Electricity Prices Rise Despite Unbearable Loadshedding
Islamabad: Pakistan has experienced another inflationary wave. The cost of living has become intolerable for the population due to the steadily rising cost of power. Additionally, the country’s largest-ever fuel price adjustment charges resulted from the IMF’s requirements, which are put into place in the form of various taxes that the government collects from the general people.
Unless the government makes considerable efforts, the ongoing rise in power prices might not decrease even if worldwide fuel costs decline. Reduced energy loss, a halt to corporate corruption, an end to electricity theft, and a greater reliance on domestic energy sources and renewable energy sources rather than excessive reliance on imported fuels are some of these developments.
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In order to guarantee Rs. 3.28 trillion in funding for the loss-making power distribution businesses (Discos), NEPRA earlier increased the national average tariff by about Rs. 5 per unit. The government has formally announced a rate increase of Rs. 4.96 that will take effect on July 1 and will bring in an additional Rs. 477 billion in revenue for discos.
The rise in power prices for the years 2023–2024 is Rs. 29.78 per unit, which is Rs. 4.96 per unit more than the previously established average tariff of Rs. 24.82. The rise looks reasonable when viewed through the lenses of inflation and the depreciation of the currency.
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In addition, the capacity costs significantly increased from Rs. 11 to Rs. 17 per unit, representing a financial impact of Rs. 623 billion, or Rs. 5.94 per unit. This was somewhat offset by a drop in the energy charge of Rs. 2.6 per unit, or from Rs. 10.20 to Rs. 7.63. In contrast to the previous fiscal year’s total capacity charges of Rs.1.25 trillion, the estimated total for the current fiscal year is Rs.1.87 trillion.
Then, it was revealed in the press that power companies in Multan, Gujranwala, Hyderabad, Sukkur, Quetta, Peshawar, and tribal regions had submitted petitions for modification or relaxation of a multi-year rate regime for 2023–2024.
The increase in electricity prices has also had a significant impact on the business sector. Because this new price hike will significantly increase their costs, businesses are concerned that it may affect their ability to compete. For both domestic and foreign clientele, this may mean higher costs. As a result of the ongoing economic problems, industries have been forced to close down or cut their production.
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