The Electric Power Corporation‟s Annual Report for the fiscal year July 2011 to June 2012 marks the conclusion of another challenging financial year. The Corporation continues to focus its efforts on technologies and solutions to improve the financial performance and maximizing renewable energy projects to reduce dependence on imported fuel and avoid impacts of climate change on its operations.
The Corporation concluded its fiscal year on 30 June 2012 with a recorded net profit of $2.28million compared to a loss of $0.68 million the previous year. Despite economic pressures forced on our local economy by escalating world oil prices, the Corporation was able to attain this positive accomplishment. The Corporation still maintains its existing base tariff levels for all its consumers during the fiscal year, while the monthly fuel surcharge adjustment has been applied up to February 2012. As a result of the new Electricity Act 2010, this monthly application of the fuel surcharge adjustment is reviewed upon application from the Corporation and approved for implementation by the Regulator.
Electricity sales which represents 90.5% of Total Income, showed a record figure of $91.7 million as compared to $83.3 million in the previous year, an increase of $ 8.4 million or 10.1%. Imported diesel fuel is the single major cost component of the expenditure for this fiscal year at $58.6 million or 63.9% against the Total Electricity Sales
of $91.7 million.
Hydro and diesel power were the main sources of electricity production, contributing 32.76% and 57.09% respectively, while solar power contributes 0.008 %. For this period, the Corporation generated 112,226,959 kWh, as illustrated in details as per table and chart below.