Details of agreement between Task Force and IPP owners were presented to the Cabinet, listing HUBCO, Lalpir Power Limited, Saba Power, Rousch Power, and Atlas Power among the IPPs whose current agreements will be terminated
Under the Agreement, the payment of overdue receivables is an integral part of the Agreement and the payment mechanism envisaged is two instalments, with 40% of the overdue receivables payable within 30 business days of signing the Agreement.
Under the Agreement, at the request of the Government of Pakistan, in the larger national interest and sectoral sustainability, the future O&M savings and heat rate efficiency, shall be shared by the Parties.
HUBCO is the only power producer in Pakistan with four projects listed in the CPEC, namely imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, Thar Energy Limited (TEL) and ThalNova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Coal Block II.