Cover Story: SUBSIDY LEAKAGE: SWIPE IT AWAY! When it comes to the power sector, the buck always stops at State Electricity Boards. Be it wrongful inclusion or exclusion, the existing mechanism of subsidies often encourages utilities to shy away from billing accuracy in certain cases. Coal auctions: SEBs the gainer! Aggressive bidding seen in the first two rounds of coal mine auctions to result into a significant under-recovery in fuel cost for the winning bidders.