Prime Minister Shehbaz Sharif has approved Pakistan’s revised 10-year Indicative Generation Capacity Expansion Plan.  The meeting focused on finalizing the IGCEP 2024–2034, a forward-looking roadmap that emphasizes affordability, local resource utilization, and a transition to a competitive electricity market. The new strategy  is  projected to save the national economy Rs4,743 billion (approximately USD 17 billion) by excluding nearly 8,000 megawatts of high-cost electricity projects and optimizing project timelines. The plan reflects a decisive shift from dependence on imported fuels toward indigenous and renewable sources such as solar, wind, hydropower, and nuclear energy. This transition is expected to not only save Pakistan billions in foreign exchange annually but also bolster energy security amid global market volatility. The Prime Minister  directed authorities to expedite completion of critical infrastructure projects like the Diamer-Bhasha Dam, warning that delays in energy-related projects would no longer be tolerated. The PM announced that a free and competitive electricity market would soon be established in Pakistan. “This market will ensure power is supplied on competitive terms, contributing to the sustainability of the energy sector and further reductions in tariffs,”.       Under the updated plan, the government has slashed its initial generation capacity target from 14,984 MW to 7,017 MW, while simultaneously prioritizing 7,987 MW worth of projects powered by local and renewable sources.    The removal of 7,967 MW in high-cost, non-essential projects is expected to generate savings of Rs1,953 billion ($7 billion), while adjustments in project schedules could yield an additional Rs2,790 billion ($10 billion) in savings—bringing the total estimated savings to Rs4,743 billion. According to key highlights of the Integrated Generation Capacity Expansion Plan (IGCEP 2024–34), the government has prioritized low-cost and high-quality electricity, selecting new power projects strictly on the principle of least cost. A major policy shift under the new plan includes the removal or rescheduling of certain projects, resulting in national savings of Rs4,743 billion. (ICE ISLAMABAD)

Fonte notizia: business recorder