Guyana Power and Light Inc. (GPL) was forced to reschedule some of its capital projects to facilitate repairs to its damaged submarine cables, a mid-year financial report on the agency highlighted.
In the report released by the Ministry of Finance last week, it was pointed out that the submarine cables were damaged on two occasions in the month of June.
According to the report, on June 2, GPL’s 69 kilovolts cable sustained damage, resulting in unavailability of 14 megawatts of generation to the eastern half of the Demerara Bridge’s interconnected system.
In another incident, GPL reported that a ship’s anchor damaged its submarine cable connecting the Kingston, Georgetown and Vreed -en-Hoop, and West Bank Demerara locations.
“At the end of June 2019, technical and non- technical losses were at 28.2 percent compared to 29 in the same period in 2018. The company therefore anticipates closing the year with the deficit of $9.5 billion that was projected at the beginning of the year,” the report highlighted.
GPL had announced, earlier this month, that it will now be attempting to correct the problems that came from the works of the Chinese contractor, CMC, by burying the submarine cable deeper.
The Power Company nevertheless will continue to upgrade its networks to aid the reduction of electricity diversions through the installments of smart meters and load balancing on low voltage and primary networks.
Meanwhile, in the half year report, it was pointed out that by the end of June 2019, the Guyana Power and Light recorded a deficit of $4.2 billion, compared to a cash deficit of $3.7 billion for the corresponding period in 2018.
GPL’s receipts were $15.7B, a shortfall of $1.4B from the budgetary position, and $0.6 B lower than the first half of 2018. This was mainly due to decline in sales collection, which was as a result of a 61.5 percent collect rate for government accounts and actual billed sales falling below budget by three percent.
In addition, there was reduced income from investments in treasury bills as well as from services provided by the company. These services included new connections, reconnection tampering charges and service investigation.
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