PM approves private investment in the power sector

ISLAMABAD: During a meeting of the Cabinet Committee on Energy (CCoE), Prime Minister Shehbaz Sharif approved the “Standardised Security Package Document” under the “Power Policy 2015 for Small Hydro Projects” to streamline procedures for private investment in the power sector.

The meeting chaired by Shehbaz where several key decisions were made in an aim to address critical issues facing Pakistan’s struggling energy sector.

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During the meeting, the committee approved a six-month extension for the Refinery Policy 2023 to ensure continuity and stability in the refining sector.

The committee directed oil refiners to prioritise a comprehensive plan for upgrading facilities, aiming to enhance efficiency and capacity.

A detailed report on the power sector loan from July 2023 to May 2024 showed that the volume of revolving credit reached Rs2,655 billion by May 2024.

Responding to concerns from Gilgit-Baltistan regarding electricity supply, Shehbaz announced the formation of a committee to implement a plan for uninterrupted electricity supply in the region.

Another key decision was the approval of the “DISCOS Support Unit” to enhance the operational efficiency of electricity distribution companies and combat electricity theft. The unit’s tenure will span two years, subject to Federal Cabinet approval.

The committee also endorsed an incentive package to improve the recovery of unpaid and overdue electricity bills.

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Deputy Prime Minister Ishaq Dar, along with Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, and Mossadegh Malik, attended the meeting.

Ahsan Iqbal, Owais Khan Leghari, Minister of State Ali Pervez Malik, and other senior officials also attended the meeting.