ISLAMABAD : Many in Pakistan believe that IPPs are owned by the foreigners who could not be demanded to re-negotiate anti Pakistan agreements. It’s also generally believed that these IPPs in 100 of numbers are meant to mitigate Pakistan’s decades old power crisis. But the details made available to NEWSMAN negate all such notions. In fact the local and foreign IPPs are equally plundering Pakistan’s financial resources as criminally motivated agreements signed by the rulers of Pakistan between 1994 to 2017 are one-sided made in favour of the ‘investors’. In majority of the cases, IPPs are owned directly by Pakistan’s ruling elite or their cronies. Since the ‘investors’ being from the ruling elite or their kin were at liberty to get wished concessions like period of the projects and tariff they made every trick to turn these agreements in their favour. The Public Private Infrastructure Board (PPIB) and NEPRA are two state departments which played a key role to bring in IPPs under ultra beneficial terms and conditions.
NEWSMAN made a compassion of a few IPPs cases to help its readers to understand the size and nature of IPPs monster . Its also enough to establish how PPIB and NEPRA facilitated influential from in and out of Pakistan to bring in most of the cases absolute power plants and get irrationally higher return on their ‘investment’s. These few cases of IPPs and their terms and conditions highlight how NEPRA played a criminal role in legalizing anti Pakistan agreements for IPPs.
For a comparison, DIN Energy is a local IPP and NEPRA awarded it 14.4 percent return on its investment. Its return on equity is 5.5 % . These returns for DIN Energy are approved by NEPRA. The same NEPRA approved 38.4 percent return for TriconBostan , again a local IPP. Its around 180 % more than DIN Energy. Then comes GAWPL , a project of same capacity of GUL Ahmad Group, local IPP it surpassed TriconBoston and managed to get 62.15 percent return on investment from NEPRA. UEP, a Chinese IPP and part of much trumpeted CPEC , has been awarded 47.9 % return on its investment from NEPRA. Since Pak-China friendship is deeper than the oceans as PM Sharif keep narrating day and night , Chinese IPPs deserved more return than other IPPs. Sapphire, a power project of a local group also seemed close to the ruling elite as it is also approved 46.22 % return on investment. For the consumption of those who believe in this notion that Pakistan has no dollars , these payments to IPPs (Local and foreign ) are made in dollars.
IPPs agreements are based on criminal approach of the ruling elite to pass on undue benefit of trillions of rupees even at the cost of Pakistan’s economic sovereignty. IPPs concept is primarily aimed at a short period to plug in shortfall of electricity in any country, but in the case of Pakistan it was introduced for a long term basis basically to dole out trillions of rupee to blue-eyed investors and get kickbacks on this money paid from the public taxes. For years, Pakistan’s public at large had no idea what dirty game their ruling elite has played with them in the name of IPPs and how this monster will endanger Pakistan’s economic sovereignty one day. Now after three decades , Pakistanis have seen only a small part of the conspiracy as some individuals like Gohar Ejaz and some trade bodies like FPCCI have raised voices against IPPs’ plundering. Gohar Ejaz, who being an industrialist himself is one of victim of IPPs, is brining out facts on IPPs and demanding of the rulers to stop fleecing the people of this country through IPPs. Pakistan’s every household , businessman, industrialist and a commoner is victim of IPPs . At present Pakistan’s 240 million people are literally hostage to IPPs as a vast majority of them is unable to pay electricity bills. The people of this country are in unending shock as to why their rulers signed such agreements with IPPs which are not only anti people, but also anti state. After three decades, the people of Pakistan are now getting some idea as to who is who in IPPs fraud. The corrupt janta of this country started dirty game of IPPs for sucking up major part of taxes paid by Pakistanis. According to some media report, Pakistan has paid over 8 trillion to IPPs owners so far and this blood-sucking game is on to keep sucking more blood of the people of Pakistan. Now since its the case of survival of the state tis responsibility of each Pakistani to demand end to IPPs stigma and press the government to produce electricity from cheaper sources like hydel and nuclear and solar.
