Staff Report
ISLAMABAD:
Federal cabinet’s Economic Coordination Committee (ECC) scheduled to be held today (Wednesday) is expected to approve 60 percent payment to 11 Independent Power Producers (IPPs) of the Power Policy 2002.
Earlier, ECC had approved a 40% payment worth Rs52.4 billion of the total amount payable to IPPs of 2002 policy and directed the power division to submit a case of a supplementary grant for the remaining 60% payment to IPPs in accordance with the approved payment mechanism well before the due date.
According to sources, power division will subit a summary in the ECC for remaining 60pc payment to 11 IPPs of 2002 power policy. They said that if grants its approval in this regard then there are eleven IPPs who may receive remaining 60percent payment include Atlas Power, Attock Gen, Engro Energy, Saif Power, Halmore Power, Hub Power (Narowal), Liberty Power, Nishat Power, Orient Power, Foundation Power (Dharaki) and Saphire Electric.
Sources in power sector said that finance minister Shaukat Tarin had backed a plan of paying to the IPPs under an approved mechanism. They said that power division, in a meeting of ECC, had already submitted a report regarding supplementary grant of Rs 131.08 billion to eleven IPPs under power policy 2002 as the first installment. And, ECC approved a summary submitted by power division regarding 40% payment of the total amount payable to IPPs of 2002 policy, said sources.
It is pertinent to mention that Cabinet Committee on Energy (CCoE) had already directed Power Division to make payments to eleven IPPs except for Nishat Chunian.
