LAHORE - The Pakistan power sector may hit its lowest ebb of crisis, jacking up the liquidity crunch of Pakistan Electric Power Company (PEPCO) to 78 percent within four months and touch Rs 402.28 billion from Rs 226 billion, the sources told The Nation here Wednesday. The sources concerned said that the outstanding dues of Independent Power Producers (IPPs) fuel suppliers and others spiralled to 127.85206 billion from Rs 71.827 billion, which previously stood at Rs 60 billion in November 2007. The break-up indicates that IPPs amount reached upto Rs 54.184 billion against Rs 28 billion, fuel suppliers dues swelled up to Rs 12.175 billion from Rs 8.11 billion whereas other immediate required payment surged to Rs 46.068 billion from Rs 24 billion of February outstanding payment. It is said that the PEPCO has been keeping on warning the government of the deepening electricity crisis besides giving presentations in the cabinet meetings about the alarming situation. The sources, however, confirmed that the cabinet meeting did not give any indication to bail out the company of the present swelling liquidity crunch despite promises with respect to enhancing the electricity tariff. They said the government seemed to be only interested in swelling its kitty by imposing the 16 percent sales tax in the electricity bills. The increase in tariff has, however, been confined to issuing statements in this regard. It is said that the government in the latest letter from the PEPCO Managing Director was told that Rs 127.82506 billion was overdue with current payables while the current annual gap is swelled by Rs 44.46 billion, which was running from Rs 57 billion, however, the provision of tariff subsidy was only Rs 25billion in the previous budget resultantly the unbudgeted gap was Rs 32 billion. Quoting the MD PEPCO letter to the government, the sources said that MD mentioned that in the tariff determination headed by the NEPRA, tariff determination after 3.5 years furnished financial loss of Rs. 54 billion up to 23 February last year, whereas the tariff subsidy (tariff gap) was of Rs 18 billion, which was outstanding with the government. The letter informed that the government notified 10 percent increase in lieu of 33 per cent as determined by the NEPRA, assuming subsidy of Rs 57 billion based on the current determination, the sources said. The sources said that the previous financial year gap was being counted from fiscal 2004-05 and 2005-06 as Rs 21 billion due to delayed tariff determination from July 2006 to February 23, 2007, which had been counted as Rs 33 billion. It was informed that the delay in tariff determination from February 24 to June 30 stood at Rs 18 billion of tariff subsidy, calculated up to Rs 72 billion. The statistics indicated that the current year financial gap was being counted as Rs 48 billion with Rs 32billion of short budget for subsidy in fiscal 2007-08 from total subsidy requirement of Rs 57 billion, only Rs 25 billion included in the budget, hence, the gap of 32 billion was unbudgeted. The unbudgeted estimated fuel price indexation was counted as Rs 16 billion during fiscal 2007-08, it added. The statistics suggested that receivables from the FATA and the KESC touched the mark of Rs 106 billion. The FATA customers owed Rs 71 billion, whereas receivables from the KESC touched the mark of Rs 35 billion, it added. The utility had told the Ministry of Water and Power that it had incurred a cash shortfall of Rs. 140.96742 billion from the previous Rs 79.239 billion, showing a loss of 105.26208 billion from Rs 59.136 billion owing to continuation of consumer-end tariff despite the increase in the prices of gas and furnace oil, higher establishment cost due to pay revision, village electrification, non-payment of Rs 11.957 billion by the FATA consumers, which was Rs 10.87 billion besides the less availability of hydel energy, the sources said.