ISLAMABAD: An emergency meeting of board of directors was convened to deal with the financial issues of the Neelam Jhelum hydropower project, Minister of State for Water and Power Chaudhry Abid Sher Ali said that the project would be completed on time.
According to a handout from Ministry of Water and Power, the minister said this during his visit to Neelum Jhelum Hydropower Project in Azad Jammu and Kashmir.
The strategic 969MW Neelum-Jhelum hydropower project is facing serious financial constraints and despite the prime minister’s instructions, it is feared that none of its units would be operational next year due to lack of finances.
The fiscal problems reportedly stemmed from inability of the Economic Affairs Division to arrange $475 million (Rs47.5 billion) from local or international banks and financial institutions for almost four years.
Chairman Wapda Zafar Mehmood told a Standing Committee meeting recently that for the arrangement of additional financing of $68 million to ensure the commissioning of first unit (242MW) of Neelum Jhelum hydropower project, scheduled to be completed in December 2015.
CEO project last month conveyed to government that due to shortage of funds it would not be possible to continue work on project in January 2015.
Chaudhry Abid Sher Ali, during his visit, agreed that continuous cash flow is pertinent for early completion of the project. In this regard, he said all efforts are being made to address certain financial challenges.
The minister also quoted that despite of all challenges including financial and rock bursting in the tunnels they are determined to bring this project in national grid on war footings.
Ali visited various sites of the project including powerhouse, transformers hall, and the weir (dam). He also observed the operation of tunnel boring machines.
The minister said that it was his fourth visit to Neelum-Jhelum hydropower project, which is aimed at witnessing the pace of work to make sure that the Project starts electricity generation on time as directed by the Prime Minister.
The minister said that democratic government is exploring all possible avenues to solve the energy crisis under the leadership of Prime Minister Muhammad Nawaz Sharif.
He said that it was the Prime Minister’s desire that maximum relief should be provided to the common man by way of availability of affordable electricity for which the Ministry of Water and Power was particularly focusing on development of water and hydropower projects in the country.
Earlier, Chairman WAPDA briefed the Minister of State for Water and Power about the progress on the project.
He said that WAPDA was making earnest efforts to complete the project in line with the directions of the Prime Minister.
Electricity price may rise as Discos seek extra fuel cost charge
ISLAMABAD: Electricity consumers may face higher power bills starting in May, as power distribution companies have requested the national energy...
