KARACHI: Pakistan Federation of Chambers of Commerce and Industry (FPCCI) acting president Saqib Fayyaz Magu has said capacity charges have to be paid due to irrational contracts with the Independent Power Projects (IPPs) and they should be immediately reviewed as 25 percent of the industry has been shut downed.
Unless the energy prices are reviewed, industry cannot survive, he said, adding that the issue was required to be resolved immediately.
The acting president expressed these views while addressing am emergent press conference where other leaders of business community including SM Tanveer, Asif Inam, Zubair Tufail, Mirza Akhtar Baig and others were present there.
Patron-in-Chief of the United Business Group (UBG) SM Tanveer said a forensic audit of IPPs should be done as Rs2,000 billion were being paid by the people in the name of capacity charges.
FPCCI Vice President and Aptma Chairman Asif Inam said the exports targets could not be achieved due to expensive electricity and the industry was shutting down across country.
Former FPCCI president Zubair Tufail said every sector was in crisis due to the expensive electricity and the damages done by the IPPs should be reviewed.
The responsible for the irrational agreements should be brought to the books, he demanded.
MNA Mirza Akhtar Baig said the industry would be closed due to the decisions being taken.
The expensive electricity was not acceptable to anyone and those who are the beneficiaries of these irrational agreements should be taken to task, he concluded.
