Papua New Guinea’s only electricity provider is insolvent and more than $1.5 billion in debt, as insiders describe the situation as “hopeless” and “untenable”.
PNG Power is the national electricity company in Papua New Guinea, a country where fewer than one in five people have access to mains power.
The government-owned company was set up in 1963 to deliver electricity to the developing nation.
But a six-month ABC investigation can reveal that in recent years the company has been grappling with extreme financial distress and severe debts.
Company insiders, who spoke on condition of anonymity, said staff feared they would be fired if they spoke out.
PNG Power is a state-owned entity crippled with more than a billion dollars of debt. (ABC…