Power_FY17 generation is sound but entropy persists
​Completing our dataset for FY17, June'17 generation of 11.46GwH sent out, takes cumulative FY17 PEPCO system generation to 107.9GwH up 7.4%YoY to its highest level ever. Gains were made in thermal generation sources, whereas decline in Hydel sourced units were supplanted by capacity additions from Nuclear sources. Weighted costs of generation for the PEPCO system clocked at PkR5.27/KwH for FY17 up 6%YoY, but still below FY14 levels. We highlight the resistance of DISCOs to pass on monthly fuel adjustment relief to customers and inconsistent submission of costs to NEPRA as major hurdles to the smooth functioning of the power pricing mechanism. In this backdrop, continued friction within related GoP functionaries is likely to be resolved with reduced independence of NEPRA already agreed upon by the provinces (CCI decision on 2nd May’17 meeting) likely to materialize, post May'18 elections, in our view.
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