Massive Rs 4743 Billion Savings Expected in Power Sector Reforms
Islamabad: Prime Minister Shehbaz Sharif has indicated an expected saving of Rs 4743 billion in the energy sector and the establishment of a “free market” to reduce electricity prices, calling it a historic milestone for the country.
The “Integrated Generation Capacity Expansion Plan (IGCEP) 2024-2034” was reviewed in a high-level meeting chaired by the Prime Minister, in which Federal Minister for Energy Sardar Owais Leghari, Ahad Cheema, Atta Tarar and other senior officials participated.
The Prime Minister was briefed in the meeting that under the new strategy, power generation projects are being set up in the next 10 years through competitive bidding and at the lowest rates, while expensive projects with a capacity of 7967 megawatts are being removed from the plan.
The Prime Minister termed the recent reforms in the energy sector and the reduction in the price of electricity by Rs. 7.5 per unit as an important step towards public relief, and stressed the timely completion of projects like Diamer-Bhasha Dam.
Under the new policy, local resources and alternative sources (solar, nuclear, hydroelectricity) will be given priority over imported fuel, which will also enable significant savings in foreign exchange.
The Prime Minister, while praising the performance of Federal Minister Sardar Owais Leghari and his team, termed the expected savings of Rs. 4,743 billion as a “historic achievement”.
