Government agrees to settle Punjab net hydel profit

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ISLAMABAD, Nov 7 (APP): The government has agreed to settle the net hydel profit of Punjab relating to Ghazi Brotha Hydel power project following the principles of similar settlement reached earlier this year with Khyber Pakhtunkhwa government on the same subject.
Decision to this effect was taken in a meeting chaired by Minister for Finance, Mohammad Ishaq Dar.
The meeting was attended by Federal Minister for Water and Power, Chief Minister Punjab, Shehbaz Sharif, Punjab Finance Minister, Federal Secretary Water and Power and other officials of the Federal and provincial government.
The term of the settlement envisaged payment of Rs.82 billion as net hydel power for the periods 2005 to 2016. Of this, Rs.38 billion would be settled through issuance of a promissory note by December 31, 2016 by WAPDA while the remaining amount would be paid over a period of next three fiscal years.
The WAPDA, through Ministry of Water and Power, after soliciting Council of Common Interest approval, would file a petition with NEPRA to seek a tariff determination for supply of electricity from Ghazi Barotha Hydel Power Plant incorporating the terms of the settlement.