NAB denies probe into new pacts with IPPs

ISLAMABAD: The National Accountability Bureau (NAB) on Thursday announced that it is not investigating renewed agreements between the incumbent government and independent power producers (IPPs).
The announcement from the accountability watchdog came after a government team involved in the IPP agreements met with Chairman NAB Justice (Retd) Javed Iqbal.
A NAB handout detailing the entire meeting said that the government team apprised the chairman regarding the renewed agreements with 47 independent power producers (IPPs). The team apprised that the agreements will help in return of Rs55 billion of an additional amount from the IPPs.
“The idea for negotiations with the IPPs was floated by the NAB,” said the handout, adding that they had pointed out the weaknesses in the agreements finalized by the previous government.
The chairman lauded the role of the government team and said that the upgradation of agreements with the power producers would also help in saving Rs836 billion from the national exchequer.
It is pertinent to mention here that on February 02, six more independent power producers (IPPs) agreed to renew the agreement with the incumbent government for cheaper electricity in the country.
According to the details, the government team had successful deals with the six new producers for affordable electricity. So far 47 IPPs with an overall production capacity of 7450MW electricity have agreed to sign the agreement with the government for a cheaper power supply to the consumers.
Later, the Economic Coordination Committee (ECC) meeting headed by Finance Minister Abdul Hafeez Shaikh on February 08 also gave approval to agreements with the independent power producers (IPPs). During the ECC meeting, it was decided in principle to approve agreements with the 46 IPPs and pay off their dues until 30 November 2020. – TLTP