ECC to Approve First Instalment of Payment for IPPs
Islamabad: At its meeting the following week, the federal cabinet’s economic coordination committee (ECC) is anticipated to approve the payment of Rs85 billion to independent power plants (IPPs).
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Upon receiving a letter of clearance from the National Accountability Bureau, the Ministry of Energy reportedly delivered a summary to the committee in this respect (NAB).
The country will gain almost Rs 60 billion annually from the reduced tariff of these electricity businesses, which will take effect when the government pays 40% of their debts in the first installment, according to sources.
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But, payments won’t be provided to power producers who are the subject of NAB Lahore’s probe. The power division won’t issue the payments unless the NAB clears the companies; else, the ministry would be looked into.
It is important to note that the power division is making sure that all legal standards are met because they believe that any action performed in a hurry could cause issues for the involved officials handling the payments.
On the other hand, it is predicted that IPPs, which were founded under the power generating policy of 1994, will not be able to secure fuel storage for their plants if the overdue dues are not paid.
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