Business

Power transmission, distribution losses swell to whopping Rs520 billion in FY21-22

Published

8 months ago

Farwa

PESCO purchased 16,560 units and sold 10,355 units.
IESCO caused losses of Rs21.9 billion; purchased units stood at 13,027.
LESCO losses stand at 11.52%, which is equivalent to Rs72.7 billion.

ISLAMABAD: Power sector’s Transmission and Distribution (T&D) losses have surged to whopping Rs520.3 billion with Peshawar Electric Power Supply Company (PESCO) registering the highest-ever deficit of Rs153.8 billion, in just one financial year, The News reported on Monday.

The cash-bleeding power sector’s accumulated losses have crossed the defence spending of the country in the last two financial years, and there seems no sigh of relief for the masses without undertaking basic and fundamental reforms.

The question arises as to why the board members of these loss-making power distribution companies (DISCOs) are not being appointed on merit. The answer is that such appointments are used as a tool for doling out benefits to politically motivated favourites instead of making decisions on merit.

According to the official data available with The News, the total purchased units were 130,158 gigawatt hours (GWh), out of which sold units stood at 107,860 units; so the lost units stood at 22,298 units of GWh in the financial year 2021-22. The target losses of T&D are envisaged at 13.41%, but actual losses went up to 17.13% in the financial year 2021-22.

PESCO purchased 16,560 units of GWh of electricity and sold 10,355 units, so the lost units stood at 6,205 of GWh. Losses of PESCO stand at 37.47% and those went up to Rs153.8 billion in money terms in the current fiscal year. The losses of Tribal Electric Power Company (TESCO) stand at 9.33% and at Rs3.7 billion in money terms. Total purchased units stood at 2,284 units and sold units 2,071, so the lost units of electricity estimated at 213 of GWh.

The losses of Islamabad Electric Power Company (IESCO) stand at 8.18%, which caused losses of Rs21.9 billion in money terms. The total purchased units stood at 13,027 and sold units were 11,961, so the lost units of electricity were estimated at 1,066 units of GWh.

The Gujranwala Electric Power Company (GEPCO) losses stand at 9.07% to the tune of Rs24.7 billion.

The Lahore Electric Power Supply Company (LESCO) losses stand at 11.52%, which is equivalent to Rs72.7 billion. The lost units in case of LESCO are estimated at 3,264 units of GWh in the fiscal year 2021-22.

The losses of Faisalabad Electric Power Company (LESCO) stand at Rs33.4 billion, equivalent to 9.1%. The losses of Multan Electric Power Company (MEPCO) stood at higher side, amounting to Rs75.1 billion. The losses of MEPCO stand at 14.84%.

The losses of Hyderabad Electric Power Supply Company (HESCO) have gone down from 38.55% in 2020-21 to 32.88% in 2021-22 and in financial term stood at Rs45 billion.

The losses of Sukkur Power Supply Company (SEPCO) remained unchanged and stood at 35.27% in 2020-21 and 35.62% in 2021-22. In financial terms, the losses of SEPCO stand at Rs43.7 billion.

The losses of Quetta Electric Supply Company (QESCO) stood at 28.07% and in financial terms escalated to Rs46.3 billion in financial year 2021-22.

Business

Pakistan’s gold prices continue to decline.

Published

1 hour ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

1 hour ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

1 hour ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.