A meeting of the Cabinet Committee on Energy (CCOE), chaired by Federal Minister for Planning, Development and Special Initiatives Asad Omar, was held here in Islamabad on Thursday.
The Energy Division submitted a Competitive Trading Bilateral Contract Market (CTBCM) design to the CCoE for review and finalization. The Energy Division also informed the committee of its execution plan.
The energy division informed the committee that in the first phase, consumers with a load of 1 megawatt or more will participate in a competitive bidding process. These consumers account for about 16% of all electricity sales. Later, when the market stabilizes and matures, more consumers will be added to the market. The committee approved the design principles and implementation plan for the CTBCM.
The Energy Division informed the committee about the implementation of the circular debt reduction plan. The committee reviewed the implementation status and instructed the Ministry of Energy to fill out the open questions and submit formal proposals to the Economic Coordination Committee for a final decision.
The meeting was attended by Energy Minister Omar Ayub Khan, Federal Minister of Media and Broadcasting Shibli Faraz, Interior Minister Sheikh Rashid Ahmed, Prime Minister’s Financial Adviser Abdul Hafiz Sheikh, SAPM Petroleum Nadeem Babar and Adviser to Prime Minister Abdul Razzak Dawood. Other senior officials of various departments were also present.
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