The announcement came after a government team involved in the IPP agreements met with Chairman NAB Justice (retd) Javed Iqbal today.
The government would be able to save Rs836 billion from the agreements with the IPPs after they get a final nod from the federal cabinet.
So far 47 IPPs with an overall production capacity of 7450MW electricity have agreed to sign the agreement with the government for a cheaper power supply.
The government team has reportedly had successful deals with 18 new IPPs, including KAPCO for 1600MW generation, for affordable power
Industries to get power at half the tariff which will save Rs21 billion collectively in production costs, ensuring an impetus for industrial growth
The foreign minister highlighted that Prime Minister Imran Khan had asked IPPs for reducing the electricity rates.
A 25 to 30-year agreement between the government and IPPs is currently under consideration, said the head of IPPs probe body.
Lauding the amendments made to the agreements with the independent power producers (IPPs) by mutual consent, Prime Minister Imran Khan on Monday said that revisiting the contracts will help reduce the country's circular debt.
The minister added that the consumers will be provided low-cost electricity after the implementation of reform plans in production and supply sections.
We have successfully held talks with the IPPs and signed a renewed deal with them, Shahzad Qasim said.