ECC to clear 60% payment of 11 IPPs through Power Policy 2002

The economic body of the cabinet had directed the Power Division to submit a case of a supplementary grant for the remaining 60% payment to IPPs in accordance with the approved payment mechanism well before the due date.

ISLAMABAD: Economic Coordination Committee (ECC) is set to approve 60 percent payment to IPPs under Power Policy 2002, said government sources here on Tuesday.

Economic Coordination Committee (ECC) has already approved a 40% payment Worth Rs 52.4 billion of the total amount payable to IPPs of 2002 policy.

Sources said that the economic body of the cabinet had directed the Power Division to submit a case of a supplementary grant for the remaining 60% payment to IPPs in accordance with the approved payment mechanism well before the due date.

Earlier, it had approved Rs 52.4 billion that accounted for 40% of the total payment to IPPs under power policy 2002.

Officials said that Finance Minister Shaukat Tarin had backed a plan of paying to IPPs under an approved mechanism.

In a meeting of ECC, the power division had submitted a report regarding supplementary grant of Rs 131.08 billion to eleven IPPs under power policy 2002.

Power division submitted a summary regarding 40% payment of the total amount payable to IPPs of 2002 policy.

Eleven IPPs will get Rs 131 billion from the government under Power Policy 2002 as the first installment.

Cabinet Committee on Energy (CCoE) had already directed Power Division to make payments to eleven IPPs except for Nishat CHunian.

NAB has already established that Nishat Chunian made Rs 8.6 billion. It had also advised recovering excess payment from all power plants under Power Policy 2002 in the national interest.

However, CCOE had directed to make payment to eleven IPPs except for Nishat Chunian.

Earlier, Cabinet Committee on Energy (CCoE) had directed Power Division to proceed with the payments of all 11 IPPs as per the signed agreement except a company whose cases are under investigation at NAB.

The Power Division submitted a report of the Implementation Committee on the ratification of the IPPs Agreement, under the 2002 Power Policy.

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