The quarterly adjustment now on your bill, Rs 0.5194 a unit, ends with the November 2026 bill. On 6 November 2026 the ex-WAPDA power companies asked NEPRA to recover a net Rs 23.326 billion for July to September 2026, which Profit reports as about Rs 1.34 a unit on December 2026 to February 2027 bills.
That is a request, not a decision. NEPRA hears it on 17 November 2026, and as of 10 November nothing has been approved.
The Rs 0.5194 charge ends with your November bill
The quarterly adjustment (QTA) on your September, October and November 2026 bills covers April to June 2026. NEPRA approved it in SRO 1501(I)-2026, dated 7 September 2026, as an overall positive adjustment of Rs 12,669 million.
NEPRA set one uniform rate of Rs 0.5194 a unit for all companies, rather than a separate rate for each company, and kept recovery to three months: September, October and November 2026.
At that hearing someone suggested spreading the charge over four months, September to December. NEPRA kept three. So on the notified terms, the April to June charge has no December instalment. If you want to see where that line sits on a recent bill, the October 2026 bill explainer walks through it.
What the power companies have asked for
The new request covers July to September 2026. NEPRA now names quarters by calendar year, so this is the "3rd quarter CY 2026", and April to June was the "2nd quarter CY 2026". Some reports called the earlier one a fiscal-year quarter, which is why headlines can seem to disagree about which quarter is which.
According to the Nation and Profit, both dated 6 November 2026, the request breaks down like this:
| Part of the request | Amount |
|---|---|
| Capacity charges | Rs 38.917 billion |
| Effect of line losses (T&D losses) on the fuel charge | Rs 7.79 billion |
| Variable operation and maintenance costs | Rs 5.597 billion |
| Saving from incremental (extra) units | −Rs 29.252 billion |
| Net amount requested | Rs 23.326 billion |
The three positive items in the table add up to Rs 52.304 billion, while the Nation gives total positive items of Rs 52.576 billion. The gap is probably other items such as transmission charges and the market operator fee, but that has not been checked. Read the table as the main parts of the claim, not a full reconciliation.
Profit reports the request as about Rs 1.34 a unit, recovered over three months from December 2026 to February 2027. That per-unit figure could not be checked against NEPRA's own hearing notice, so treat it as Profit's figure, not NEPRA's.
What sits inside the capacity charges
The capacity charges in the claim include the cost of units that net-metering and net-billing consumers export to the grid. NEPRA's September decision also listed the cost of net-metering and net-billing units under the quarterly adjustment, so this is not new to this quarter.
The claim differs by company
FESCO, IESCO and LESCO have the largest capacity claims. Four companies claimed negative capacity adjustments, according to the Nation:
| Company | Capacity adjustment claimed |
|---|---|
| TESCO | −Rs 5,151 million |
| QESCO | −Rs 3,901 million |
| HESCO | −Rs 1,714 million |
| SEPCO | −Rs 1,065 million |
No company-by-company per-unit figures have been published in the reports used here.
Why Rs 1.34 is not the figure to budget on yet
Three things point the same way.
First, the last two decisions this year came in lower than requested. For the September fuel charge, the companies asked for Rs 2.5624 a unit and NEPRA approved Rs 2.3673 for November bills. For the April to June QTA, the amount NEPRA allowed, Rs 12,669 million, was also below what was asked.
Second, NEPRA has already flagged a problem. It noted that the companies included line-loss effects tied to the September fuel charge before that fuel charge had been notified, and said it will check these calculations at the hearing.
Third, neither the final rate nor the exact billing months have been decided. The December 2026 to February 2027 period is what the companies have asked for.
What it could mean from November to December
The two charges do not stack. The Rs 0.5194 QTA ends with the November bill, so from November to December the QTA line would change rather than a second QTA being added on top.
As an illustration only: if NEPRA approved Rs 1.34 unchanged, the QTA line would be about Rs 0.82 a unit higher than in November (Rs 1.34 minus Rs 0.5194). On 100 units, the QTA line would go from about Rs 52 to about Rs 134. That is simple arithmetic on a figure that may well change, not a forecast of your bill.
The rest of your bill moves for other reasons too: the units you use, your slab, and that month's fuel charge, which is decided separately. To estimate a full bill from your units at the notified rates, use the bill calculator.
Does it apply to you?
K-Electric consumers
Profit reports that, if approved, the adjustment would also apply to K-Electric consumers under the government's uniform tariff policy. Last quarter, the April to June QTA was extended to K-Electric consumers at the same Rs 0.5194.
Lifeline, protected and prepaid consumers
Last quarter, lifeline consumers, Incremental Consumption Package units and prepaid consumers were exempt. Whether the same exemptions apply this time is not confirmed; wait for NEPRA's decision. If you are not sure which group you are in, see who counts as a lifeline consumer.
Do not assume protected consumers are exempt. The Express Tribune reported that the last QTA applied to all consumer categories except lifeline.
HESCO, QESCO, SEPCO and TESCO consumers
Your company claiming a negative capacity adjustment does not mean you escape the charge. Last quarter NEPRA set one uniform rate for every company. How this quarter will be treated will only be known when NEPRA decides.
QTA and FCA are two different lines
Your bill carries two separate adjustments, and they are easy to confuse.
- Fuel charge adjustment (FCA): monthly, covering fuel costs. The September fuel charge, Rs 2.3673 a unit, is on November 2026 bills. The November bill post covers it.
- Quarterly adjustment (QTA): quarterly, mostly capacity costs. This is the Rs 0.5194 line ending in November and the subject of the new Rs 23.326 billion request.
A news story about one is not about the other. The this month page lists the current FCA and QTA side by side, with past months.
How NEPRA decides, and where the decision appears
- After each quarter, the companies file a quarterly adjustment request. NEPRA has told them to file immediately after the quarter closes.
- NEPRA posts the application and a notice of hearing on nepra.org.pk under News & Updates. The page lists the application and notice for "Quarterly Adjustments of XWDISCOs … for the 3rd Quarter of CY 2026".
- NEPRA advertises the hearing in newspapers and invites comments or objections from any interested or affected person. Recent hearings, such as the one on the July 2026 fuel charge, were held at NEPRA Tower, G-5/1, Islamabad, and online by Zoom. Check the 17 November notice itself for the exact joining details.
- NEPRA decides the amount it will allow, which is often lower than requested. Last quarter it set one uniform rate, sent the decision to the federal government, and it was then notified as an SRO.
- The approved rate appears as a separate per-unit QTA line on bills for the months NEPRA names in that notification.
Until the SRO is issued, any figure you see is a request or a projection.
What to do next
- Check that your November bill shows the QTA at Rs 0.5194 a unit and the fuel charge at Rs 2.3673. You can open the current bill with your reference number on the bill checker.
- Do not budget for Rs 1.34 on top of Rs 0.52. If anything, plan around the QTA line changing, by an amount not yet known.
- After 17 November, watch NEPRA's News & Updates page for the decision and SRO. The approved rate and billing months will be listed on our this month page once notified.
- If you want to comment or object, read the hearing notice on NEPRA's site for how and when to take part.
- When your December bill arrives, compare the QTA line's rate with the notified figure. If they differ, keep both documents and raise it with your company.
Sources
- NEPRA – SRO 1501(I)-2026, Decision on Quarterly Adjustment 2nd Quarter CY2026 (7 Sep 2026)
- NEPRA – News & Updates (QTA 3rd Quarter CY2026 application and notice of hearing)
- NEPRA – Decision on FCA for July 2026, XWDISCOs (4 Sep 2026)
- The Express Tribune – Power tariff raised by Rs0.52 per unit (8 Sep 2026)
- The Express Tribune – Nepra increases power cost by 52 paisas per unit (Sep 2026)
- Profit – Power companies seek Rs1.34 per unit tariff hike to recover Rs23.3 billion (6 Nov 2026)
- Profit – Nepra raises industrial tariff to Rs25.30, approves Rs2.37 FCA (7 Nov 2026)
- The Nation – Discos seek Nepra's nod to transfer Rs23.326b burden to consumers (6 Nov 2026)
- 24NewsHD – Discos seek Rs23.3b adjustment in power tariff (6 Nov 2026)