Electricité du Liban (EDL) announced that it had cashed $28 million through its decision to cut power to public bodies that do not pay their bills. Its president, Nassib Nasr, presented this first result on Thursday, November 5, at a meeting with economic bodies in Beirut. The total amount owed to the institution was also $298 million.
These figures are reflected in the minutes of the meeting, chaired by Mohammad Choucair. They constitute a balance sheet declared by the management of EDL, without breakdown of payments by administration or details of the periods concerned.
EDL: Receipts after promises
The amount announced brings a new element to the recovery campaign launched on 2 November. So far, EDL has mainly reported contacts and commitments to pay from the administrations concerned. As at 4 November, no consolidated balance sheet of actual amounts received had been presented in the available data.
The distinction counts. A promise of settlement does not bring money into the caisses. The $28 million announced on Thursday is presented as immediate revenue. However, the news release does not specify whether the $298 million in receivables is calculated before or after these receipts. It therefore does not allow the remaining balance to be determined by subtraction.
Nassib Nasr said the cuts would target all bad payers, without exception. Economic agencies supported this approach, as well as the fight against illegal connections.
Pricing remains under consideration
The President of EDL also announced the launch of tariff work, with a mechanism to monitor oil price changes. This is a study, not a new scale. He also pointed out the lack of tens of thousands of meters needed for billing.
The campaign includes government agencies, public institutions and municipalities. The monitoring of settlements must also take into account old and more recent invoices under different monetary conditions. An overall amount is not sufficient to identify the debts of each organization.
The details of the payments and their allocation to unpaid invoices remain to be published to measure the scope of the announced recovery.
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