EPC records back to back losses says MPE quarterly reports


The Electric Power Corporation recorded a loss of more than $300,000 in the first three months of the current financial year.

Due to the increase in fuel cost as a major expenditure and the decrease in revenue compared to budget.

In the last quarter of the previous financial year, the Corporation also recorded a net loss of $2.3m and a Year to Date net loss of $2.8m.

This is outlined in the Ministry of Public Enterprises quarterly report for the Corporation. Also highlighted in the report is the completion of the Fiaga Lightning Project System has been completed in August 2021.

The continuing of support to the government for the Covid-19 stimulus package ($0.03sene decrease in tariff price paid by EPC) in the first two months (May and April 2021) of the current quarter has resulted in a net loss of $2.3m this quarter and a YTD net loss of $2.8m.

Other aspects of the report say the Dam Enforcement work has also been completed with a report submitted to Asian Development Bank for information.

In the last quarter of the financial year 2021, the Electric Power Corporation report says out of all electrical power sources, diesel continued to be the major contributor producing 55% of electricity this quarter. Hydro plants and IPP Solar produced 32% and 11% respectively.