ISLAMABAD: The top bosses of five Independent Power Producers(IPPs) are said to have refused to enter in the Prime Minister Office (PMO) for signing the final settlement agreements due to humiliation, they experienced during negotiations on pacts with the government’s team.
According to sources, Hub Power Company (Hubco) will get Rs 36.5 billion, Rousch Power, Rs 15.5 billion, Lalpir Power Company, Rs 12.8 billion, Rs 15.5 billion, Atlas Power Limited, Rs 6 billion and Saba Power, Rs 1 billion as final settlement. The applicability of termination of contracts will commence from October 1, 2024.
The government had intended to arrange a final settlement ceremony at the Prime Minister Office, to show that the five IPPs agreed on early termination of their PPAs with honour as was stated by the Minister for Power, Sardar Awais Leghari at a press conference.
He was countered by one of the journalists that they way owners and CEOs of the five IPPs were treated in the presence of powerful people, this cannot be said ” honourable”.
He told the media during the press conference that the cabinet has approved the termination of the contracts, which will now undergo procedural approvals by the Private Power and Infrastructure Board (PPIB) and the Central Power Purchasing Agency-Guaranteed (CPPA-G) before being presented to the National Electric Power Regulatory Authority (Nepra) for regulatory approval and de-licencing.
The sources, PPIB and CPPA-G have completed all the documentary work to sign the final settlement agreement.
The source said, government had contacted the owners of respective five IPPs to reach PMO to attend the signing. However, the owners are have declined the invitation, saying that they don’t want to attend the signing ceremony due to disgrace, they faced during the talks.
The sources said, they have asked the authorities to send required documents on finale settlement for signatures which will be returned immediately.
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