Power sector's payables have reportedly increased by 18 percent to Rs 313.111 billion as on June 30, 2015 from Rs 265.525 billion during the corresponding period of 2014. Pepco paid Rs 1.0275 trillion on purchased power against billing of Rs 1.062 trillion, well informed sources told Business Recorder. Payables to gas companies were scaled down to Rs 2.002 billion till June 30, 2015 from Rs 4.350 billion as on June 30, 2014.
Pepco paid Rs 40.252 billion to gas companies against billing of Rs 37.904 billion. However, oil companies' dues to oil sector increased by more than 9 percent to Rs 67.682 billion from Rs 61.943 billion a year ago. Pepco purchased furnace oil of Rs 140.426 billion from July 1, 2014 to June 30, 2015 and paid Rs 134.686 billion.
According to sources, Pepco paid Rs 728.618 billion rupees to Independent Power Producers (IPPs) against billing of Rs 715.595 billion during this period. The company had not yet paid Rs 159.225 billion to IPPs till June 30, 2015. The amount payable to IPPs was Rs 172.248 billion as on June 2014. This implies payables declined by 7.5 percent in one year.
Power sector's payables to Wapda (hydel) have increased over 450 percent to Rs 25.915 billion as on June 30, 2015 against Rs 4.706 billion on June 30, 2014. Wapad's billing against power sector was Rs 69.894 billion against which Wapda received only Rs 48.685 billion.
Pepco's miscellaneous payables (NTDC/ Gencos) increased by 75.7 percent from Rs 22.279 billion as on June 2014 to Rs 39.148 billion at the end of last fiscal year. Miscellaneous billing of NTDC/Gencos was Rs 89.684 billion but Pepco paid Rs 72.814 billion. Pepco had also to pay Rs 19.139 billion of Power Holding Private Limited (PHPL) in the name of debt servicing as on June 30, 2015 against Rs 13.158 billion, showing a growth of 45 percent.
The government, however, has, failed to reduce losses despite giving commitments to the international lenders including the International Monetary Fund (IMF). Discos losses were 18.7 percent during 2014-15 against the same percentage of 2013-14. Losses in different Discos were as follows: (i) Lesco- 14.1 percent; (ii) Gepco- 10.7 percent; (iii) Fesco- 11 percent; (iv) Iesco- 9.4 percent; (v) Mepco- 16.8 percent; (vi) Pesco- 34.8 percent; (vii) Tesco- 21.4 percent; (viii) Hesco- 27.1 percent; (ix) Sepco- 38.3 percent; and (x)Qesco-23.9 percent.
Recovery in Lesco was 95.9 percent, Gepco- 97.1 percent, Fesco 100.1 percent, Iesco-90.9 percent, Mepco- 102.3 percent, Pesco- 88 percent, Tesco- 76.1 percent, Hesco- 78.2 percent, Sepco 57.8 percent and Qesco 32.6 percent. Accumulative recovery has been recorded at 89.2 percent in 2014-15 against 89.1 percent during 2013-14. Overall losses of Lesco have increased to 14.1 percent in 2014-15 from 13.5 percent in 2013-14, Iesco from 9.3 percent to 9.4 percent, Pesco from 33.9 percent to 34.8 percent and Hesco from 26.5 percent to 27.1 percent. The sources said Discos' Combined Efficiency Index has increased by 0.1 percent to 72.5 percent in 2014-15 from 72.4 percent in 2014.
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