Providing cheap electricity to the consumers on sustainable basis is the top priority of government.
This has been stated by the Federal Minister for Information and Broadcasting Senato Shibli Faraz while addressing a news conference along with Special Assistant on Power Shahzad Qasim in Islamabad on Saturday.
The Information Minister has said that a basic agreement has been signed with Independent Power Producers as a first major step towards providing cheap electricity to the consumers.
Senator Shibli Faraz regretted that expensive power contracts were signed in the past and it is not possible to undo them unilaterally.
“Expensive electricity was the main concern of Prime Minister Imran Khan and he wanted to address the issue on immediate basis. Hence a team was constituted which held negotiations with the IPPs to revisit the old contracts,” he added.
Under the agreement signed with the IPPs, payments will only be made for the electricity acquired and consumed instead of the total installed capacity of a particular power plant, the Minister said.
Similarly, the equity return will now be made in rupee rather than the dollar, as was the past practice.