Punjab State Power Corporation Limited (PSPCL) has posted a profit of Rs 564.76 crore in the period ended September, compared to a loss of Rs 1,880.25 crore in the year-ago period.
Under the Aam Aadmi Party (AAP) government led by Chief Minister Bhagwant Mann, PSPCL was significantly helped by the timely repayment of subsidy of Rs 12,342 crore, according to a statement.
The support of the Punjab Government was crucial for PSPCL to achieve a profit of Rs 564.76 crore. The role of the state government was important in increasing the revenue of the power company and enhancing tariff adjustment.
The statement said PSPCL took several measures to ensure that power purchase costs remained under control. It ensured 19 per cent more production than the state-owned thermals at Lehra Mohabbat and Ropar due to availability of cheap coal from its Pachwara coal mine.
It generated 21 percent more electricity from its hydropower plants; 14 per cent more generation from BBMB hydro power plants, and banking of 13 per cent more power with other states.
There has been a 48 percent reduction in electricity purchase through short term and exchange.
Due to the commissioning of Pachhwara coal mine, no imported coal was used in the state’s thermal plants at Ropar and Lehra Mohabbat. A small quantity of imported coal was used in the private thermals at Rajpura and Talwandi Sabo.
PSPCL’s power sales on the exchange from April to September 2023 were Rs 924 crore, while it was Rs 293 crore from April to September 2022.
Purchase of power from the exchange was worth Rs 1,138 crore in 2023 at an average rate of Rs 4.59 per unit, while it was Rs 1,914 crore in 2022 at an average rate of Rs 5.54 per unit. Transmission and distribution losses have reduced by 1 percent.
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