Prime Minister Shehbaz Sharif has directed the prioritized completion of projects like the Diamer Bhasha Dam to establish an effective system for energy production and water reserves.

He was chairing a meeting in Islamabad on Thursday regarding the Integrated Generation Capacity Expansion Plan 2024-20234, focusing on sustainable reforms in the energy sector and lowering electricity tariffs.

The Prime Minister emphasized that delays in energy projects are unacceptable. He said a free market for electricity production will soon be established in the country, which will enable competitive and sustainable electricity supply, resulting in further reductions in tariffs. He added that following the recent reduction of around 7.5 rupees in electricity rates, the government is actively pursuing a strategy for sustainable energy sector reforms to facilitate the public.

The Prime Minister was briefed on the reforms in the energy sector. It was said that the Integrated Generation Capacity Expansion Plan was reassessed on the directions of the Prime Minister, revealing room for improvement.

It was further informed that a pathway has been created for competitive bidding and electricity sales at the lowest prices over the next ten years. Expensive projects with a total capacity of 7,967 megawatts are being excluded from Integrated Generation Capacity Expansion Plan.

It was briefed that completion timelines for electricity generation projects are being revised. It was said that removing expensive projects and revising deadlines will save around 17 billion dollars. Local and alternative sources like solar, nuclear and hydropower will be preferred over imported fuel. This strategy will save billions in foreign exchange reserves.

The meeting was apprised that the government will gradually abandon capacity payments to the power producers.

The Prime Minister commended Minister for Power Sardar Awais Ahmed Khan Leghari and his team for saving 4,743 billion rupees and declared it a historic achievement.