The Nepal Electricity Authority (NEA) has begun efforts to freeze the shares and bank accounts of 34 industries that have failed to pay their outstanding electricity bills despite repeated warnings.
In accordance with the government’s instructions and the expiration of the final deadline, the NEA has notified the affected companies, instructing them to deduct the unpaid dues from payments due under their power purchase agreements for energy projects in which they hold investments.
Furthermore, NEA has reached out to the Office of the Company Registrar, requesting the freezing of shares belonging to these defaulting companies. The NEA has also contacted the Securities Board of Nepal (SEBON), urging them to withhold approval for any public share issuance by these companies until their outstanding dues are cleared.
In response to pushback from business-backed political figures, including the Prime Minister and several ministers, the NEA has escalated its efforts by requesting that Nepal Rastra Bank freeze the bank accounts of the defaulting industries.
Additionally, the NEA has notified the Electricity Regulatory Commission of all actions taken in an attempt to recover the arrears.