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ISLAMABAD: The Cabinet Committee on Energy (CCoE) has approved a summary on Examination, Validation of Process of Independent Power Producers (IPPs) Agreement submitted by the Power Division. The committee met with Federal Minister for Planning, Development and Special Initiatives, Asad Umar, in the chair here Thursday.

The Power Division submitted a summary on Examination, Validation of Process of IPPs Agreement.

The committee, after detailed discussion, approved the proposal that the agreements with 2002 IPPs finalised by the Implementation Committee be reviewed in the light of the National Accountability Bureau (NAB) advice in the M/s Nishat Chunian Power Ltd case.

According to the sources, the NAB has reportedly allowed the Power Division to process payments of IPPs of Power Policy 2002 as per the revised contracts.

The CCoE further decided that the Implementation Committee will be revived and a representation of the Law Division will be included in its composition.

The revived Implementation Committee will renegotiate the master agreements with the IPPs of 2002.

The outcomes of renegotiations by the Implementation Committee will be submitted for consideration of the CCoE.

The meeting was attended by Minister for Energy, the SAPM on Power, Petroleum and Revenue.

Representatives of regulatory authorities and officials of the provincial governments also participated in the meeting.

Copyright Business Recorder, 2021

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