NEA profits Rs 8.5 billion in first quarter

KATHMANDU: Nepal Electricity Authority (NEA) has made a profit of Rs 8.5 billion in the first quarter of Fiscal Year 2022/23.

According to provisional financial statements for the first quarter, NEA mobilized a total revenue of Rs 32.98 billion in the three-month period while it spent a total of Rs 24.48 billion.

NEA bought energy worth Rs 14.15 billion from independent developers. Likewise, it mobilized a total of Rs 22.20 by selling the energy generated by projects developed by independent developers as well as its own projects.

Likewise, it mobilized Rs 6.17 billion by exporting surplus energy to India in the first quarter.

NEA, which posted an annual loss of Rs 8.89 billion in the fiscal year 2015/16, has been posting profits in the succeeding fiscal years.

NEA made a profit of Rs 11.75 billion in 2019/20. The profits fell to Rs 6.09 billion in 2020/21. In the previous fiscal year, however, NEA logged total profits of Rs 16.16 billion.