By May, energy sector debt will reach Rs 2,655 billion

ISLAMABAD: The Cabinet Committee on Energy (CCoE) meeting on Friday said that the power sector debt will reach Rs2,655 billion by May 2024.

The CCoE meeting, chaired by Prime Minister Shehbaz Sharif, also approved the establishment of a support unit for electricity distribution companies to enhance their operational efficiency, prevent electricity theft and ensure timely collection of dues.

The DISCO support unit will be in operation for a period of two years after obtaining the approval of the federal government. Its operations will start from Multan Electric Power Company (MEPCO).

Energy Sector Issues: PM Shehbaz Assigns Tasks to Ministries

The commission also decided to approve an incentive package for recovery of unpaid and overdue electricity bills, including rewards to law enforcement agencies and DISCO officials for their recovery.

The committee also decided to approve a six-month extension of the Refining Policy 2023 for modernisation of existing refineries and tasked the Ministry of Petroleum to prepare a comprehensive modernisation plan on a priority basis after gaining confidence in the oil refineries set up in the country.

The Cabinet Committee approved a document on a unified package of safeguards under the Energy Policy 2015 for small private sector hydro projects.

The meeting also included a report on energy debt for the period from July 2023 to May 2024.

The meeting was informed that by May 2024, the energy sector debt will reach Rs 2,655 billion.

The Cabinet Committee approved a document on a unified package of safeguards under the Energy Policy 2015 for small private sector hydro projects.

The aim of this initiative is to support private investment in the energy sector and address tariff and other issues.

The Prime Minister decided to resolve grievances regarding electricity supply to the residents of Gilgit-Baltistan and constituted a committee for uninterrupted electricity supply in Gilgit-Baltistan.