NEPCO records accumulated losses of JD5.8 billion

Amman: The National Electric Power Company's (NEPCO) accumulated losses amounted to about JD5.8 billion by the end of 2023, compared to JD5.36 billion in 2022, according to the company's annual report released on Monday. The report indicated that the NEPCO's losses amounted to JD410 million last year, compared to JD232 million in 2022. According to the report, the losses exceeded 75 percent of the company's subscribed capital, which requires liquidation according to the Companies Law unless the general assembly decides in an extraordinary meeting to increase its capital, in addition to other indicators mentioned in the statement. In accordance with the company's mandate to manage and operate the electrical system in the Kingdom, in addition to the fact that the power purchase agreements are guaranteed by the government and it is fully owned by the Government Investment Management Company, a private joint stock company that is owned by the government, NEPCO's financial statements have been prepared on the b asis of its continuity and its ability to fulfill its obligations to its creditors. The financial statements for the year ended December 31, 2022, were audited by another auditor, who issued an unqualified report on April 2, 2023. According to the annual report, operating revenues amounted to JD1.444 billion last year, compared to JD1.382 billion in 2022. Source: Jordan News Agency