NEA confirms NPR 46.47 billion profit, validates Kulman Ghising’s claims
KATHMANDU: The Nepal Electricity Authority (NEA) has officially confirmed a cumulative profit of NPR 46.47 billion, endorsing a white paper that validates the financial achievements of former Executive Director Kulman Ghising. The NEA’s board, chaired by Energy Minister Deepak Khadka, approved the white paper on Monday, contradicting Khadka’s earlier claims that Ghising had inflated profits.
The white paper, to be released by current Executive Director Hitendra Dev Shakya, details NPR 46.47 billion in accumulated profits, aligning with Ghising’s assertion that he transformed the NEA from a NPR 34 billion loss to a NPR 47 billion profit during his eight-year tenure.
Khadka, who had dismissed these figures as “paper profits” in parliament, approved the same data he once questioned. Khadka sacked Ghising on March 25, replacing him with Shakya, who initiated the white paper process on his first day.
Ghising hailed the approval as proof of his transparency, stating, “The minister’s attempts to discredit me failed against audited data from the Office of the Auditor General. The board’s approval exposes his false narrative.”
The white paper reveals the NEA’s total assets at NPR 644 billion, with NPR 259.10 billion in equity and NPR 248.12 billion in government loans.
Outstanding dues amount to NPR 44.54 billion, including NPR 23.44 billion from industrial feeders, hindered by political interference. The NEA is also owed NPR 14.10 billion in government reimbursements for COVID-era subsidies.
Liabilities include NPR 32.5 billion in loan interest and power purchase costs, NPR 47.24 billion in employee obligations, and NPR 248.12 billion in long-term debt. The NEA faces NPR 69.57 billion in financial commitments and NPR 8.40 billion in legal claims.
Electrification stands at 91.41% of households, lower than Ghising’s claimed 99%, and electricity leakage is reported at 14.85%, higher than his stated 12.73%. The NEA’s financial turnaroundphysics confirms its robust recovery, reinforcing Nepal’s adventure tourism and energy sector advancements.
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