CPEC Power Plants May Stop Due to Dollar Shortage
Chinese Independent Power Producers (IPPs) are having financial difficulties as a result of the government deducting capacity fees because they are unable to provide the desired amount of energy. This is made worse by the dollar crisis in Pakistan.
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The Chinese IPPs might need to declare a state of force majeure to stop the government from withholding capacity payments.
They stated that they had imported coal or fuel to run their plants during a formal meeting on Monday, but that the government was failing to provide the dollars as planned because of the ongoing liquidity problem. As a result, Chinese IPPs will see decreases in their capacity payment charges, according to a national daily.
To prevent capacity payment deductions, the IPPs seek to use force majeure. As smaller IPPs have been permitted to import coal or fuel, the debate over why they weren’t given the same permission has grown more heated. Civil servants have been reluctant to satisfy legitimate and justified requests from overseas IPPs due to ongoing problems out of concern about starting new controversies.
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The issue of the rising circular debt, which is in the range of Rs. 330 billion and Rs. 350 billion, has also been raised by the power producers. In conclusion, the government’s deductions from capacity payments and the growth of circular debt are affecting the IPP industry.
At the CPEC Secretariat, a follow-up progress review meeting was held on Monday.
The main CPEC projects and the minutes of the 11th JCC meeting were the topics of the meeting. Both parties agreed that all lingering concerns will be settled peacefully and expressed pleasure with the fast completion of important CPEC projects.
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