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4-Traders Homepage  >  Equities  >  Nyse  >  Pepco Holdings, Inc.    POM

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Pepco : PAC for 'heat rating' tests of power plants run by IPPs

02/06/2016 | 08:27am US/Eastern

The Public Accounts Committee (PAC) on Thursday directed the Secretary Ministry of Water and Power to approach the court and get vacate stay order obtained by Independent Power Producers (IPPs) against 'heat rating' tests.

After the stay vacation order of the court, the Ministry should conduct 'heat rating' tests to determine the actual oil payment billing of IPPs and to check their generating efficiency, PAC ruled.

The meeting of the PAC was held under the Chairmanship of Syed Khurshhed Shah and reviewed the special audit report on clearance of circular debt of power sector worth of Rs 480 billion.

During the meeting,Chairman PAC observed that the National Electric Power Regulatory Authority (Nepra) should also conduct 'heat ratings' of the power plants being run by IPPs as according to some reports there was a huge difference in per hour production of electricity of different units.

If there is any difference between the paid amount and generation of electricity,then the money should be reimbursed from IPPs, he added.

During the meeting, Auditor General of Pakistan (AGP) Rana Assad Amin informed the committee that the finance ministry made irregular payment of Rs 341.958 billion to PEPCO on account of circular debt without pre-audit checks of AGPR.

He said that the finance division on June 27, 2013 advised the State Bank of Pakistan to credit the said amount to PEPCO, which was violation of the prescribed procedure.

To this, Secretary Ministry of Water and Power, Mohammad Younus Dagha said that the payment was made to the concerned companies in extreme emergency and to meet the shortage of electricity.

He said that in 2013, the circular debt was Rs 503 billion and power generation companies were not producing electricity because of delay in payment.

Additional Secretary Budget of the Ministry of Finance told the committee that the Economic Coordination Committee (ECC) of the cabinet on June 27, 2013 had decided to give the payment of Rs 341.958 billion to the PEPCO.

Due to the shortage of time,payment was directly released to the PEPCO through State Bank, he added and said that the paras of similar nature pertaining to Audit Reports of 2005-06 and 2007-08 had already been settled by PAC.

After getting detailed briefing, the PAC approved the special audit report.

Syed Khursheed shah also asked the AGP to present the Audit report of Ministry of Science and Technology and Pakistan Engineering Council (PEC) before the PAC as soon as possible.

© Pakistan Press International, source Asianet-Pakistan

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