Breaking: Union Power Ministry asks Haryana to expedite stock exchange listing of four power utilities
Babushahi Bureau
Chandigarh, October 28, 2026: The Union Ministry of Power has urged the Haryana government to expedite the listing of all four state-owned power utilities on the stock exchange to strengthen their financial sustainability, attract investment and reduce dependence on budgetary support.
Union Power Secretary Pankaj Aggarwal has written a demi-official letter to Haryana Chief Secretary Anurag Rastogi, stressing the need to accelerate the process. According to the letter, the four utilities — Uttar Haryana Bijli Vitran Nigam Limited (UHBVNL), Dakshin Haryana Bijli Vitran Nigam Limited (DHBVN), Haryana Power Generation Corporation Limited (HPGCL) and Haryana Vidyut Prasaran Nigam Limited (HVPNL) — are eligible for listing.
The letter also calls for expediting the appointment of consultants for the listing process wherever this has not yet been done. The matter was discussed at the Power Ministers’ Conference in November 2024.
The Union Power Secretary has also highlighted that the agricultural distribution company, or agriculture DISCOM, has not been made functional and needs to be operationalised at the earliest.
Stock market listing among power sector reform options
Electricity is a subject on the Concurrent List of the Constitution, allowing both the Centre and state governments to legislate on it. Power distribution companies (DISCOMs) have faced persistent financial challenges, while state governments often face political sensitivities over electricity tariff revisions.
V.K. Gupta, media adviser to the All India Power Engineers Federation (AIPEF), said states had been offered three options for reforming their distribution utilities: selling 51 per cent equity to private companies while the government retains responsibility for the debt; selling a 26 per cent stake to a private company along with full management control; or listing DISCOMs on the stock exchange, subject to eligibility requirements, including an ‘A’ rating for accessing certain central financial assistance.
Stock exchange listing has thus emerged as one of the alternatives being considered under the broader power sector reform framework.
Centre flags financial assistance concerns
Gupta said the Ministry of Power had warned DISCOMs in Uttar Pradesh, Andhra Pradesh, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu at a meeting on October 10 last year that they could be denied central financial assistance if they failed to adopt privatisation or other reform measures aimed at reducing losses and improving efficiency.
He argued that the power sector needed stronger governance, financial discipline and accountability rather than another bailout, saying financial relief alone would not address the structural weaknesses affecting distribution utilities.
The proposed listing push comes even as the Haryana government had assured power sector employees and engineers only a few days ago that there would be no form of privatisation. The latest move is therefore likely to draw attention from employee unions and power sector stakeholders as the state considers the Centre’s reform proposals.