ISLAMABAD, Nov 17: A bid evaluation committee on Monday recommended Gulf Rental Power and Independent Power Pvt Ltd for generation of 80.5 and 220.9 megawatts, respectively.

The two companies were recommended after the financial proposals of bids received for fast-track rental power projects to be commissioned by the end of next year were opened at a meeting at the Private Power and Infrastructure Board (PPIB).

The meeting was headed by PPIB Managing Director Fayyaz Elahi and attended by Water and Power Minister Raja Pervez Ashraf, the responsive bidders and members of the board.

The read out tariff of Gulf Rental Power is $16.372 per kilowatts (Kwh) and that of Independent Power Pvt Ltd is $18.882 per Kwh.

The term of tariff for both the projects is 60 month each. However, the tariff will now be reviewed by the bid evaluation committee and the bidders will be notified within a week.

The evaluation committee has recommended the bids as per the 2005 government tariff guidelines, an official announcement stated.

The minister said that the government had advertised its demand for bids on September 26 in order to generate the power on fast-track basis.

He said that the PPIB, Water and Power Development Authority (Wapda), the National Transmission and Dispatch Company (NTDC) and Finance Division will review technical proposals according to the predefined criteria and the financial proposals of the bids would be opened at an early date.