CCOE Favors Plan to Ease Circular Debt
Islamabad: The circular debt mitigation plan was authorised by the Cabinet Committee on Energy (CCOE) in order to reduce losses and boost recoveries over the course of three years.
The debt reduction plan will assist in reducing the existing flow of circular debt from Rs 538 billion per year to less than Rs 112 billion per year. The programme runs from FY21 to FY23.
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The Power Division informed the CCOE conference that more than 70% of the circular debt was caused by unfinished policy decisions.
The Power Division informed the committee that after the circular debt reduction strategy was put in place, distribution companies’ collections would increase by 5.73% and their losses would decrease by 2.12%.
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The Power Division cautioned that if the Water and Power Development Authority (Wapda) paid net hydel profit (NHP) in accordance with the AGN Kazi formula, the circular debt would increase by Rs 495 billion annually.
The Power Division’s summary was accepted by the CCOE in order to ensure that circular debt is managed effectively.
To ensure better utilisation of renewable energy resources, it instructed the Ministry of Energy to swiftly go through with the auction of renewable energy projects.
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