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Odisha is the first State in the Country to have undertaken reform and restructuring in power sector to make power supply more efficient and to be able to meet the investment needs of the sector. The State Electricity Board which was a monolithic organisation, looking after generation, transmission and distribution of power was unbundled. The Grid Corporation of Orissa Limited (GRIDCO) was entrusted with the responsibility of Transmission and Distribution Systems, where as Orissa Hydro Power Corporation owned and operated all hydro power generation stations in the State from 1st April1996. The Orissa Electricity Reforms Act 1995 came into force with effect from 1st April1996. An independent transparent regulatory regime, Orissa Electricity Regulatory.
Commission (OERC) was established in April1996 in order to look after the regulation measures and also to promote accountability in the sector and to encourage private sector investment.
Subsequently in April1999, the distribution business of GRIDCO was privatised when GRIDCO disinvested 51% of its share of its equity holding in Distribution Companies to Private Investors with financial and technical capabilities.
Disinvestment in power distribution sector is a major step in the power sector reform initiative which is now being replicated in other States of the Country.
NESCO , WESCO & SOUTHCO was incorporated on 19.11.1997 under the Companies Act, 1956. It has taken over the Business of “Distribution and Retail Supply of Electricity” in the North Eastern Zone, Western & Southern Zone of the Orissa of GRIDCO.
Pursuant to the Orissa Electricity Reforms Act 1995 and Orissa Electricity Reforms (Transfer of Assets, Liabilities, Proceedings and Personnel of GRIDCO to Distribution Companies) Rules 1998, in the year 1998 all the assets of GRIDCO pertaining to the distribution business and distribution undertaking in the North Eastern, Western & Southern Zone of GRDICO was transferred to NESCO,WESCO & SOUTHCO vide Orissa Gazette Notification Published dated 26/11/1998 and NESCO,WESCO & SOUTHCO started its business operation on and from that date.
By virtue of Power Sector reform in Orissa, NESCO,WESCO & SOUTHCO became a subsidiary of BSES Limited, Mumbai on 1st April 1999 by acquisition of 51% of the shareholding of the Company by BSES Limited.
The license for distribution of electricity held by North-eastern Electricity Supply Company of Odisha Limited, Western Electricity Supply Company of Odisha Limited and Southern Electricity Supply Company of Odisha Limited was revoked on 04.03.2015 vide OERC Order dated 04.03.2015 in pursuance to section 19(3) of the Electricity Act, 2003.In line with the said Order, the assets, interests and rights of the respective companies and the license to operate the business of distribution and supply of electricity in the entire Northern, Western and Southern regions of Odisha state has been vested with the Administrator(s) of NESCO Utility, WESCO Utility and SOUTHCO Utility respectively by OERC under section 20(d) of the Electricity Act,2003 w.e.f. 04.03.2015.