Five IPPs ‘voluntarily’ terminating contracts with govt, says PM Shehbaz

Prime Minister Shehbaz Sharif announced that five independent power producers have agreed to cancel their contracts with the government voluntarily, providing relief to consumers by saving Rs60 billion annually. This move comes after public outcry over inflated power bills. The termination of contracts with these IPPs will gradually lower tariffs, saving Rs411 billion a year. The Prime Minister praised the IPPs for prioritizing the nation’s interests and commended the efforts of the task force and cabinet members. Additionally, the country’s biggest private utility, Hub Power Company Ltd, also announced the premature termination of its power purchase agreement with the government. Pakistan is working on restructuring power sector debt and reforms to address the energy crisis.