Atta ur Rehman
The Cabinet Committee on Energy (CCOE) has approved the design of Competitive Trading Bilateral Contract Market (CTBCM).
According to details, the decision was taken in a meeting of CCOE that was held under the Chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar here in Islamabad on Thursday.
During the meeting, the Power Division presented the design of CTBCM for consideration and review of CCoE. They also apprised the committee of its implementation plan.
The Power Division has briefed the committee that in the first phase the consumers with a load of 1 MW or above will participate in the competitive market. These consumers represent around 16% of the total electricity sales. More consumers will be added in the market subsequently when the market stabilizes and matures.
The Cabinet Committee gave approval of the design principles and implementation plan of the CTBCM.
The Power Division also updated the CCOE on implementation of the circular debt reduction plan.
The committee reviewed the implementation status and directed the power ministry to conclude the open items and submit formal proposals to the ECC for decision.
The meeting was attended by the Federal Minister for Energy Omar Ayub Khan, Federal Minister for Information and Broadcasting Shibli Faraz, Interior Minister Sheikh Rashid Ahmed, Advisor to Prime Minister on Finance Abdul Hafeez Sheikh, SAPM on Petroleum Nadeem Babar, Abdul Razak Dawood Adviser to the Prime Minister on Commerce and Investment and official of various divisions.