ISLAMABAD: Electricity circular debt has crossed 450 billion rupees while power generating companies and other institutes have plunged into sever monetary crises.
According to sources, funds for power generating companies could not be issued yet despite formulation of new ministry and danger of starting new era of unannounced load shedding is looming over the nation’s head.
Sources disclosed that government is narrating wrong statistics about circular debts of electricity as government states circular debt is 404 billion while it is more than450 billion as told by ministry of water and power.
“If companies have not been paid, then circular debt will be more than 550 billion in 2018 and then load shedding will be uncontrollable across the country”, sources added.
Sources said that Government increased the electricity prices at the time when petroleum prices declined 60 percent in international market but it could not control circular debt as well.
In a high level meeting, Prime Minister Shahid Khaqaan Abbasi has said that timely payment to power generating companies was necessary to get country out from energy crises. Government claimed that line losses have decreased and it has become one percent from five percent.
Sources added that timing of load shedding has increased across the countries except few big cities, if load shedding does not take place, circular debt will be doubled in few months.
Load shedding decreased in 2015 but circular debt increased up to 583 billion rupees and a series of unannounced load shedding had to start so that circular debt can also be decreased.
According to experts, recent political turmoil will affect electricity projects also and time of completion of projects could take six more months so the dream of controlling load shedding before 2018 general elections will remain a dream.