Government KE to Sign Agreement for Supplying 2,050 MW to Karachi
Islamabad: The government and K-Electric (KE) have agreed to sign a new Power Purchase Agreement (PPA) to supply Karachi with a total of 2,050 megawatts (MW). According to news sources, he planned to pay his utility bills through a Standby Letter of Credit (SBLC).
Earlier, he had detailed a contract with a power company to supply the citizens of Karachi with 650 MW. In a related development, the government has pledged to sign another agreement requiring the Treasury to pay a market-based fee if subsidy payments are delayed.
In addition, KE will provide an SBLC backed escrow account to ensure that the Central Power Purchase Authority (CPPA) receives automatic payment of monthly bills related to his KE electricity supply. Outstanding liabilities and claims will be resolved through arbitration.
The parties have decided to hold further meetings to clarify the details of the agreement and to address the parties’ concerns. Planning and Development Minister Asad Umar also confirmed that a long-standing dispute over debts and receivables has been resolved in order to advance power supply to Karachi citizens.
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