Two mega projects by PMLN government to cause loss of $14 billion to Pakistan: Report
ISLAMABAD - *Two mega projects by PMLN government to cause loss of $14 billion to Pakistan, NAB Report has claimed.*
Alarmed by the high tariff granted to Sahiwal and Port Qasim coal-fired power plants, the National Accountability Bureau has initiated an inquiry against the former officials of National Electric Power Regulatory Authority (NEPRA) and the Ministry of Water and Power who allegedly favoured the above-mentioned power plants in getting undue raise in tariff which caused a loss of millions of dollars to the national exchequer.
Documents available with Pakistan Today revealed that the national exchequer has incurred annual losses of $470 million after higher officials from NEPRA and Ministry of Water and Power allegedly favoured Sahiwal and Port Qasim coal-fired power plants by raising the tariff allegedly above the market rate.
Since the life of these coal power plants has been fixed as 25 years, additional tariff given to these power plants will make the national exchequer bear losses of approximately $14 billion during this period, sources said.
It has been learnt that energy tariffs in Pakistan are the most expensive in the world. High upfront tariff and capital costs have resulted in the high price of electricity and loss of competitiveness of Pakistani exports and industry, leading to a massive balance of payments crisis.