Miftah Ismail's shocking revelations regarding IPPs | Shehbaz Govt In Trouble | Breaking News
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Miftah Ismail's shocking revelations regarding IPPs | Shehbaz Govt In Trouble | Breaking News
Miftah Ismail's shocking revelations regarding IPPs | Shehbaz Govt In Trouble | Breaking News
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00:00Mr. Ismail, do you agree with the fact that if there is a problem with the IPP, then 70-80% of the problem with electricity bills is already solved?
00:13Or do you think that this is also a problem, but there is a need to implement some other things, then the burden of electricity can be reduced?
00:21Thank you, Mr. Wadawi. We did not protest. We protested in front of the K-Electric office.
00:28We reached at 3.30 and left at 5. We went home.
00:34We promised that we would not break a single pot or a single leaf.
00:42And by the grace of God, this happened. And we went and protested peacefully.
00:47The second thing is that if you stop giving money to the IPPs, then if the IPPs do not stop giving electricity, then your electricity will be finished in Pakistan.
00:54Now, if you lease a car and there are monthly lease payments for it, if you stop giving, then the car owner will take back his car.
01:01You have rented a car, so if you stop paying rent, he will take the car back.
01:06This is a strange thing that you do not give money to the IPPs.
01:09You can say that Rs. 34 is the average tariff in Pakistan. The average tariff that NEPRA has approved for the K-Electric company is Rs. 34.
01:16Right.
01:17So, out of that, 18 IPPs become Rs. 18, if there are 100 billion units.
01:23There are a lot of mistakes in this. One is that more IPPs are installed. Maybe there was no need for so many IPPs.
01:29The second is that they are installed without bidding. It was necessary to be installed with bidding.
01:33Only Saqqan Abbasi did bidding in his time, that bidding is necessary. Then Mr. Imran Khan changed it again.
01:39So, Mr. Musharraf, Mr. Benazir Bhutto, Mr. Muslim Jigmohan, all of them were installed without bidding.
01:44Mr. Imran Khan also installed IPPs without bidding in his time.
01:47So, one thing is that it should be installed with bidding and a little more IPPs are installed.
01:51If in such a poor country, if we do load shedding for 2 hours, then 3000 MW could have been installed less.
01:56Mr. Zubair, first of all, I want to ask you a simple question.
01:58There is something that is not ideal in the contracts of IPPs.
02:01For example, giving without bidding or anything.
02:03Can this be undue or not? Can there be only regret on this or can there be something else?
02:07There can be regret and right now the government should have changed the policy.
02:12But the request is that when you do bidding, you discover what is the minimum price at which they are willing to buy.
02:19And you also discover what is the minimum interest rate at which they are willing to buy.
02:24Mr. Zubair, please tell us in simple words.
02:28Is there any easy solution to these problems?
02:31And this is also related to the second question.
02:33If there is, then it is very natural that people have questions in their minds.
02:37If Mr. Zubair is talking, then Mr. Zubair was in the government yesterday.
02:40Why has this problem not been solved?
02:41If Mr. Miftah is talking, then why has he not been able to solve it?
02:43If Mr. Mustafa Kamal is talking, then why has he not been able to solve the problem from the government?
02:46So, tell us, if it is that simple, then why have these problems happened?
02:49They have not been solved yet.
02:51The first thing is that when Mr. Miftah was talking, I could not hear him.
02:55So, I do not know what he said.
02:57So, his summary is that you will have to oversimplify this.
03:00If you say, sir, undo this, the agreements are not right.
03:03And it is not that simple and there are sovereign guarantees involved.
03:06The agreements cannot be changed so easily.
03:09Yes.
03:10According to me, the entire power sector…
03:12You see, at the end of the day, the bottom line, the electricity bills that come to the people or come to the industry,
03:19that is the most important.
03:21That is the culmination of all those things that the people or non-people of the power sector reflect,
03:28or the implementation of past contracts or present contracts, etc.
03:32That is it.
03:33So, it is a serious problem.
03:35I think if you ask the public or an ordinary person,
03:38then no one will say that I am satisfied with the electricity bill.
03:41Right.
03:42Everyone will say that I cannot afford this.
03:44That is right.
03:46If I am not mistaken, a while ago, I was reading an article,
03:50that since 2015, the electricity bill has increased by 350%.
03:54So, there is a problem.
03:56And it is a very serious problem.
03:58So, it has to be tackled.
04:00IPPs are one of the issues.
04:02And as far as IPPs are concerned, the contracts that were approved or not,
04:07I will agree with you.
04:09I think the expectation or the realization that was not done,
04:16that how many difficulties will they create in the future,
04:21in terms of the capacity charges.
04:23On one hand, the capacity charges were increasing.
04:26On the other hand, obviously, they had to pay the capacity charges.
04:31And they are more than 2 trillion now.
04:33So, more than 2 trillion will affect every sector.
04:37This is not a big deal.
04:39But if we say that IPPs are easy.
04:41First, let me finish on IPPs.
04:43I am a part of the IPPs contracts.
04:46It is not just about the sovereign guarantees.
04:49It is about the image of the whole of Pakistan.
04:51If we cancel any unilaterally today,
04:54then tomorrow, in any other sector,
04:57why will an investor come to Pakistan and invest?
05:00Including our local investors, big investors,
05:04if they are told today,
05:06I am not taking anyone's name,
05:08that we will not give your electricity factory.
05:12And we have cancelled it from today.
05:14We will not give the capacity charges.
05:16Then why will he invest in other sectors?
05:18He will say, this is the situation of 1971-1972 nationalization.
05:23When you decided unilaterally that we are going to nationalize.
05:29And this is not your sovereignty.