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MUMBAI, India, April 11, 2023 Adani Electricity Mumbai Ltd (Adani Electricity) ranked at the top of the country's 71 electricity distribution companies for its global governance, including financial sustainability, performance excellence and environment abroad.
In the 11th edition of the "Annual Integrated Rating
Earlier this month, Adani Electricity had announced the lowest rate hike among Maharashtra power companies for the revised period under the multi-year rate mechanism. This demonstrates the benefits to end users from Adani Electricity's prudent financial and operating practices.
In the extensive evaluation exercise, Adani Electricity was found to be the best and only private company ranked in the top five and also one of the 15 electric companies that did not receive any negative ratings.
"Over the past five years, our customer-centric approach has enabled us to lower and stabilize rates, optimize energy purchase costs, and improve operational efficiency through cutting-edge technology interventions such as SCADA, automated workflow management and a digital-first focus," said Kandarp Patel, MD, Adani Electricity Mumbai Ltd. "These efforts have made us not only one of the most competitive electricity providers in Mumbai, but also in India, as recognized by Power Finance Corporation and the Ministry of Energy. This independent recognition is a testament to our commitment to serve our customers with reliable, affordable and sustainable electricity. We will continue to improve our services and infrastructure to exceed global benchmarks. We also recommit to doubling our renewable energy share up to 60%. This is our commitment to Mumbai and to all stakeholders who have supported us on this journey to number one."
The annual integrated rating and classification exercise is carried out by the nodal agency Power Finance Corporation Ltd according to the framework approved by the Ministry of Energy since 2012. It covers 71 electricity distribution companies, including 45 state-owned, 14 private and 12 power departments all over India. The exercise provides stakeholders with a plan to assess performance, identify gaps, measure the impact of actions taken, and plan for the future.
Adani Electricity scored 12.8 out of 13 in Performance Excellence, covering Billing Efficiency, Low Distribution Loss, Collection Efficiency and Corporate Governance.
Regarding the External Environment, Adani Electricity obtained a score of 11.9 out of 12 for the subsidies made (last 3 years), the assumption of losses by the state government, the government quotas (last 3 years), the terms of the tariff cycle and the automatic repercussion of fuel costs.
In terms of financial sustainability, Adani Electricity scored 75 points for its ACS: ARR gap (cash adjusted), days receivable, days payable to generation companies, adjusted speed ratio, debt service coverage ratio (adjusted to cash) and debt/EBITDA leverage (adjusted to cash).
For all of the above metrics, Adani Electricity has scored in the top matrix, and the top ranking is the result of a set of industry best practices, including the following:
About Adani Electricity Mumbai Limited
Adani Electricity Mumbai Limited, part of the diversified Adani Group, is an integrated electricity generation, transmission and retail distribution company. ADANI ELECTRICITY owns and operates the largest and most efficient electricity distribution network in India. ADANI ELECTRICITY serves more than 3.1 million customers spread over 400 square kilometers in Mumbai and its suburbs, meeting more than 2,000 MW of electricity demand with a reliability of 99.99%, one of the highest in the country. ADANI ELECTRICITY offers excellent customer service with the help of advanced technologies. For more information, visit www.adanielectricity.com
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