Islamabad:
Prime Minister Shehbaz Sharif stressed Wednesday that following the recent reduction of around 7.5 Rs per unit in electric prices, the government was now focused on the guarantee of affordability and long -term reliability in electricity production.
The Prime Minister presided over a high-level meeting to examine the plan to expand the integrated generation capacity (IGCEP) 2024-2034, reaffirming the government’s commitment to reducing electricity prices and implementing sustainable reforms in the energy sector, a press release from the Prime Minister announced.
“After supporting people from a reduction in important prices, we are now implementing an effective strategy for reforms in the sustainable energy sector,” said Prime Minister Shehbaz Sharif.
The PM has led the appropriate completion of strategic projects like the Diamer-Bhasha dam, stressing the need for a robust system to exploit the country’s water and power resources.
“Any delay in energy projects is unacceptable,” he said, adding, “we soon head to a free electricity market in the country, which will encourage competition and lead to an additional reduction in power rates.”
The Prime Minister was informed that the IGCEP had been fully reassessed on its instructions, revealing a place for improvement. The revised plan, prepared through dedicated efforts from the Ministry of Energy, is better aligned with the realities on the ground and future requests.
The main strengths of the briefing included competitive auctions which will now be used for the next electricity production projects in the next ten years, expensive electric projects amounting to 7,967 MW are removed from the plan, revised project deadlines and the exclusion of costly sales will lead to estimated savings of $ 17 billion (RS4.743 billion) natives and alternative energy sources.
