Karachi October 28 2023: Engro Powergen Qadirpur Limited (EPQL) continues to actively engage with regulators and other stakeholders to finalize an alternate fuel option for the plant in view of the 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 8-13 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 EPQL.
The EPQL Plant demonstrated a billable availability factor of 100% in 9M 2023. It dispatched a total Net Electrical Output (NEO) of 708 Gwh to the national grid with a load factor of 50% as compared to 40% in 9M 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 10,901 Mn as compared to PKR 7,563 Mn in the same period last year. The increase in sales revenue is primarily attributable to higher energy payments on the back of increase in fuel price and better dispatch owing to EPQL’s high merit order position. Consequently, gross profit for the period was also higher at PKR 2,585 Mn as compared to PKR 1,502 Mn in the same period last year.
The Company earned a net profit of PKR 2,442 Mn in 9M 2023 as compared to PKR 1,377 Mn in 9M. Earnings per share were higher at PKR 7.54 as compared to PKR 4.25 for the same period last year 2022.
Engro Powergen Qadirpur Limited is a public listed company, incorporated in Pakistan, under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The Company is a subsidiary of Engro Energy Limited, which is a wholly owned subsidiary of Engro Corporation Limited. Engro Corporation Limited is a subsidiary of Dawood Hercules Corporation Limited (the Ultimate Parent Company). The Company was established with the primary objective to undertake the business of power generation and sale.