KARACHI: National Electric Power Regulatory Authority (Nepra) on Thursday has approved Rs 0.85 price cut per unit in power tariff for K-Electric customers.
The reduction has come in as fuel adjustment for the month of August.
K-Electric chairman had forwarded a plea seeking cut in price to Nepra. A meeting chaired by Nepra Chairman Tariq Sadozzai took the decision. The authorities said that the relief would be granted to the people in November billings.
The Karachi electricity company had saved at least Rs 1.31 billion in August.
Chairman Sadozzai said that K-Electric draws at least 650 Mega Watt (MW) power from the national grid. He also said that the company’s agreement with Nepra has expired but power supply has not been cut yet which is illegal.
He further said that K-Electric is receiving at least 96 percent of power from the national grid while production of its plant stands at 71 percent.
Separately, Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, had executed a commitment letter for a US$250 million, 10-year financing project in a signing ceremony earlier in October.
The ceremony was attended by the federal Finance Minister Ishaq Dar. The federal minister, while talking on the occassion said that overcoming energy shortage in the country is among the top most priority areas of the government.