Supreme Court seeks payment schedule to Independent Power Producers – Alfalah Securities Limited

Karachi, July 12, 2012 (PPI-OT): Supreme Court has directed Attorney General of Pakistan to submit a schedule to payment to be made to the 8 Independent Power Producers (IPPs) that invoked sovereign guarantee for non payment of PKR. 61.401 billion at its due dates by NTDC.

According to Alfalah Securities Limited, the IPPs that had filed the petition to initiate legal action due to failure of government to make timely payments against the power supplied. This amount includes: the capacity payment of PKR 19.379 billion, energy payment of PKR 37.846 billion, and other payments of PKR 4.176 billion. The 8 IPPs are Orient Power, Atlas Power, Nishat Power, Nishat Chunian, Saif Power, Halmore Power and Sapphire Electric which are due to receive PKR 11.131 billion, PKR 4.121 billion, PKR 10.478 billion, PKR 9.661 billion, PKR 10.899 billion, PKR 5.722 billion, PKR 2.415 billion and PKR 6.974 billion respectively. The receipt of the outstanding dues would be improve the cash position of the said IPPs.