LAHORE: The Independent Power Producers Advisory Council (IPPAC) has urged the Prime Minister to resolve serious financial crisis the independent power producers are facing on account of large overdue receivables from NTDC/CPPA.
“This is in continuation to our previous letter dated November 15th and as highlighted in the previous letter, the overdue amounts payable to the 20 members of the IPPAC are still outstanding and growing every month,” said the IPPAC in a communique on December 8, 2017.
“Since our last correspondence, the overdue amounts have risen from Rs 195 billion (as of October 31, 2017) to Rs 205 billion (as of November 30, 2017),” stated the letter, adding that for the last several months, IPPs have been requesting the Ministry of Energy on various forums for amicable resolution of overdue balance.
However, the letter added, Ministry of Energy has not been able to resolve these issues. “We would like to again emphasize that many of the IPPs are now so cash-strapped that they cannot timely service their respective financial obligations to their lenders, operators, fuel suppliers and other third parties,” stressed IPPAC.
