Punjab State Power Corporation Limited (PSPCL) has achieved a remarkable turnaround, recording a profit of Rs 564.76 crore for the period ending September 2023. This is in stark contrast to the loss of Rs 1,880.25 crore incurred during the same period of the previous financial year. .
The Aam Aadmi Party (AAP) government, led by Chief Minister Bhagwant Mann, has prioritized timely payment of power subsidies to the PSPCL. This resulted in a cash inflow of Rs 12,342 crore, providing much-needed financial relief to the company.
The Punjab government’s assistance was instrumental in PSPCL’s Rs 564.76 crore profit. State government action was crucial in amplifying the power company’s revenue increases and rate changes.
PSPCL has implemented a series of proactive measures to effectively manage its power purchase costs, thereby ensuring stable and affordable electricity supply to its consumers. These measures played a crucial role in mitigating the impact of rising energy prices and maintaining the financial stability of the company.
PSPCL has harnessed the potential of its hydropower plants, achieving a 21 percent increase in its power generation. It generated 21% more electricity from its own hydrogen plants, 14% more electricity from BBMB hydrogen plants and 13% more electricity with other states.
Between April and September 2023, it recorded a sharp 48 percent reduction in electricity purchases through short-term agreements and foreign exchange market transactions.
A small volume of imported coal was still used in the private thermal power stations of Rajpura and Talwandi Sabo. PSPCL’s power sale in the foreign exchange market during the same period reached Rs 924 crore, a significant increase from Rs 293 crore recorded during April-September 2022.
