ISMO issues revised EMO for thermal power plants amid fuel prices upgrade

ISLAMABAD: The Independent System & Market Operator of Pakistan (Guaranteed) Limited (ISMO) has issued revised Economic Merit Order (EMO) based on revised fuel price for dispatch of 51 thermal power plants (Gencos’ and IPPs) from September 216, 2025.
According to the revised EMO, available with NEPRA, minimum tariff is of gas based Uch (upto 152,375 MWh) of Rs 3.1330/ kWh whereas maximum tariff of Engro Power Gen (Qadir Pur) HSD is Rs 72.8483/kWh followed by Saif Power HSD Rs 58.7404/kWh without taxes.
The calculation of fuel cost Rs/kWh and O&M cost Rs/kWh has not been calculated by ISMO Islamabad as this has been communicated by ISMO Chief Financial Officer (CFO) CPPA-G on September 15, 2025 because ISMO does not have any data regarding heat rate, fuel cost and O&M cost etc.
ISMO has also shared the following information ;(i) General Sales Tax is not included in the calculation;(ii) basis for RFO rate are on per Metric Ton, HSD rates are on per litre and gas rates are in MMBTU ;(III) other cost of Uch Power is due to Excise Duty on gas ;(iv) RFO revised rates are calculated on the basis of weighted average fuel stock as provided by relevant IPP is used for merit order, whereas accurate fuel stock position is not available. Latest Fuel Cost Charges (FCC) rate is used for merit order;(v) latest available RLNG rates as notified by OGRA have been used ;(vi) variable operation costs have been used for merit order compilation pursuant to SDC 1.6.1.1 of Grid Code 2023;(vii) plant availability on any specific fuel must be confirmed before the dispatch is given;(viii) the FCC rates have assumed at 100 % plant factor i.e. unity part load correction factor. The rates, may, therefore, very different operation/ despatch level after application of Part Load Correction(PLAC) factor in the PPA. Therefore, PLAC be taken into account before issuing despatch instructions;(ix) the dedicated gas projects require minimum despatch of 50 % against their availability on gas under respective as PPAs, otherwise, shortfall energy have to be paid;(x) open cycle tariff included in line with NEPRA direction to NPCC to give dispatch to open cycle in a letter of NPCC on April 16, 2022; and (xi) KAPRCO Block-1 and Block-II are added to the current merit order.
The merit order is as follows ; Uch- Rs 3.113/kWh; Liberty Power- Rs 5.1206/kWh, Thar coal block-1, Rs 5.5171/kWh; Engro Thar Power- Rs 6.5174/kWh; Thar Energy Limited – Rs 6.5273/kWh, Thal Nova- Rs 6.5300/kWh, 747 MW Guddu( Combined Cycle) gas, Rs 9.66.4/kWh; Foundation Power, Rs 11.1201/kWh; lucky Electric Power Company- Rs 11.3800/kWh ; Engro Power Gen( Qadirpur) –Rs 11.6533/kWh ; Port Qasim- Rs 11.8668/kWh ; Uch) above 152,375 MWh) Rs 12.1679; Jamshoro (coal)- Rs 13.5756/kWh ; 747 W Guddu( Open Cycle) –Rs 13.8450 kWh; Uch-II( gas) Rs 14.4844/kWh ; Engro Power Gen (Qadir Pur) gas bdr( PEL), Rs 14.5812/kWh ; Sahiwal Power- Rs 16.6498/kWh; NPPMC-HBS(CC), RLNG, Rs 19.6565/kWh ; NPPMC –Baloki (CC) RLNG – Rs 19.8565/kWh ; QAPTL- Bhikki (CC) RLNG, Rs 20.0131/kWh; Punjab Thermal Power ( RLNG) Rs 20.4755/kWh; China Power Hub Gen Co( coal) Rs 20.7993/kWh ; Liberty Power ( above 61,904 MWh)- Rs 21.4105/ kWh ; Orient Power Company Ltd RLNG – Rs 24.2531/kWh ; Nandipur (CC) RLNG Rs 24.6553/ kWh; Halmore Power RLNG- Rs 24.7171/kWh ; Saphire Electric Co RLNG- Rs 24.7627/ kWh; Saif Power RLNG- Rs 24.8272/kWh; KAPCO Block -1 RLNG- Rs 26.0660 /kWh ; KAPCO Block-II, LSFO Rs 26.7396/kWh, KAPCO Block-II RLNG Rs 28.0167/ kWh, KAPCO Block-II LSFO- Rs 29.0167/kWh ; Nishat Power Limited RFO Rs 29.2416 / kWh ; Altern Energy Ltd ( Ph-II) RLNG- Rs 29.3130/ kWh; FKPCL RLNG Rs 29.3233; KEL RFO Rs 31.0875/kWh, Davis Energy RLNG Rs 32.1463/kWh; Nishat Chunian Power limited RFO- Rs 32.1463/kWh ; Narowal Power RFO- Rs 32.1587/kWh; Altern Energy ( Ph-1) RLNG- Rs 36.9650 /kWh, Attock Gen RFO –Rs 43.2591/ kWh, NPPMC-HBS( CC) HSD –Rs 44.3070/ kWh; Liberty Power RFO –Rs 45.9370/kWh ; Punjab Thermal Power, HSD- Rs 53.8368/kWh, QATPL –Bhikki(CC) HSD, Rs 51.7161/ kWh; NPPMCL –Baloki(CC), HSD Rs 53.4577/kWh ; Orient Power HSD, Rs 58.0221 / kWh; Halmore Power HSD- Rs 58.4464/ kWh ; Saphhire Electric Power HSD, Rs 58.5967/kWh ; Saif Power HSD, Rs 58.7404 / kWh and Engro Power Gen( Qadir Pur) HSD – Rs 72.8483/ kWh.
Ends