ISLAMABAD: Karachi-Electric (KE) has approached Finance Minister Ishaq Dar for release of net receivables, issuance of tariff notifications and verification of claims amounting to about Rs 419 billion.

In a letter to Finance Minister, Chief Executive Officer (CEO) KE, Syed Moonis Abdullah Alvi has given the reference of power utility’s earlier correspondence and discussions on this matter including KE’s letter of August 03, 2022 wherein Ministry of Energy, Power Division, was requested to expedite the process of release of pending claims, notification of Schedule of Tariffs (SoTs) determined by National Electric Power Regulatory Authority (Nepra) and verification of Tariff Differential Subsidy (TDS) filed by KE. In this regard, the power utility has highlighted that balance of TDS has ballooned to Rs 418.8 billion as of September 2022.

Break-up of the balance is as follows: pending for release from MoE/ MoF –verified, Rs 66.3 billion, pending for release from MoE/ MoF (others) - verified TDC balances (July 2020 onward), subsidy for zero rated consumers and ISPA-II, Rs 4.3 billion, July 2016 to June 2022, Rs 287.1 billion, FCA deferment impact- (August and September 2022) Rs 5.4 billion and other items and Rs 0.5 billion.

CEO KE has submitted that Nepra’s determinations of October 24, 2022, July 22, 2022, June 08, 2022, March 30, 2022, March 10, 2021 and December 31, 2019, in the matter of quarterly variations for the period July 2016 to June 2022 are yet to be notified by the Power Division as a result of which TDC amounting to PKR 287.1 billion (PKR 88.8 billion + PKR 13.3 billion + PKR 88.6 Billion + PKR47.3 billion + PKR86.1 billion –PKR 36.95 billion) for the period July 2016 to June 2022 - is stuck up.

Copyright Business Recorder, 2022