Govt shuns 7,967MW expensive power projects
The prime minister chaired a high-level meeting to review the Integrated Generation Capacity Expansion Plan (IGCEP) 2024-2034, reaffirming the government's commitment to reducing electricity prices and implementing sustainable reforms in the energy sector, a Prime Minister's Office news release said.
"After providing relief to the people with a significant tariff reduction, we are now implementing an effective strategy for sustainable energy sector reforms," said Prime Minister Shehbaz Sharif.
The PM directed for the timely completion of strategic projects like the Diamer-Bhasha Dam, stressing the need for a robust system to harness the country's water and power resources.
"Any delay in energy projects is unacceptable," he said, adding, "We are moving towards establishing a free electricity market in the country very soon, which will promote competition and lead to further reduction in power tariffs."
The prime minister was briefed that the IGCEP had been thoroughly re-evaluated on his instructions, revealing room for improvement. The revised plan, prepared through dedicated efforts by the Ministry of Energy, aligns better with ground realities and future demands.
The key highlights of the briefing included competitive bidding will now be used for upcoming power generation projects over the next ten years, expensive power projects amounting to 7,967MW are being removed from the plan, revised project timelines and the exclusion of costly ventures will result in estimated savings of $17 billion (Rs4,743 billion), indigenous resources and alternative energy sources.
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