Islamabad: Prime Minister Muhammad Shahbaz Sharif chaired a meeting of the IGCEP 2024-2034 (Integrated Generation Capacity Expansion Plan) regarding the reduction in electricity tariffs and sustainable reforms in the energy sector in the country.
After the announcement of recent reduction in electricity tariffs by about seven and a half rupees, the government of Pakistan is implementing an effective strategy for sustainable reforms in the energy sector for further convenience of the people, said the Prime Minister.
The Prime Minister directed to complete projects like Diamer Bhasha Dam on priority basis to establish an effective system of energy production and abundant water storage in the country.
Any delay in the completion of energy projects is unacceptable.
A free market for electricity production will be established in the country soon, said the Prime Minister.
The establishment of the market will make it possible to supply electricity on a competitive basis, which will lead to sustainable supply of electricity and further reduction in tariffs.
The Prime Minister was briefed about the reforms in the energy sector in the meeting.
When the IGCEP was reviewed on the instructions of the Prime Minister, it became clear that there was room for further improvement.
The task force, after working day and night, reworked it in accordance with the ground realities and future needs.
The path has been paved for competitive bidding and sale of electricity at the lowest price in power generation projects for the next ten years.
A total of 7967 megawatts of expensive projects are being removed from the Integrated Grid Code for Electricity Generation (IGCEP), Briefing
The dates of power generation projects are being changed.
Rs 4743 Bln Savings
A total of $17 billion (Rs. 4743 billion) will be saved by removing expensive projects from the plan and changing the dates of project completion.
Local reserves and alternative sources such as solar, nuclear and hydroelectric power will be preferred over imported fuels for power generation.
This strategy will save several billion dollars in foreign exchange reserves.
The government will gradually abandon power purchase and capacity payments to power generation companies.
The Prime Minister appreciated Federal Minister for Power Sardar Owais Leghari and his team for saving Rs 4743 billion for the country and termed it as another historic achievement.
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The meeting was attended by Energy Minister Sardar Owais Leghari, Economic Affairs Minister Ahad Khan Cheema, Information and Broadcasting Minister Attaullah Tarar, Petroleum Minister Ali Pervez Malik and senior officers of the concerned institutions.
