- The prime minister says that the Government's implementation strategy for sustainable energy reforms.
- He directs the authorities to guarantee the timely completion of strategic projects.
- The minister says that the government goes from direct energy purchases.
Prime Minister Shehbaz Sharif on Wednesday approved a 10 -year revised national electricity acquisition policy, significantly reducing the planned purchases of 14,000 megawatts (MW) to around 7,000MW, said the Minister of Energy in a statement.
The measure aims to reduce the country of expensive contracts and long -term contracts and promote market -driven solutions.
The prime minister presided over a high -level meeting to review the integrated generation capacity expansion plan (IGCEP) 2024–2034, reaffirming the government's commitment to reduce electricity prices and implement sustainable reforms in the energy sector, said the press release of the Prime Minister's office.
“After providing relief to people with a reduction of significant rates, we are now implementing an effective strategy for sustainable reforms in the energy sector,” said the prime minister.
The Prime Minister addressed the electrical authorities to guarantee the timely completion of strategic projects such as the Diamer Bhasha dam, emphasizing the need for a robust system to take advantage of the country's water and energy resources.
“Any delay in energy projects is unacceptable,” he said, and added, “we are moving towards the establishment of a free electricity market in the country very soon, which will promote competition and lead to a greater reduction in energy tariffs.
The Prime Minister was informed that the IGCEP had been thoroughly revalue in their instructions, revealing improvement margin.
The reviewed plan, prepared through dedicated efforts from the Ministry of Energy, is better aligned with terrestrial realities and future demands.
The most prominent aspects of the informative session included the implementation of competitive offers for the next energy generation projects in the next ten years.
Expensive energy projects are being eliminated by a total of 7,967MW of the plan. The terms of the reviewed project and the exclusion of expensive companies will result in estimated savings of $ 17 billion (RS4,743 billion).
Indigenous resources and alternative energy sources, such as solar, nuclear and hydroelectric energy, will be prioritized over imported fuels, leading to important currency savings.
In addition, the gradual elimination of capacity payments to energy producers is part of the reforms.
Prime Minister Shehbaz praised the Federal Minister of Being Power Awais Leghari and his team for their efforts, calling mass savings a “historical success” for Pakistan.
The meeting was attended by the Minister of Energy, the Minister of Economic Affairs Ahad Khan Chema, Minister of Information Attaullah Tarar, Minister of Petroleum Ali Pervaiz Malik and senior officials of the relevant departments.
Meanwhile, the Minister of Power in a statement said that with this change, the government intended to save RS4,743 billion and protect consumers from growing costs.
“The Government has canceled the plans to obtain 7,000 MW of electricity to relieve financial pressure on homes and companies,” said the minister.
Leghari said the administration was moving away from direct participation in the purchase of energy, dropping the “single buyer” model.
“On the other hand, future transactions will occur through competitive markets to guarantee transparency and efficiency,” added the minister.
When qualifying reforms as “more critical than continuous conversations with independent energy producers (IPP)”, the Minister of Power emphasized that they were more important than reviewing existing agreements with IPP.
“This review prioritizes public welfare and fiscal responsibility,” Leghari added, indicating a broader impulse to stabilize Pakistan's energy sector.
