IGMC will clear Debts

IGMC will clear DebtsIGMC will clear Debts

Iran Grid Management Company (IGMC) will barter the remaining part of its debts to private power suppliers by the yearend, IGMC managing director said.  

The government has approved bartering of up to $1.1 billion of the IGMC's debts. A total of $402 million has been settled already, and the remaining part, which is much less than the amount ratified by the government, will be settled before March 2015.

It is reported that the barter will include tax relief, that is the power supplier will adjust (minus) the money owed by the IGMC with taxes they owe to the government.

IGMC's operation is limited to power stations owned by the private sector, and, to the exclusion of other companies, the IGMC should pay private suppliers that offer their electricity in the energy bourse, Mir-Fattah Fattah Gharreh was quoted by SENA as saying.

"The IGMC is not informed of the amount and settlement mechanism of sums owed to other sectors and companies, such as MAPNA or the Electricity Meter Manufacturing Company (SKI)."

Iran’s electricity industry ranks 14th in the world and first in the Middle East in terms of power generation with an installed capacity of 67,806 megawatts.