttarakhand News: The Uttarakhand Power Corporation Limited (UPCL) has announced a reduction in electricity bills for approximately 2.8 million consumers in the state in the month of June. This decision comes as UPCL has issued orders for interest payments on security deposits from all consumers for the month.
Uttarakhand Power Corporation to Lower Electricity Bills for 2.8 Million Consumers in June
When UPCL provides a new electricity connection, it also collects a security deposit amount. As per the orders of the Regulatory Commission, UPCL is required to pay interest on this amount every year. Consequently, UPCL is set to pay interest this year.
After incorporating interest rates annually, UPCL will provide a 6.75% interest rate on security deposits
Mr. Anil Kumar, the Managing Director of UPCL, informed that a chart of interest rates has been issued from September 20, 2003, to March 31, 2024. After incorporating interest rates annually, UPCL will provide a 6.75% interest rate on security deposits for all electricity consumers in the financial year 2024-25. This interest will be adjusted in their electricity bills until June 30. If a consumer’s security deposit is insufficient, the interest will be adjusted from the deficiency in the initial deposit.
This move by UPCL aims to provide relief to consumers and promote transparency in billing practices, ultimately benefiting the residents of Uttarakhand.
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