Punjab State Power Corporation Limited (PSPCL) has earned a profit of around Rs 900 crore during the last financial year 2023-24 following the improved thermal power generation and sale of power. Power consumers can heave a sigh of relief as no or bare minimal power tariff hike is likely to be announced by the power regulator.

The PSPCL had reported a profit of Rs 564.76 crore till September 2023 as per half yearly audit report and earned another Rs 336 crore by March 2024. Further, the unaudited data confirms that the PSPCL has further earned Rs 286 crore for April and May 2024 by selling surplus power in the Indian Energy Exchange.

As per information, coal supply from Pachhwara coal mine has not only improved the thermal generation at Ropar and Lehra Mohabbat, but also turned the loss-making PSPCL into a profit-making company. During the last financial year, PSPCL took over the Goindwal Sahib thermal project and with the addition of a third thermal plant in the state sector ,the power supply also improved.

The PSPCL has earned more than Rs 1,003 crore by sale of power through exchange on day ahead/real-time basis in the last financial year. “This year PSPCL earned Rs 183 crore in April and about Rs106 crore up to May 26 and timely monsoon could mean that the PSPCL could see its profits going up”, said a senior official.

Spokesperson of the All-India Power Engineers Federation VK Gupta said with better management of resources and ensuring purchase of power from the energy exchange when it is cheaper has helped the PSPCL.