LAHORE: S M Tanveer, Patron-in-Chief of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI-UBG), has sounded the alarm on the power sector’s transactions, calling for a thorough forensic technical and financial audit of the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G).

This urgent appeal comes amidst concerns over the transparency and prudency of CPPA-G’s financial dealings with Independent Power Producers (IPPs).

He said a recent Fuel Charges Adjustments (FCA) and Quarterly Tariff Adjustments (QTA) have exposed potential gaps in CPPA-G’s verification processes, casting doubt on the accuracy of payments made to IPPs.

Moreover, he added, NEPRA’s reliance on CPPA-G’s data without independent verification has raised eyebrows about the reliability of fuel consumption figures, heat rates, and other operational metrics submitted by IPPs.

While listing down his concerns, Tanveer said Pakistan’s industries are struggling to remain viable due to soaring electricity costs, which threaten economic stability.

He said CPPA-G’s financial transactions with IPPs require scrutiny to ensure payments are transparent and justified. Gaps in verification processes compromise the accuracy of payments made to IPPs, he added

Tanveer emphasizes the need for a forensic audit to address these inefficiencies, reduce electricity costs, and enable industries to compete globally.

He has urged the Ministry of Energy to commission an independent audit of CPPA-G and all transactions carried out to restore public trust in the power sector and safeguard the country’s energy framework.

This call to action echoes similar concerns raised in the past about the need for transparency and accountability in public sector enterprises. By addressing these issues, he said, Pakistan can ensure a more sustainable and competitive energy sector.

Copyright Business Recorder, 2024