KARACHI: Thar’s coal-based power generation company Engro Power has exceeded Rs 76 billion due to Thar’s electricity.
In a letter sent to the Central Power Purchase Agency, Engro Power Jan Thar has said that the liabilities of the company have increased from Rs 39.5 billion to the highest level of Rs 76 billion in one year, due to which the financial problems of the company have increased. has increased and is facing severe difficulties in payments to its suppliers and partners, which is likely to affect power plant operations.
The letter said that the company’s recovery ratio due to non-payment of dues, which was maintained at 89-90 per cent by the Central Power Purchase Agency for CPK projects, has now come down to 86 per cent, while this year With an average recovery rate of 75 percent so far, due to non-payment of dues, the company is facing difficulties in paying its creditors and suppliers, including fuel suppliers.
In April 2024, Engro Power Jan Thar also sent an emergency letter to the Central Power Purchase Agency, informing them of their and Sindh Engro Coal Mining Company’s financial obligations due in May 2024 and demanding immediate payment of 42 billion rupees. However, the power companies Out of the total payments of 350 billion rupees, only 17 billion rupees have been paid to Engro Par Jin Thar till 24 May 2024 which is insufficient to pay the dues of Engro Power Jin Thar and Sindh Engro Coal Mining Company.
Engroup Thar has asked the Central Power Purchase Agency to ensure payment of dues by May 29, 2024 and to make additional payments of Rs 15 billion along with past dues of Rs 75 billion so that the company can continue its operations while meeting its financial obligations. could