‘First independent power producer’ offers to revisit contract

Amid increasing pressure from the public and the business community to review power contracts to end unjustified capacity payments, an independent power producer (IPP) has announced that it is submitting proposals to the federal government to lower electricity prices and adjusting its rate of return from US dollars to the local currency. Shaharyar Chisti, chairman of Pak Asia Investment, the parent company of Liberty Power, told a press conference on Wednesday that there is a need for a collective effort to provide relief to the people by reducing electricity prices. He also asked the power plants to find a solution for cutting electricity costs. He also offered to renegotiate its contract with the government, besides showing interest in shifting from dollar-based capacity payments to transactions entirely in rupees.