The Independent Power Producers (IPPs) have rejected the report of the technical committee stating that it has ‘glaring gaps’. The IPPs will be sending a joint letter to the government on the formation of a Commission and rebut every charge of the committee.
The IPPs are facing charges of high profits and cheating with respect to fuel consumption and inflicting over Rs 4 trillion financial loss on the national exchequer during the last 13 years. However, the IPPs have brushed aside the findings of the nine member committee headed by a former Chairman SECP.
The reports says that 16 IPPs invested around Rs 60 billion and earned Rs 600 billion in profits in a period ranging from two to four years.
Power sector experts are of the view that the committee did not find any violation in implementation of contracts signed with the IPPs.
It is pertinent to mention here that IPPs are ready to go to London Court of Arbitration, in case it does not work out with the government, where IPPs have already won the case.