Circular debt stock reaches Rs2.31tr as of June

MG News | September 19, 2023 at 01:22 PM GMT+05:00

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September 19, 2023 (MLN): The circular debt stock has increased to Rs2.31 trillion as of June 2023, depicting an increase of Rs57bn or around 2.5% YoY as compared to June 2022, the latest circular debt report issued by the Ministry of Energy showed today.

While on a sequential basis, circular debt showed a decrease of Rs336bn MoM when compared to May’s Rs2.65tr.

Payable to power producers increased by Rs5bn due to withdrawal by FBR in April 23.

This includes the release of Rs21bn in respect of the previous year zero rated outstanding claims.

Moreover, Rs346bn is receivable from KE as of June 2023 pending due to a subsidy dispute between K-Electirc and the government.

The total liability increased by Rs220bn as of June 2023, out of which the government paid Rs162bn through fiscal space, leaving a balance of Rs57bn as circular debt.

Circular Debt Details as of (PKR Billion)	Jun-23	Jun-22	YoY Change	YoY %
Payable to Power Producers	1,434	1,351	83	6.14%
GENCOs' payable to fuel suppliers	111	101	10	9.90%
Amount Parked in PHL	765	800	(35)	-4.38%
Total	2,310	2,253	57	2.53%

Break-up of Increase / (decrease)
Budgeted but unreleased subsidies	0	(12)	12	-
Unclaimed subsidies	(70)	(133)	63	-47.37%
IPPs Interest Charges on delayed payments	100	105	(5)	-4.76%
PHL Markup paid out of IPPs' claims	43	29	14	48.28%
Pending Generation Cost (QTAs+FCA)	250	414	(164)	-39.61%
Non Payment by K-Electric	(53)	107	(160)	-149.53%
DISCO Losses Inefficiency	160	133	27	20.30%
DISCO Under recoveries	236	180	56	31.11%
Other Adjustments (Prior Year Recovery, etc)	(447)	(285)	(162)	56.84%
Sub-total (a)	220	536	(316)	-58.96%

Payment through Fiscal Space
PHL Principal Repayments	(35)	(130)	95	-73.08%
PHL unpaid markup	0	0	0	-
Stock Payments	(127)	(434)	307	-70.74%
Sub-total (b)	(162)	(564)	402	-71.28%

Total (a+b) PKR Billion	57	(27)

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