Three main power plants with reserve price of Rs26.62bn being auctioned today

ISLAMABAD: The government is set to auction the public sector’s old and dysfunctional power plants here on Monday (today).

Under the second phase, three main power plants having capacity to generate 2,362 MWs would be pitched for auction, says a press release of the Power Division. The thermal power station of Jamshoro (880 MW), thermal power station of Muzaffargarh (1,350 MW) and a steam power station at Faisalabad (132 MW) would be pitched for sale at a reserve price of Rs26.62 billion. The old and dysfunctional power plants are being offloaded as part of the power sector reforms agenda. The transparent process to auction the said power plants will be ensured in the light of the Economic Coordination Committee’s decision, directives of Prime Minister Shehbaz Sharif and the Power Division.

The bidding process will start at 9 am and last till 5 pm in the building of Genco Holding Company Limited in the federal capital.

Earlier, in the first phase, seven old thermal power plants were sold at a bid price of over Rs9 billion, which was more than their reserve price.