PSPCL on cloud nine after govt clears power subsidy bill
Kanwar Inder Singh/ March 14,2023
With a few days left for the end of current financial year, Punjab state Power Corporation limited (PSPCL) management is on cloud nine as the state government has given Rs. 4119.90 core in February 2023 and cleared the current subsidy bill and one fifth of the previous govt pending subsidy by February 2023.
As per sources, the estimated subsidy due during the financial year 2022-23 is Rs 20,200 crore including the first installment of Rs 1804 crores of the previously pending subsidy Rs 9020 crores.
“After the state government got ready to clear the pending subsidy of previous governments to the tune of Rs 9020 crores in five installments, the first installment of Rs 1804 crore gives a breather the powercom” said a Punjab state power corporation limited official.
Though the Punjab state electricity regulatory commission (PSERC) has not determined this figure of Rs 20,200 crore , but as per the state government this is the figure.
As per sources the pending subsidy is of Rs 18252.18 crore by February 28,2023. The powercom has received Rs 17191.09 crore.
Out of these 17191.09 crores, the govt has given Rs 7345.91 crore subsidy for agriculture power (AP) consumer category, Rs 7455.87 crore has been given for domestic service (DS) category consumers and Rs. 2389.31 crores has been given for Industry category consumers. With this amount of Rs 17191.09 crores the subsidy received by Punjab state power corporation limited, the balance amount of subsidy remains to Rs 1061.09 crores.
After the adjustment of Rs 1060.42 crores against the electricity duty (ED) and infrastructure development fund (IDF) , payable by the Punjab state power corporation limited (PSPCL) to the state government the net amount of Rs 0.67 crores remained balance as on February 28,2023.
When contacted the director finance PSPCL Surinder Beri, he said” the powercom is running because the state government is giving the subsidy amount on monthly basis.”
Another officer on the condition of anonymity said “ now the powercom is expecting the state government to also clear the power bill of Rs 2600 crore pending towards the various government departments.’