NewBiz Report

KATHMANDU, August 10

The accumulated profit of the Nepal Electricity Authority (NEA) has reached Rs 47.41 billion by the end of last fiscal year, 2023/24, Managing Director of NEA Kulman Ghising said on Friday. In the last fiscal year alone, the NEA made a net profit of Rs 13.31 billion.

Making public the NEA’s progress report, marking the third anniversary of his second tenure as MD of the state-owned power monopoly, Ghising claimed that the profit was not because of the outstanding payment from the supply of electricity to industries through the dedicated feeder and trunkline.

“NEA had accumulated a loss of Rs 34.61 billion until eight years ago, but it has been making net profits every year since FY 2016/17,” Ghising said. “Despite reducing electricity tariff by 25%, there has been an increase in profit with the number of consumers reaching around 5.9 million.”

Regarding the ongoing conflict with the industrialists, Ghising said that the outstanding payment from the industrialists for the supply of electricity during the load shedding period will be recovered as per the law.

“The evidence is safe with us,” Ghising said.