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Home News Power Sector News PSEB Financial Crisis - Punjab Government released 320 crores

PSEB Financial Crisis - Punjab Government released 320 crores

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Punjab Government offers 320 Crores to PSEB to save from severe financial crisis.Punjab Government has released 320 crores to Punjab state electricity Board(PSEB) to pay its monthly bills and salary to the employees.PSEB sources said that Government has credit the amount without naming any head of account. PSEB will get five monthly instalments of Rs 320 crore each and first instalment released 27-11-2008.

Punjab Government had decided to release 1608 crore for the subsidised power being given by it to agricultural sector to cash-strapped PSEB earlier this month.

PSEB has run up a short-term debt of Rs 6,200 crore. The board had a short-term debt of only Rs 844 crore ending March 2006. Besides this, the PSEB is saddled with a long-term debt of Rs 13,000 crore and accumulated losses of Rs 7,000 crore.

The state government had earlier committed to the Punjab State Electricity Regulatory Commission that it would provide a subsidy of Rs 2,600 crore to the board on account of free power being given to agricultural sector as well as domestic usage being incurred by Scheduled Caste families living below the poverty line. The government had, however, failed to stick to the regulatory commission order to give this money to the board in four quarterly advance payments. Till now, it has managed to give the board only Rs 1,000 crore.

Courtsey- Punjab News online


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