ECC establishes sub-committee for endorsement of Rs 89.86 billion as initial payment to IPPs

Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has constituted a sub-committee for further deliberations on approval of Rs 89.86 billion as the first payment to the Independent Power Producers (IPPs).

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The decision to constitute a sub-committee was taken at a meeting of the ECC. The sub-committee will be chaired by the federal minister for finance and will have ministers and secretaries from energy, petroleum, and other concerned ministries for further deliberations.

The sub-committee would present a firmed-up proposal before the next ECC meeting for consideration and approval.

At the meeting, the Power Division presented a summary regarding the release of the first installment of Rs 80.86 billion payment to the IPPs.

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NEPRA has issued the revised tariff determination for all the twenty-four IPPs, which have signed agreements including twelve 1PPs under the 2002 Power Policy and twelve IPPs under the 2006 RE Policy. Accordingly, the first installment will become due within five business days of its notification which was pending with the government of Pakistan.

The ECC also approved the technical supplementary grants worth approximately Rs 41million for the Law and Justice Division, Ministry of Human Rights, and Ministry of Housing and Works.

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