<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Power circular debt declined by PkR12bn during 5MFY25,
driven by elevated PYA recoveries, negative QTA/FCA adjustments, fiscal
payments by the GoP, and improved recoveries during the period.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Reduction in electricity costs due to increasing demand and
renegotiation of IPP contracts along with improvement in DISCO efficiencies
would enable the gradual clearance of outstanding circular debt, while lowering
consumer tariffs.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Ease in power circular debt will be beneficial for companies
under our coverage space, namely: OGDC, PPL, PSO, HUBC and NPL, while also
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