PSPCL turns around, reports Rs 565 cr profit

• Follow

The Punjab State Power Corporation Limited (PSPCL) has reported  the quarterly results for period ending September 2023. The company has earned Profit of Rs. 564.76 crore for period as against a loss of Rs 1,880.25 crore for the same period last year.

The improved results have been possible due the higher generation from the state’s plants at Lehra Mohabbat and Ropar. The generation in fact, increased by 19% against last year’s figure. Last year these plants had generated 3,797 million units of power while this year it rose to 4,499 million units.

The major reason for the turnaround is the use of coal from the Pachhwara coal mines in Jharkand, instead of imported coal. This has resulted in a big saving for the corporation. The local coal costs around R 5,500 per tonne, whereas the imported coal costs $200/tonee or about Rs 16,000/t. The use of imported coal at Rajpura and Talwandi Sabo was minuscule.

Apart from the thermal plants, even the hydro plants reported 21% more generation.

The corporation has performed well in all the parameters. The generation from Bhakra Beas Management Board power plants had 14% higher generation. The sale of power in exchange was more than 200% at Rs 924 crore during April-Septemver 2023, against Rs 293 cr from April to September 2022.

The purchase of power from exchange was worth Rs 1,138 cr at an average rate of Rs 4.59 per unit during 2023 against Rs 1,914 crore at Rs 5.54 per unit during 2022. The corporation also reduced its transmission and distribution losses by about 1%. among other features, the corporation had 13% more banking of power with other states. It reduced by 48% the power purchase from the exchange.

The commitment of the state government to PSPCL can be seen from the payment of Rs . 12,342 crore subsidy. The revenue surge also amplifies the proactive role played by the Mann government.