Power sector circular debt soars to Rs 2.6tr
- By Web Desk -
- Dec 04, 2023
ISLAMABAD: The circular debt of Pakistan’s power sector has soared to Rs 2611 billion till October 2023, ARY News reported on Monday.
As per details, the hike in circular debt continued despite the massive increase in power tariffs.
The circular debt increased by Rs 74 billion in the month of October, whereas the power sector circular debt hiked by Rs 301 from July to October.
Meanwhile, Genco’s has to pay Rs 96 billion in terms of fuel supply and payables to power producers have reached Rs 1750 till October 2023.
Earlier, the power division shared the details of recovery and arrests during an ongoing drive against electricity pilfers across Pakistan.
Read more: Power division recovers Rs55 billion from pilfers
According to details shared by the secretary power division over Rs55 billion have been recovered from pilfers in a countrywide drive, while 29,561 have been arrested, including 20 workers of the electricity companies, so far.
The breakup shows Lahore Electric Supply Company (LESCO) is on top of the list with a recovery of over Rs10 billion. The Peshawar Electric Supply Company (PESCO) is ranked second on the list with a Rs9 billion recovery.
The secretary power division said that so far 272 officers of the electricity companies have been suspended after being found involved in the power theft.
It may be noted that the caretaker government has launched a crackdown on power thieves across the country to minimize the losses in the power sector to ease circular debt. The International Monetary Fund has ‘asked’ Pakistan to minimize the circular debt in the power sector.