ISLAMABAD, May 2 (Xinhua) -- Pakistani Prime Minister Shehbaz Sharif has approved a revised 10-year energy plan aimed at saving up to 17 billion U.S. dollars by excluding high-cost power generation projects and restructuring the country's electricity market, the Prime Minister's Office said on Thursday.
The prime minister chaired a high-level meeting in Islamabad where the updated Integrated Generation Capacity Expansion Plan (IGCEP) 2024-2034 was formally adopted, according to an official statement.
The revised IGCEP removes proposed projects totaling 7,967 megawatts of generation capacity that were deemed economically unviable, the statement said. The plan prioritizes the development of domestic and renewable energy sources, including solar, nuclear, and hydropower, over imported fossil fuels.
Authorities briefed the prime minister that the revised plan was formulated after an in-depth analysis to better reflect the country's evolving energy demands and financial realities. The strategy also includes a phased reduction of capacity payments to power producers and lays the groundwork for a competitive electricity market.
Sharif emphasized the need to fast-track strategic energy projects, such as the Diamer-Bhasha Dam, stating that delays would not be tolerated. He said that shifting to a market-based framework would enhance supply stability and lower electricity costs for consumers.
The prime minister praised Energy Minister Sardar Awais Leghari and his team for their efforts, calling the projected 17-billion-dollar savings a "significant achievement for the nation." ■
