FENAKA Reports MVR 400 Million in Unpaid Electricity Bills

FENAKA Corporation has disclosed that it is owed MVR 400 million in unpaid electricity bills by government agencies and state-owned companies operating in the atolls.

The company’s financial statements show that government agencies, including council offices, courts, and health centres, are responsible for MVR 222 million of the outstanding amount. State-owned enterprises account for an additional MVR 178 million.

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FENAKA stated that in the past month alone, it has not received MVR 47 million in payments from these entities. Of the total unpaid bills, MVR 178 million has remained outstanding for over a year, while MVR 75 million is owed for electricity consumed within the past year.

Despite being owed substantial sums by government bodies, FENAKA itself faces financial challenges. The corporation owes MVR 3.7 million to private companies, with overdue bills exceeding a year amounting to a staggering MVR 2.1 billion.

The situation underscores the financial strain on FENAKA as it continues to manage electricity services across the nation.