‘Paying 2,000bn to IPPs is daylight robbery’

Islamabad:Ahsan Zafar Bakhtawari, President Islamabad Chamber of Commerce and Industry has called for a forensic audit of Independent Power Producers (IPPs), decrying the annual payment of Rs2,000 billion in capacity charges as ‘daylight robbery.’

This, he argues, deprives consumers of their hard-earned income and putting them severe hardships to meet their day to day affairs.In a statement issued here on Wednesday, Bakhtawari lamented that 25% of industries have already shut down, resulting in widespread unemployment and the sale of machinery at drastically reduced prices. He emphasised that the Rs2 trillion being paid to 40 companies in capacity charges is severely hampering the national economy, even when no electricity is generated or supplied.

Bakhtawari stressed the need for cheaper electricity sources, as current high tariffs hinder export growth. He urged the government to review all agreements with IPPs and procure electricity from cost-effective sources for the national grid. He said that Pakistan needs business-friendly and long-term economic policies to wriggle out of the current crisis and promote business and investment activities. He urged that businessmen should be encouraged as role models in society as they are playing a vital role in the development of the country.