Daily Times

Former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr. Shahid Rasheed Butt, said on Sunday that the business community applauds the government’s decision to revise the agreements with IPPs. He said that affordable power is necessary to provide relief to the masses and help restore distressed businesses. He added that the high cost of electricity is impacting individuals, production, and exports while the government is losing revenue. Shahid Rasheed Butt said in a statement issued here today that authorities should make serious efforts to resolve the matter of IPPs as soon as possible so that the public can get some relief and business activities can be restored. The business leader said it has become imperative to lower the rising electricity prices that have plagued the entire country. Rising electricity rates have created serious social problems in the country. Production has decreased by billions of dollars, and millions of people have become unemployed. He said the closure of businesses has also significantly reduced the government’s revenue, adding that the current electricity pricing system is unsustainable and that it has become impossible to maintain the current situation for long. He said that the owners of IPPs have also realized that the growing public unrest is worrisome, and the sooner the situation is resolved, the better. He informed that some IPP owners have quietly sold their businesses, anticipating the difficulties and public backlash. Shahid Rashid Butt said that IPPs have been given a free hand since the nineties; they have been getting incredible profits in dollars while billions of rupees are being paid to power plants that are not producing electricity.