ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday approved 8.12 cents per unit upfront levelised tariff for 1,320MW Port Qasim coal-based power plant for 30 years.
To be set up by Port Qasim Electric Power Company, a shareholding of Power Construction Corporation of China and Al-Mirqab Capital of Qatar put together by former Ehtesab Bureau chief Saifur Rehman, the project’s groundbreaking was performed by Prime Minister Nawaz Sharif on May 7 last year.
The project comprises of two 660MW worth $770 million each (1,320MW of about $1.54 billion). It would initially be a 660MW project which would be upgraded with addition of another plant.
The project also involves Sinosure insurance fee of 7 per cent on the total debt servicing which stands at 75pc of the project cost.
Nepra said it had also allowed a 150MW coal-based power plant of Garang Power Limited at a tariff of Rs8.4 per unit (8.64 cents per unit) for 30 years.
The determinations issued under section 31 sub section (4) of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997. It said the regulator had introduced a new procedure of upfront tariff under which it cleared tariff in within 10 days after filing of application.
The prime minister had declared Port Qasim project as the first plant under the Pakistan-China economic corridor project in which Beijing would invest $33bn.
The project was expected to complete in 2017.
Published in Dawn, February 14th, 2015