Prime Minister Shehbaz Sharif has announced plans to establish a free market for electricity generation in Pakistan in the near future, aiming for further reduction of customs and to improve competition and improve the efficiency of the electricity sector.

“The creation of a competitive electricity market will not only make it possible to deliver power on a fair and effective basis, but it will also play an important role in reducing prices for consumers,” said Prime Minister Shehbaz.

He was chairman of a meeting in Islamabad on Thursday regarding the integrated generational capacity expansion plan 2024-20234 with a focus on sustainable reforms in the energy sector and lowering electricity stars.

During the meeting, the Prime Minister emphasized that delays in energy projects would no longer be tolerated. He announced that a free market for electricity generation would soon be set up in the country, enabling a competitive and sustainable stream supply. This reform, he noted, is expected to lead to further reductions in electricity rates.

When he highlighted the recent development, the prime minister pointed to the recent cut at approximately RS. 7.50 per Unit in electricity prices and confirmed the government’s obligation to long -term reforms that facilitate the financial burden of the public.

Officials informed the Prime Minister about ongoing reforms in the energy sector. Igcep was reassessed about his instructions and revealed several areas for improvement. It was revealed that a framework has been set up to enable competitive bid and power supply to the lowest possible costs in the next decade.

The plan now excludes high cost projects with a combined capacity of 7,967 megawatts. In addition, completion time lines for remaining generation projects are revised. These changes are expected to give savings of about $ 17 billion.

Officials further informed the meeting that local and alternative energy sources – such as solar, nuclear and hydropower – will be prioritized rather than imported fuels, a step that will maintain valuable currency reserves.

The government also gradually plans to fill out capacity payments for power manufacturers and adapt to its wider cost -saving strategy.

Prime Minister Shehbaz praised Minister of Power Sardar Awais Ahmed Khan Leghari and his team for saving Rs. 4,743 billion through the revised energy timetable and calls it a “historical performance” in Pakistan’s electricity sector.