Power sector receivables soar to Rs896.36bn

ISLAMABAD: The power sector’s receivables rose by 23 percent to Rs 896.36 billion from Rs 729.88 billion during 2017-18, a key reason for the continuous hike in circular debt and borrowing from commercial banks by slapping surcharges on consumers, well informed sources told Business Recorder.

The main contribution in receivables was liabilities of private sector which rose from Rs 554.79 billion to Rs 670.70 billion. The collection from private sector was recorded at 958 billion during this period against billing of Rs 1.074 trillion.

The amount of receivables against Karachi Electric (KE) has increased from Rs 60 billion on July 1, 2017 to Rs 78.40 billion as on June 30, 2018 against supply of 650 MW of electricity from the national grid sans any agreement.

Published in Business Recorder, 17th August, 2018