Karachi August 25 2023: Engro Powergen Qadirpur Limited (EPQL) continues to actively engage with regulators and other stakeholders to finalize an alternate fuel option for the plant due to declining trend of production from Qadirpur gas field.
The Management is also pursuing its application for approval of tariff and generation license from NEPRA to allow additional generation of power from 8 to13 mmscfd gas from Badar gas field.
“The power demand in the country is expected to decline due to the current macroeconomic challenges including inflation, power prices hikes and lower economic growth. Despite that, given that EPQL generates cheaper electricity in comparison to its peers, the company anticipates that the plant will continue to receive dispatch from the power purchaser” states company report.
The EPQL Plant demonstrated a billable availability factor of 100 percent in 1H 2023. It dispatched a total Net Electrical Output (NEO) of 496 Gwh to the national grid with a load factor of 53 percent as compared to 36 percent in 1H 2022. Last year, the load factor was lower due to major inspection (MI), which is carried out every sixth year.
Sales revenue for the period was PKR 7,080 million as compared to PKR 4,260 million in the same period last year. The increase in sales revenue is attributable to higher dispatch as well as higher Period Weighing Factor (PWF) applicable on capacity payments. Consequently, gross profit for the period was also higher at PKR 1,372 million as compared to PKR 426 million in the same period last year.
The Company earned a net profit of PKR 1,221 million in 1H 2023 as compared to PKR 406 million in 1H 2022. Earnings per share were higher at PKR 3.77 as compared to PKR 1.25 for the same period last year (due to higher dispatch and higher capacity payments backed by higher PWF).