Discoms to get performance-linked bailout package, says Moily

India's power distributors had accumulated losses of  Rs 2.46  lakh crore  up to the end of the fiscal year ending March 2012, Power Minister Veerappa Moily said on Tuesday.[caption id="attachment_467586" align="alignleft" width="380"] Moily[/caption]Moily was speaking a day after the government approved a bailout package for the distributors, driven into debt by years of populist policies, corruption and mismanagement.Moily also said that the bailout package will be linked to performance, unlike packages given by previous governments, which he said were like “death traps”. He added that the package is open for acceptance by states till 31 December.Two monitoring committees will be set up to  see if the State Electricity Boards are complying with the conditions.One of the major riders for availing the restructuring package is that state electricity boards will have to revise the tariffs for consumers annually, and cut down on their transmission and distribution losses by 25 percent.