KARACHI:
Federation of Pakistan Chambers of Commerce and Business (FPCCI) President Atif Ikram Sheikh has aired concern over the continuing curtailment of 12 low-tariff wind energy initiatives.
“That is taking place regardless of their price effectiveness and alignment with the nationwide vitality targets,” he mentioned whereas criticising the continued desire for costly, out of date energy sources. He urged the federal government to stick to the Renewable Vitality Coverage 2006.
In an announcement, Sheikh mentioned the present scenario was inflicting important curtailments, resulting in substantial monetary losses for wind vitality challenge builders. This situation is impacting their capacity to service debt, proceed operations and likewise compromises their return on funding (ROI), which is jeopardising future growth as effectively.
Owing to the curtailment challenges, the arrogance amongst overseas buyers will likely be severely affected and it’ll immediately affect any future overseas direct funding within the renewable vitality sector. Finally, it may result in challenge defaults and monetary instability, he mentioned.
The FPCCI president known as for making a secure, constant and supportive atmosphere for renewable vitality in alignment with the Particular Funding Facilitation Council’s (SIFC) concentrate on the vitality sector.
Within the curiosity of the nationwide economic system and energy shoppers, the FPCCI demanded a right away and lasting finish to the curtailment for the 12 wind energy initiatives having low tariffs. It additionally burdened that the present vitality buy agreements must be honoured.