ISLAMABAD: After five Independent Power Producers (IPPs) agreed to “voluntarily” cancel their Power Purchase Agreements (PPAs) with the government, the federal cabinet has approved bagasse based power plants. Settlement agreements have been greenlit, the move will save the national exchequer Rs 238 crore. A billion
In a statement issued by the Prime Minister’s Office (PMO), it has been said that the Federal Cabinet meeting presided over by Prime Minister Shahbaz Sharif approved the recommendations of the Ministry of Energy and Power Division.
Among these Begasi-based power plants are DW Unit I, Unit II, RYK Mills, Chiniot Power, Hamza Sugar, Alamoz Industries, Thal Industries and Chinnar Industries.
The development came two months after the prime minister announced the premature termination of power purchase agreements (PPAs) with the five oldest IPPs, with Rs 60 billion remaining in their contracts. or an annual saving of about 411 billion rupees.
The federal government was under heavy pressure to revise its PPAs with power plants after nationwide uproar as hikes in capacity payment charges made power bills unaffordable for the public. Done.
During today’s meeting, the participants were informed that the Central Power Purchasing Agency (CPPA) will approach the National Electric Power Regulatory Authority (NEPRA) regarding reduction in the rates of electricity generated from these power plants.
The statement said that as a result of these agreements, electricity prices will be reduced for the public and the national exchequer will benefit by Rs 238 billion.
On this occasion, Prime Minister Shehbaz Sharif said that the present government is taking all possible steps to reduce the electricity prices for the common man.
He emphasized that national interests should always be prioritized in every decision and action, adding that promotion of private sector and industries in the country is the top priority of the government.
The federal cabinet was also briefed on the latest situation in Syria and the evacuation of Pakistanis stuck in the conflict-affected country.
The audience was told that out of 250 Pakistani pilgrims in Syria, 79 have reached Beirut, from where they will be brought back to Pakistan. Additionally, 7 out of 20 Syrian teachers and students have also arrived in Beirut.
The meeting was further informed that the authorities of Pakistani embassies in Syria and Lebanon are taking all possible steps to ensure the safe return of Pakistanis from Syria.
Meanwhile, the Cabinet also approved the appointment of Brigadier Asim Bashir Waraich as Member Production Control of the Board of Heavy Industries Taxila on the recommendation of the Ministry of Defense Production.
The Federal Cabinet also approved the establishment of the National Commission for the Status of Women Fund on the recommendation of the Ministry of Human Rights.
‘PTI’s civil disobedience enmity with Pakistan’
Addressing a cabinet meeting, the prime minister slammed the Pakistan Tehreek-e-Insaf (PTI) for threatening to launch civil disobedience against the government, calling the move “hostile to Pakistan”.
Prime Minister Shahbaz Sharif has expressed satisfaction over the record increase in remittances and reduction in weekly inflation rate to 3.57%.
Expressing satisfaction over the increase in remittances, he said the growth came despite calls for civil disobedience by a certain political party, adding that it reflected the confidence of overseas Pakistanis in the government.
He also stressed the need for political stability for economic development, saying that instructions have been issued to ensure that those who attempted to attack Islamabad recently will not be spared.
Referring to the foreign investment in the country, the Prime Minister said that Azerbaijan will invest 2 billion dollars in Pakistan. He mentioned that the ambassador of Azerbaijan, while meeting with him yesterday, emphasized that projects should be identified and feasibility studies should be prepared so that the agreements could be moved forward.
Regarding the situation in Syria, Prime Minister Shehbaz said that Pakistan’s diplomatic position is neutral on it.
He said that after consultation with the Prime Minister of Lebanon, a procedure has been devised for the safe evacuation of around 500 to 600 Pakistanis from Syria via Beirut.