Islamabad, December 10, 2024: In a major move to lower electricity costs for consumers, the federal cabinet, chaired by Prime Minister Shehbaz Sharif, has approved settlement agreements with eight Bagasse-based Independent Power Producers (IPPs). This initiative is expected to save Rs238 billion for the national exchequer while reducing tariffs for the public.
The cabinet directed the Central Power Purchasing Agency (CPPA) to approach the National Electric Power Regulatory Authority (NEPRA) for implementing the reduced tariffs for electricity generated by these power plants. The IPPs involved in the settlement include JDW Unit-I and Unit-II, RYK Mills, Chiniot Power, Hamza Sugar, Al-Mueez Industries, Thal Industries, and Chinar Industries.
Key Approvals by Cabinet:
- Finalized agreements with eight IPPs to lower power tariffs.
- Approved the appointment of Brigadier Asim Bashir Warraich as Member Production Control at the Board of Heavy Industries Taxila.
- Established the National Commission for the Status of Women Fund, per recommendations from the Ministry of Human Rights.
- Briefed on the evacuation of stranded Pakistani nationals from Syria. Of the 250 pilgrims, 79 have reached Beirut and are being brought home. Seven out of 20 teachers and students stranded have also safely reached Beirut, with diplomatic efforts underway to ensure the safe return of all.
Prime Minister Shehbaz Sharif reiterated the government’s commitment to reducing electricity costs and fostering private sector growth. “National interest must guide all our decisions and initiatives,” he emphasized.