KARACHI: In response to growing public and business sector demands to reduce high electricity costs and eliminate excessive capacity payments, Liberty Power, an independent power producer (IPP), has announced plans to renegotiate its contract with the federal government. Shaharyar Chisti, Chairman of Pak Asia Investment, Liberty Power’s parent company, revealed during a press conference on Wednesday that the company is ready to shift its return calculations from US dollars to local currency in an effort to lower electricity prices.
Chisti emphasized the need for collective action among power producers to reduce electricity costs, offering to adjust profit margins and shift from dollar-based capacity payments to rupee-based transactions. He also highlighted the potential cost savings if the government removed the gas development surcharge, stressing the importance of addressing fuel-related capacity charges.
Liberty Power CEO Imran Ahmed added that the plant, which runs on raw gas from local fields, could generate cheaper power if the government secures additional gas supplies from other fields.
