Islamabad:
Prime Minister Shehbaz Sharif emphasized Wednesday that after the recent reduction of approximately RS7.5 per unit in electricity rates, the Government now focused on guaranteeing long -term affordability and reliability in energy generation.
The prime minister presided over a high-level meeting to review the integrated generation capacity expansion plan (IGCEP) 2024-2034, reaffirming the government’s commitment to reduce electricity prices and implement sustainable reforms in the energy sector, said the press release of the Prime Minister’s office.
“After providing relief to people with a reduction of significant rates, we are now implementing an effective strategy for sustainable reforms in the energy sector,” said Prime Minister Shehbaz Sharif.
The prime minister directed the timely completion of strategic projects such as the Diamer-Bhasha dam, emphasizing the need for a robust system to take advantage of the country’s water and energy resources.
“Any delay in energy projects is unacceptable,” he said, and added, “we are moving towards the establishment of a free electricity market in the country very soon, which will promote competition and lead to a greater reduction in energy tariffs.”
The Prime Minister was informed that the IGCEP had been thoroughly revalue in their instructions, revealing improvement margin. The reviewed plan, prepared through dedicated efforts from the Ministry of Energy, is better aligned with terrestrial realities and future demands.
The most prominent aspects of the informative session including competitive tender will now be used for the next energy generation projects in the next ten years, expensive energy projects that amount to 7,967MW will be eliminated from the plan, the deadlines of reviewed projects and the exclusion of expensive companies will lead to estimated savings of $ 17 billion (RS4,743 billion), indigenous resources and alternative energy sources.
