KARACHI: Malik Khuda Baksh, the Convener of the Standing Committee on Energy of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and a prominent leader in the petroleum sector, has said that Prime Minister Shehbaz Sharif’s acknowledgment of reducing electricity prices to boost exports indicates an urgent need to reschedule agreements with Independent Power Producers (IPPs).

Prime Minister Shehbaz Sharif explicitly stated that neither the agricultural sector nor the industry could expand effectively without lowering electricity rates, as competitiveness in industry is directly linked to lower electricity prices.

Malik Khuda Baksh mentioned that Prime Minister Shehbaz Sharif paid attention to the critical situation arising from the capacity payment agreements with IPPs, which had been highlighted by business community leader Dr Gohar Ejaz and UBG Patron-in-Chief SM Tanveer, along with associations and chambers across Pakistan.

Copyright Business Recorder, 2024