Business
Clearance Of Dues To Cut Loadshedding By 3hrs/Day: IPPs
The Independent Power Producers (IPPs) Wednesday said that daily electricity loadshedding could be reduced by three hours if their outstanding dues are cleared. Geo News reported.
A Supreme Court bench headed by Justice Tassaduq resumed hearing of the IPPs' petitions against the government demanding immediate clearance of their receivables.
The government has submitted before the Supreme Court that a payment of Rs24 billion would be made to eight Independent Power Producers (IPPs) in three equal monthly installments of Rs8 billion a month.
The counsel for petitioners told the Supreme Court that a defrayal his clients’ dues could lead to a substantial let up in daily loadshedding.
Experts say the circular debt has reached to Rs400 billion and warned that if the companies were not paid with the outstanding amount, the power generation could witness a reduction, adding to enhanced load shedding.
Khawaja Tariq Rahim, counsel for ministry, told the bench that payment schedule had been reached between them and the private power companies under which Rs8 billion had already been paid out of total Rs24 billion whereas another two installments amounting Rs8 billion each would be paid on August 30 and September 30 respectively.
An amount of Rs45 billion had been agreed as undisputed overdue amount of these IPPs before the Supreme Court which had directed the concerned authorities and the National Transmission and Dispatch Company (NTDC) to reconcile overdue amount with IPPs and inform it about the payment schedule.
The IPPs and NTDC had held several meeting during the last two weeks and reconciled the amount from total default out of which some payments during this time were made by the NTDC.
The NTDC and IPPs had finalized an amount of Rs45 billion to be undisputed overdue outstanding out of which the government had offered to pay these IPPs Rs8 billion every month for the next three months while the formula for the rest of the overdue amount would be mutually worked out between the government, the NTDC and the IPPs.
A Supreme Court bench headed by Justice Tassaduq resumed hearing of the IPPs' petitions against the government demanding immediate clearance of their receivables.
The government has submitted before the Supreme Court that a payment of Rs24 billion would be made to eight Independent Power Producers (IPPs) in three equal monthly installments of Rs8 billion a month.
The counsel for petitioners told the Supreme Court that a defrayal his clients’ dues could lead to a substantial let up in daily loadshedding.
Experts say the circular debt has reached to Rs400 billion and warned that if the companies were not paid with the outstanding amount, the power generation could witness a reduction, adding to enhanced load shedding.
Khawaja Tariq Rahim, counsel for ministry, told the bench that payment schedule had been reached between them and the private power companies under which Rs8 billion had already been paid out of total Rs24 billion whereas another two installments amounting Rs8 billion each would be paid on August 30 and September 30 respectively.
An amount of Rs45 billion had been agreed as undisputed overdue amount of these IPPs before the Supreme Court which had directed the concerned authorities and the National Transmission and Dispatch Company (NTDC) to reconcile overdue amount with IPPs and inform it about the payment schedule.
The IPPs and NTDC had held several meeting during the last two weeks and reconciled the amount from total default out of which some payments during this time were made by the NTDC.
The NTDC and IPPs had finalized an amount of Rs45 billion to be undisputed overdue outstanding out of which the government had offered to pay these IPPs Rs8 billion every month for the next three months while the formula for the rest of the overdue amount would be mutually worked out between the government, the NTDC and the IPPs.
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