PM Okays Revised 10 -year Power Plan, Axes Expenditible Projects to Save RS4.7TR

• The prime minister says Govt is implementing a strategy for sustainable energy reforms.
• It directs the authorities to ensure the timely completion of strategic projects.
• The minister says Govt is returning from immediate energy markets.

Prime Minister Shehbaz Sharif approved on Wednesday a revised 10 -year electricity supply policy, significantly reducing the scheduled markets from 14,000 Megawatts (MW) to about 7,000MW, the Minister said in a statement.

The traffic aims to cut the country’s dependence on costly, long -term contracts and the promotion of market -based solutions.

The prime minister presented a high-level meeting to review the expansion plan of integrated production (IGCEP) 2024-2034, confirming the government’s commitment to reduce electricity prices and implement viable reforms in the energy sector, a press release said.

“After providing relief to people with a significant reduction in duties, we are now implementing an effective strategy for sustainable energy reforms,” ​​the prime minister said.

The prime minister called on the authorities to secure early completion of strategic projects such as the Diamer Bhasha Dam, stressing the need for a powerful system for exploiting the country’s water and power resources.

“Any delay in energy projects is unacceptable,” he said, adding, “we are moving towards creating a free electricity market in the country very soon, which will promote competition and lead to a further reduction in power invoices.

The prime minister was informed that IGCEP had been reassessed in his instructions, revealing space for improvement.

The revised plan, prepared through special efforts by the Ministry of Energy, is better aligned with the realities of the soil and future demands.

The key points of the information included the implementation of a competitive bid for upcoming electricity production projects over the next ten years.

Expensive power projects totaling 7,967mw are removed from the plan. The revised project schedules and the exclusion of expensive businesses will lead to an estimated $ 17 billion savings (RS4,743 trillion).

Indigenous resources and alternative sources of energy, such as solar, nuclear and hydroelectric power, will prioritize imported fuel, leading to significant foreign exchange savings.

In addition, the gradual abolition of capacity payments to electricity producers is part of the reforms.

Prime Minister Shehbaz praised the federal minister for power Sardar Awais Leghari and his team for his efforts, calling on the huge savings a “historical success” for Pakistan.

The meeting was attended by Minister of Power, Minister of Finance Ahad Khan Cheema, Minister of Intelligence Attaullah Tarar, Petroleum Minister Ali Pervaiz Malik and senior officials from the relevant departments.

Meanwhile, the Minister of Power said in a statement that in this shift, the government intended to save the RS4,743 trillion and shield consumers from increasing costs.

“The government has canceled plans for the supply of 7,000MW of electricity to facilitate financial pressure on households and businesses,” the minister said.

Leghari said the administration had returned from immediate participation in energy markets, throwing the model “Single Buyer”.

“Instead, future transactions will be carried out through competitive markets to ensure transparency and effectiveness,” the minister added.

Naming the reforms as “more critical than ongoing talks with independent electricity producers (IPPS)”, the Minister of Power stressed that they were more important than the revision of existing agreements with the IPPs.

“This revision gives priority to public well -being and fiscal responsibility,” Leghari added, marking a wider impulse for stabilizing Pakistan’s energy sector.