Amid the growing financial crisis delivered by the coronavirus pandemic in Nepal, the nation’s Electricity Authority has managed to shine out.
The Nepal Electricity Authority (NEA) has made NPR 10.67 billion profit in the FY 2075/76, for the first time in its history of 35 years.
Moreover, the NEA’s Reserve and Cumulative Loss has decreased to NPR 12. 23 billion.
The drastic transformation of a nearly bankrupt public entity into a highly profitable institution in a matter of just three years is primarily attributed to the intervention of the NEA Managing Director Kul Man Ghising.
When Ghising was selected for the MD post, the NEA was virtually bankrupt with over 13 hours of load-shedding in the country.
In FY 2072/73, the NEA incurred a total loss of NPR 8.89 billion and the Reserve and Cumulative Loss was NPR 34.60 billion.
However, following the appointment of Ghising as the new MD, the economic condition of the NEA has started to change.
In FY 2074/75, the NEA made NPR 2.84 billion net profit with the Reserve and Cumulative Loss of NPR 23.59 billion.
“Frequent directions of Prime Minister and strong and dedicated leadership of Minister Pun, NEA’s team worked day and night. This direction and leadership encouraged the entire NEA’s team to work for the betterment of future,” expressed MD Ghising.
“This great leap is not a work of any individual but also the unified approach of Board of Directors, Board members; hard work of NEA’s technical and administrative team their personal capacity and consumers,” added Ghising.
The NEA has been taking several efforts to control electricity loss and administrative and financial reforms under the guidance of MD Ghising.
However, the credit also goes to the former Irrigation Minister Barsha Man Pun and former Secretary Anup Kumar Upadhyaya who backed MD Ghising and encouraged the reformation.