PESHAWAR, Jan 14: The Water and Power Development Authority (Wapda) has estimated NWFP's net hydel profit share for fiscal 2003-04, at around Rs4.8 billion, even less than the capped share amount the province has been receiving annually since fiscal 1991-92.

In a recent communique to the provincial government, said a Wapda source, the authority had informed the provincial government that the net hydel profit share for 2003-04, came to around Rs4.8 billion.

The position taken by the utility appears to be in sharp contrast to the provincial government's claim for the same period. "In actual fact, NWFP's share comes to around Rs24 billion under the said head, but the government has pitched a modest claim of Rs17.6 billion in its current financial year's budget," said a senior government functionary when contacted.

Wapda had communicated to the provincial government that though NWFP's net hydel profit share for the current financial year came to around Rs4.8 billion, it would comply with the federal government's instructions and release Rs6 billion under the same head.

Wapda is required to transfer profit from the income proceeds of six hydel power stations, including Tarbela dam project, situated in different parts of the province.

Sources said Wapda conveyed its position to the provincial government in response to its repeated requests, made in the first half of the current financial year, for the payment of net profits to help it overcome its problems.

Not only that Wapda has projected NWFP's share at a low side, the authority claimed to have transferred about Rs6 billion, during the last 12 years, beyond the actual share of the province for the same period.

"We transferred about Rs72 billion to the NWFP between 1991-92 and 2002-03 while its actual share comes to around Rs66 billion," said a well-placed source, adding that "in this way the Wapda has made excess payment of Rs6 billion".

Rejecting the position taken by Wapda, the provincial government's officials concerned said the stand adopted by the authority was not based on facts and after the Council of Common Interest (CCI) granted approval to the AGN Kazi committee's formula, Wapda was legally bound to make releases in line with the same (formula).

"Let them present their point of view before the arbitrator. We are ready to explain our position once the federal government-sponsored arbitration sets in place," said a senior finance manager of the province.

The federal government-sponsored arbitration between Wapda and the NWFP to resolve their differences over the net hydel profit issue would shortly commence in line with a commitment by Federal Finance Minister Shaukat Aziz with NWFP Chief Minister Akram Khan Durrani.