Bhagwant Mann Government: There is good news for Punjab State Power Corporation Limited (PSPCL), which has been suffering from financial crisis for a long time. The financial condition of the corporation has improved tremendously. In the current financial year 2023-24, between April and September, Punjab State Power Corporation Limited has earned a profit of Rs 564.76 crore. While PSPCL had incurred a loss of Rs 1880.25 crore during the same period last year.
The Aam Aadmi Party government led by Chief Minister Bhagwant Mann has helped rejuvenate PSPCL with its support. Government is prioritizing timely payment of electricity subsidy to Punjab State Power Corporation Limited. Due to this decision by the government, the cash flow has improved by Rs 12,342 crore which has improved the financial position of PSPCL. Due to this decision of the Punjab Government, the Punjab State Power Corporation has made a profit of Rs 564.76 crore and the revenue has also increased.
In order to provide affordable and 24-hour electricity to the consumers of Punjab, Punjab State Power Corporation has taken several decisions to reduce the cost of electricity purchase. These measures have helped to improve the financial position of the Corporation while mitigating the impact of rising electricity prices. PSPCL has increased production from its hydropower plants, resulting in a 21% increase in power generation. The corporation has generated 21% more electricity from its hydroelectric plant. Electricity generation by BBMB hydro plant increased by 14% and by other states by 13%.
Punjab State Power Corporation has been helped to reduce the cost of power purchase by 48% through short-term contracts and trading in the exchange market during April to September. PSPCL has managed to sell electricity worth Rs 924 crore in the exchange market, which was Rs 293 crore during April last year to September 2022.
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PSPCL (T) Bhagwant Mann Govt (T) Punjab