The federal government approved the creation of an independent multiplier market for the production and purchase of electricity in Pakistan, while Prime Minister Shehbaz Sharif directed to take measures to reduce theft and losses in the electricity sector quickly and effectively, saying that electricity theft Departmental action should be taken against the employees of the distribution companies involved.
The meeting of the Cabinet Committee on Energy was held in Islamabad under the chairmanship of Prime Minister Shahbaz Sharif, in which the government took a major step to reform the country’s energy sector and create an independent multiplier market for the production and purchase of electricity in Pakistan. Approval was granted.
In the meeting, the Cabinet Committee gave in-principle approval for the formation of the Independent System and Market Operator (ISMO), which will be approved by the Cabinet.
ISMO will be registered with the Securities and Exchange Commission of Pakistan (SECP) under the Companies Act, 2017.
Four IPPs signed agreements to withdraw from capacity payment agreements
ISMO will gradually eliminate the role of the government as the sole buyer of electricity in the country and transform the electricity market into a multiplier independent market, establishing an efficient and transparent competitive electricity market in Pakistan. will
The briefing said that the system will enable electricity consumers to purchase power from suppliers other than distribution companies, with long-term planning for a low-cost power generation and transmission system from the entity. Can be done.
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The briefing further informed that the establishment of ISMO will significantly reduce the revolving credit and electricity rates in the power sector, ensuring the involvement of experts in the power sector in the board of ISMO.
On this occasion, Prime Minister Shehbaz Sharif said that measures are being taken on priority basis for the reforms of Pakistan’s electricity sector, measures should be made fast and effective to reduce theft and losses in the electricity sector.
Government’s decision to terminate contracts with 15 IPPs
The Prime Minister further said that departmental action should be taken against the employees of the distribution companies involved in electricity theft, reforms of the electricity sector and the use of modern technology should be ensured to solve the theft.
Prime Minister’s decision to call a meeting of the Central Selection Board
On the other hand, Prime Minister Shehbaz Sharif decided to call a meeting of the Central Selection Board.
In the meeting of the Central Selection Board, officers will be promoted in grades 20 and 21, the data of officers of all service groups has been called for.
The establishment division has sent a letter to all the ministries, in the letter it is said that action has been asked under NAB cases, NRO, E&D rules, training course report has also been asked for development.
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