Power Division Minister orders inquiry against Rs2.45bn loss by Jamshoro Power Company

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ISLAMABAD: Taking serious notice of Rs 2.45 billion loss allegedly registered by the Jamshoro Power Company (777 MW Jamshoro Power Plant) in the financial year 2016, Power Division Federal Minister Sardar Awais Ahmed Khan Laghari has ordered immediate inquiry and fixation of responsibility.

The minister ordered the inquiry in a meeting held here to evaluate the GENCOs and way forward.

The federal minister also took stern notice of decline in profit from Rs 1.469 billion in the finical year 2014 to Rs 751 million in 2015 and Rs 780 million (unaudited) in 2017 by the Jamshoro Power Company and ordered to investigate the reason in the same inquiry report.

The Jamshoro Power Company registered a loss of Rs 2.453 billion during the financial year ending June 30, 2016. The same company, however, earned a profit of Rs 1.469 billion in the financial year ending June 30, 2014, a profit of Rs 751 million in the financial year ending June 30, 2015, and a profit of Rs 780 million in the financial year ending June 30, 2017.

The minister has directed the GENCO Holding Company CEO to conduct the inquiry into the accounts of the company for the last four year and ascertain the reasons of mismatch in profit and loss of the company within 15 days. He further directed that strict action will be taken in the light of inquiry against the officials, said energy ministry in a statement issued on Wednesday.

The federal minister also directed that in case of failure to complete the inquiry within time, an external inquiry will be conducted.

Sardar Awais Ahmed Khan Laghari said that transparency in all types of transaction will be ensured and the Power Division will go to any extent in this regard.  He emphasised that transparent transactions are bound to produce good results.

The federal minister further directed the Power Division to figure out the role of the GENCOs in the country’s energy plan for the future, keeping into consideration the supply, demand and emergency scenarios. This exercise would help GENCOs to evolve a future strategy of either modernisation of exit for better utilisation of resources, added the minister.

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