Prime Minister Shehbaz Sharif instructed authorities on Friday to continue reducing electricity prices and accelerate the implementation of plans for future power generation projects. During a meeting in Islamabad to review the country’s energy strategy, the prime minister emphasized the importance of prioritizing low-cost power generation projects based on local resources.
Focus on Low-Cost, Environmentally Friendly Power Projects
PM Shehbaz highlighted that low-cost power projects not only provide affordable electricity but are also environmentally friendly. He emphasized that shifting the current electricity generation capacity to solar energy should be a key focus, noting that solar power is a cost-effective and sustainable energy source. Given Pakistan’s vast solar energy potential, he stressed the need to harness it for the country’s power needs.
Closure of Inefficient Power Plants
The prime minister was briefed on the progress of ongoing hydropower projects and the efforts to phase out outdated and inefficient power plants. These plants consume more fuel while generating less electricity, and PM Shehbaz ordered their immediate closure. He stated that closing such plants would save valuable foreign exchange and reduce electricity costs for consumers.
Expedited Reforms in the Power Sector
PM Shehbaz also instructed that swift action be taken against officials obstructing reforms in the power sector. He directed that the electricity transmission system be upgraded according to international standards and that a modern technology-based system be implemented to select and transmit low-cost electricity efficiently.
Government’s Ongoing Efforts to Reduce Electricity Prices
This meeting followed the federal government’s approval earlier this week of agreements with eight independent power producers (IPPs) running on bagasse, aimed at reducing electricity tariffs and saving approximately Rs240 billion for the national exchequer. These agreements are expected to lower electricity prices for consumers and bring significant relief to the economy.
The Prime Minister’s Office indicated that these measures are part of ongoing efforts to bring down electricity prices and reduce the burden on consumers.
