After sugar and wheat, Prime Minister Imran Khan looks at the electric mafia
Islamabad: While the dust caused by the sugar and floor scandal is not yet complete, the annual fraud of more than Rs 100 billion by the electricity sector appears on the horizon as a major fraud.
The nine-member committee led by former SECP chief Muhammad Ali tracked the fraudulent independent power plant (IPP) that prints more than Rs 100 billion a year. The 278-page first investigation report revealed that erroneous actions are not only limited to the actual costs of power plants and power stations installed under government government regulations, but also in tariffs, fuel efficiency, requests for economic services, levels of guarantee for US dollar returns and certain conditions in purchasing electricity One of the power plants has caused irreparable losses for the national cat.
According to official sources, the committee chairman informed the prime minister of his results. The Prime Minister was angry at the massive rise in profits of the International Phytosanitary Portal, which led to a massive increase in circular debt and electricity tariffs. “The IPP program installed in the country in accordance with the Energy Policy of 1994 generated an unjustly large profit of Rs. 350 billion.” Under government policy, NEPRA allows a 15 per cent return on the dollar index, but the power plant generates annual profits of 50-70 per cent which encourages a nine-member committee to recommend to the government to remove the payment formula immediately based on ‘take, pay and recover 100’ Rs. Crore from the IPP. On August 7, 2019, Imran formed the committee he chairs. By former SECP chief Muhammad Ali. In addition to representatives from ISI, FIA and SECP, there are eight other institutions that are part of the committee. The committee presents detailed findings and recommendations to the prime minister in its report: energy sector audit, periodic debt circular and future road map. The nine-member committee takes due care on documentation of costs and tariffs for more than 60 power stations. It is interesting that all members of the commission approved the findings and there were no records of dissent in the report.
This shows the harsh reality that the power plant raised the real cost, with an additional increase of Rs 2-15 billion for tariff management higher than the National Electricity Regulatory Authority. More importantly, the cost of coal-based power plants has artificially increased by 30 billion rupees. But apart from Nepra, there are no related institutions that independently verify the cost of power generation through any third party.
The report also stated that the power purchase agreement with the power plant regulator was implemented on the basis of “take or pay” in which the government paid billions of rupees in the top of the energy payments even when the power plant was not working or when the demand for electricity was reduced. In the current fiscal year, the government must pay Rs. 900 billion to the power plant as a capacity payment and will pay Rs. 1,500 billion in 2025. Such an agreement not only causes huge losses to the National Treasurer but also increases the unprecedented financial burden. On the block. Now a government with a sick economy cannot pay more capacity payments. By pushing capacity payments, the government will have no choice but to raise electricity tariffs to unimaginable levels. The report also says that power plants actually use less fuel and get unexplained benefits. Additionally, they made a false statement with Nepra for this. The report also blamed Nebra for not conducting a fuel efficiency review for the power plant because the circular debt has increased to more than 1,800 billion rupees. The power company made 50-70 percent profit instead of the unprecedented 15 percent in the entire region.
He suggested to the government that the guaranteed rate of return for power plants should not exceed 4 to 5 years, while it was extended to IPP up to 25 years. This is the general impression on the market that power plants have managed to take their total costs within one to two years, mainly because they show exorbitant costs, high tariffs, and guaranteed high-volume returns. Most of the power plants in Pakistan are installed by offshore companies, according to the report.
He requested the government to conduct a forensic review of the cost of installing power plants under the 2002 Electricity Policy, and also called for verification of the cost of technology used in power plants in other countries. The Prime Minister directed the committee to prepare a report within three months. However, due to difficulties in obtaining the power plant documentation and the very technical nature of the investigation, the commission took eight months to complete the report.
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