The Punjab State Power Corporation Ltd (PSPCL) has achieved a profit of Rs 564.76 crore for the period ending in September, marking a significant improvement from a loss of Rs 1,880.25 crore in the same period last year.
This accomplishment can be largely attributed to the timely repayment of Rs 12,342 crore subsidy to PSPCL by the Aam Aadmi Party (AAP) government led by Chief Minister Bhagwant Mann.
The Punjab government’s support played a pivotal role in boosting PSPCL’s revenue and facilitating tariff adjustments, which ultimately led to the company’s profit of 564.76 crore.
PSPCL took various measures to control power purchase costs, including increasing generation by 19% from its state-owned thermals at Lehra Mohabbat and Ropar through the availability of cheaper coal from the Pachhwara coal mine.
The company also produced 21% more power from its own hydel plants, 14% more from BBMB hydel plants, and increased power banking with other states by 13%.
Furthermore, PSPCL reduced its power purchase through short term and exchange transactions by 48%.
Imported coal was not used at the state thermal plants in Ropar and Lehra Mohabbat due to the operationalization of the Pachhwara coal mine. Only a small amount of imported coal was utilized at the private thermals in Rajpura and Talwandi Sabo.
In terms of power sales, PSPCL generated revenue worth Rs 924 crore from April to September 2023, surpassing the Rs 293 crore earned during the same period in 2022.
The power purchase from the exchange amounted to Rs 1,138 crore in 2023 at an average rate of Rs 4.59 per unit, compared to Rs 1,914 crore at Rs 5.54 per unit in 2022. Additionally, transmission and distribution losses have been reduced by 1%.
