NEA mints Rs8.5 billion profit in three months of this fiscal yearManaging Director Kulman Ghising says leakage control and power export to India are the major contributors to the profit.
The Nepal Electricity Authority (NEA) has earned a net profit of Rs8.5 billion in the first three months of the current fiscal year 2022-23.
As per the financial details made public for July 17 to September 16, the power authority earned Rs32.98 billion, while the total expenditures during the period were Rs24.48 billion.
It is the highest profit made by a government-owned entity.
The power authority purchased electricity worth Rs 14.15 billion from the private sector during the period. NEA made an income totalling Rs22.20 billion through electricity sales within the country.
NEA said it earned Rs6.17 billion in three months of the fiscal year by selling surplus electricity to India.
The power monopoly that made a total loss of Rs8.89 billion in the fiscal year 2015-16 has been making a profit since then.
Kulman Ghising, managing director of NEA, said that the power authority has succeeded in making a significant profit by controlling leakages, increasing the export of electricity to India and also limiting expenses.
Ghising added that a portion of the profit was spent on increasing electricity consumption, providing reliable and quality power to consumers, and expanding and strengthening infrastructure for transmission and distribution.
“To increase electricity consumption in the coming days and provide reliable electricity to the consumers, Rs3-4 billion should be invested in the coming four-five years. We are not in a position to get enough budget from the government due to resource constraints. We are spending on expansion and strengthening of distribution infrastructure,” said Ghising.