KPTCLKarnataka Power Transmission Corporation Limited
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KPTCL has a monopoly in the power transmission business in Karnataka, as it is the sole licensee for transmission of power to the state's five distribution companies (discoms): Bangalore Electricity Supply Company (BESCOM), Mangalore Electricity Supply Company (MESCOM), Hubli Electricity Supply Company (HESCOM, rated 'BBB-/Negative/P3' by CRISIL), Gulbarga Electricity Supply Company (GESCOM), and Chamundeshwari Electricity Supply Company (CESCO), and to various open-access consumers.
KPTCL derives revenues from five discoms whose credit risk profiles have been under pressure since 2008-09 because of high-cost power purchases.
CRISIL believes that KPTCL will maintain its dominant position in the intra-state power transmission business in Karnataka, supported by a favourable regulatory framework and high operational efficiency.