Advertisement
News

Cabinet Approves Independent Electricity Market

Advertisement

On Wednesday, Pakistan’s Cabinet Committee on Energy approved the creation of an independent market for electricity generation and purchase, aiming to enhance competition and lessen the government’s dominance as the sole electricity buyer. The decision was made during a meeting chaired by Prime Minister Shehbaz Sharif.

The committee endorsed the establishment of an Independent System and Market Operator (ISMO), a proposal that will be forwarded to the federal cabinet for final approval. The ISMO will be registered with the Securities and Exchange Commission of Pakistan under the Companies Act 2017, according to a statement from the Prime Minister’s Office.

The ISMO aims to create a transparent and competitive electricity market, giving consumers the ability to choose their power suppliers instead of being limited to traditional distribution companies. It will focus on long-term planning to generate affordable electricity, improve the transmission network, and address issues like circular debt.

The ISMO board will consist of power sector experts. During the meeting, participants were briefed on the ongoing challenges posed by circular debt.

Prime Minister Shehbaz Sharif stressed the urgency of reforms within the power sector and called for immediate measures to reduce theft and losses. He also instructed officials to employ modern technologies to strengthen these reforms.

Federal ministers Muhammad Aurangzeb, Ahsan Iqbal, Ahad Khan Cheema, Sardar Awais Ahmed Leghari, Dr. Musaddik Malik, and other committee members were present at the meeting.

Advertisement
News Desk

Recent Posts

Pakistan Responds to India with Border Closures, Trade Suspension, and Diplomatic Expulsions

Prime Minister Shehbaz Sharif convened a high-level meeting of Pakistan’s National Security Committee (NSC) on…

3 hours ago

Indian Soldier Detained After Border Breach as Pakistan Closes Airspace and Cancels Visas

An Indian Border Security Force (BSF) soldier has been taken into custody by Pakistan Rangers…

4 hours ago

In a First for Pakistan, Senior Malaysian Banking Delegation Explores Meezan Bank’s Model for Islamic Banking Insights

Meezan Bank, Pakistan’s first and largest Islamic bank, welcomed a high-level delegation from Malaysia to…

4 hours ago

OICCI express concerns over shipment delays and crippling financial losses due to highway blockade in Sindh

The six-day blockade of the National Highway in Sindh has brought local trade and industrial…

4 hours ago

Fertilizer Supply Disrupted: Sindh Blockades Threaten National Food Security

Pakistan’s fertilizer supply chain is facing severe disruptions as ongoing sit-ins and road blockades in…

4 hours ago

Khushhali Microfinance Bank Catalyzes Nationwide Financial Empowerment with Successful Conclusion of Pakistan Financial Literacy Week 2025

Khushhali Microfinance Bank (KMBL) successfully concluded its participation in Pakistan Financial Literacy Week (PFLW) 2025,…

4 hours ago