Gandhinagar: The Reserve Bank of India in its latest report, ‘State Finances: A Study of Budgets of 2011-12’, has identified Gujarat as one of the states where power sector reforms, despite being initiated early, have failed to create the “desired impact” on the financial position of the state power utilities (SPUs). The report says, “Subsidies to SPUs/State Electricity Boards (SEBs) have been rising over the years for Gujarat and Karnataka, which had unbundled utilities”, calling it a “growing area of concern.”