PESHAWAR, April 19: The Water and Power Development Authority has released Rs500 million to the NWFP against its net hydel profit share for the current financial year, official sources told Dawn.

With the latest tranche, the total amount released to the province under this head during the fiscal 2002-03 rose to Rs1.5 billion.

The fresh disbursement has come after a gap of three months as the second tranche of Rs500 million was released in January last.

The power authority is still to release Rs4.5 billion during the remaining part of the current financial year to ensure disbursement of the full capped share amount of Rs6 billion the province is entitled to get during the 2002-03 financial year.

In its current year’s budget the province has laid claim to an amount of Rs15.9 billion, relying on the AGN Kazi formula devised in the late 1980s to determine share of provinces from the hydel power produced in their respective areas.

The NWFP government is entitled to receive net profit from Wapda on the income generated through the sale of hydel power produced by six hydel power stations situated at various places in the province — chiefly against the power produced by Tarbela Dam.

“The fresh disbursement will certainly create a marginal fiscal space, but the amount released is much less than the figure promised by the prime minister,” said a senior government functionary.