Lahore: The President of the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has called for the termination of all agreements with Independent Power Producers (IPPs) and the transition to more cost-effective electricity sources without capacity charges. This decision emerged from a think tank session held at the Chamber Secretariat, where the focus was on shifting towards solar energy to leverage Pakistan's abundant sunshine for more sustainable and affordable power solutions.

According to Pakistan China Joint Chamber of Commerce and Industry, the session underscored the untapped potential of solar power in Pakistan, despite the country being ideally situated for solar energy production. Moazzam Ghurki, President of PCJCCI, pointed out the economic strain caused by pending capacity payments to IPPs, totaling Rs 2 trillion, which he claimed hampers economic activity and could lead to a total economic collapse if not addressed promptly.

The dialogue highlighted comparisons with global solar energy costs, noting that while other countries benefit from solar power at 4 cents per unit, Pakistanis pay 13 cents per unit. The discussion included insights from Fang Yulong, Senior Vice President of PCJCCI, who elaborated on China’s advancements in solar technology and its role in reducing costs globally. Additionally, Vice President Hamza Khalid and Secretary General Salahuddin Hanif discussed the potential repercussions of current electricity pricing on Pakistan’s business community and the importance of legal and regulatory reviews to prevent future crises.