Govt Pays 40% to 12 IPPs As First Installment of Rs. 150 Billion Agreed

The Power Division has disbursed more than Rs. 60 billion to 12 Independent Power Producers (IPPs) established under the Power Policy of 2002, credible sources have revealed.

The federal government had initially approved the payment of Rs. 150 billion to 12 IPPs and the first disbursed installment of Rs. 60 billion is 40% of the total agreed amount.

According to details, the Power Division has paid Rs. 20 billion in cash, Rs. 20 billion in Sukuk, and Rs. 20 billion Pakistan Investment Bonds (PIBs).

Following IPPs have received the Rs. 60 billion payment from the Power Division:

  1. Atlas Power-RFO
  2. Attock Gen-RFO
  3. Engro Energy-gas
  4. Saif Power-RLNG
  5. Halmore Power-RLNG
  6. Hub Power (Narowal)-RFO
  7. Liberty Power-RFO
  8. Nishat Power-RFO
  9. Orient Power-RLNG
  10. Foundation Power (Dharaki)-gas
  11. Nishat Chunian
  12. Saphire Electric–RLNG

Last month, the Economic Coordination Committee (ECC) of the federal cabinet had approved to pay Rs. 60 billion out of the total Rs. 150 billion it owed to 12 IPPs.

The payment to these IPPs was blocked due to a probe by the National Accountability Bureau (NAB) against Nishat Chunian Power Limited (NCPL) for making Rs. 8.36 billion illegally by determining a higher tariff.

NAB had recommended to recover the loss caused to the national exchequer from the NCPL and to withhold the payment to 12 IPPs established under Power Policy 2002 until NCPL reimburses Rs. 8.36 billion to the exchequer.

The ECC cleared the payment of Rs. 60 billion last month after the NCPL paid Rs. 8.36 billion to the national exchequer.



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