‘IPPs playing major role in destruction of economy’

24 Jul, 2024

KARACHI: Chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, Mian Zahid Hussain said that IPPs are playing a major role in the destruction of the country economy.

He suggested stopping the establishment of new IPPs and giving state-owned IPPs standard rates for electricity supply.

Mian Zahid Hussain stated that we should start with the power plants of our friendly country, China, in order to balance the agreements with IPPs.

He said that we should stop building new IPPs of all kinds because only those in power need them.

Mian Zahid Hussain stated that different IPPS have received payments ranging from Rs 750 to Rs 350 per unit, which is unacceptable. We need to explain to the public why we are purchasing electricity worth billions from various IPPs and paying trillions of rupees to some IPPs without generating a single unit.

According to Mian Zahid Hussain, IPPs received payment in the form of capacity charges without producing any electricity.

He said that due to heavy payments to IPPs, the government has nothing left to invest in health, education, the environment, and other important sectors, which means that these factories established in the private sector are causing poverty, ignorance, diseases, environmental pollution, and unevenness in the country.

He stated that IPPs have generated hundreds of times the profit from their expenses, and their owners have contributed billions of rupees to their facilitators. Therefore, a review of the contracts is necessary to save billions of rupees and lower taxes for employees and commoners.

Copyright Business Recorder, 2024

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