KARACHI: Malik Khuda Bakhsh, Convener of FPCCI’s Standing Committee on Energy, and central member of the UBG Core Committee, has welcomed the government’s decision to terminate contracts with 5 inactive Independent Power Producers (IPPs).

He stated that this move by the federal government will not only reduce electricity prices but also make industries more competitive in the global market. Additionally, renegotiating contracts with IPPs will bring stability to the national economy.

Malik Khuda Bakhsh commended the successful efforts of former caretaker Federal Minister Dr Gohar Ejaz and United Business Group (UBG) Patron-in-Chief and former caretaker Provincial Minister of Punjab SM Tanveer.

He said their struggle has freed both the business community and the public from the injustices of the IPPs. Dr. Gohar Ejaz and SM Tanveer identified IPPs that had become a burden on the national treasury and gave the business community the courage to take action. Their continuous efforts bore fruit when the Prime Minister of Pakistan made the critical decision to cancel contracts with 5 IPPs.

Malik Khuda Bakhsh emphasized that this is just the beginning, and soon, under the leadership of Dr Gohar Ejaz and SM Tanveer, the ongoing collective efforts will lead to freedom from 107 local and foreign Independent Power Producers (IPPs) that have been silently draining the national treasury.

He said these IPPs were looting billions annually despite not producing or supplying electricity, which was a gross injustice.

He further mentioned that contracts with 107 Independent Power Producers are currently under review, and he hopes that transparent decisions will be made as soon as possible.

Copyright Business Recorder, 2024