Latest news with #Rs26.62
Express Tribune
19-05-2025
- Business
- Express Tribune
Auction of power plants draws only one bid
Power generation through imported gas RLNG grew due to the addition of two new RLNG power plants to the system ie Quaid-e-Azam Thermal Power (Private) Limited and Haveli Bahadur Shah. PHOTO: AFP Pakistan's second phase of auctioning the outdated state-owned thermal power plants produced a disappointing outcome on Monday as only one bidder came forward by making an offer for a single plant while others did not show any interest. The 880-megawatt Jamshoro Thermal Power Station (Genco-I) was the only plant that received a technical bid, which was submitted by Siddiqsons. The government had set a reserve sale price of Rs9.97 billion for the power plant. On the contrary, no bids were received for two major projects running under Genco-III – the Muzaffargarh Thermal Power Station (1,350 MW) and the Faisalabad Steam Power Station (132 MW). Together, the three plants had a reserve sale price of Rs26.62 billion with electricity generation capacity of 2,362 MW. Officials confirmed the lack of interest on the part of investors despite marketing efforts and expectations of broader participation. Meanwhile, the bidding process for other plants functioning under Genco-II, including the Guddu Thermal Power Plant and the Thermal Power Station Quetta, has been postponed. These assets will now be offered for auction on May 30 in a separate round. The delay comes in the wake of need for more investor outreach and clarity in terms of sale. Genco Chief Executive Officer Sabeehuz Zaman Faruqui acknowledged the limited outcome and said that the auction of outdated power assets was always expected to be held in phases due to the age and condition of those plants. The process is technically complex while investor appetite varies depending on a plant's location, efficiency and future viability, he said. In the first phase of auction held earlier, the government successfully sold seven thermal plants for Rs9.05 billion, which surpassed the reserve price of Rs8.07 billion. These included the power units situated in Kotri, Lakhra and Sukkur, and four units in Multan and Faisalabad. National Engineering Services Pakistan (Nespak), a state-owned engineering consultancy firm, is assisting in the technical evaluation and bidding process.
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Express Tribune
18-05-2025
- Business
- Express Tribune
Three power plants go under the hammer today
The sun sets behind overhead power lines in Kuwait City -- the electricity ministry said power plants were unable to meet increased demand PHOTO:APP Three major state-owned power plants with a combined generation capacity of 2,362 megawatts will be up for sale today in the second phase of the government's auction of old and inactive energy assets. This bidding process – part of broader energy sector reforms – aims to attract new investment and ensure more efficient use of financial resources. The plants being auctioned are the 880MW Jamshoro Thermal Power Station; the 1,350MW Muzaffargarh Thermal Power Station, and the 132MW Steam Power Station Faisalabad. The reserve price for all three has been set at Rs26.62 billion. According to officials, the second phase is being conducted in line with decisions by the Economic Coordination Committee (ECC), directives from the prime minister, and guidelines from the Ministry of Energy (Power Division). To ensure transparency, bidders, media representatives, and relevant institutions have been invited to attend the event, which will take place at the offices of Genco Holding Company Limited. In the first phase of the auction, seven old thermal power plants were successfully divested, with the total bids exceeding Rs9 billion, well above their reserve prices, according to the officials. Officials noted that the success of the first phase has sparked investor interest in the second round. Today's auction is expected to be closely watched by investors, policymakers, and energy sector experts.
