The Cabinet Committee on Energy (CCoE) has approved the design, principles and implementation plan of the Competitive Trading Bilateral Contract Market (CTBCM).
Planning, Development, Reforms and Special Initiatives Minister Asad Umar chaired the CCOE meeting on Thursday, wherein the Power Division presented the design/implementation of the CTBCM for consideration and review of the CCoE.
The division briefed the committee that in the first phase, consumers with load of 1MW or above will participate in the competitive market. These consumers represent around 16pc of the total electricity sales. More consumers will be added subsequently when the market stabilises and matures.
The committee gave approval of the design, principles and implementation plan of the CTBCM.
Meanwhile, the Power Division also updated the committee on the implementation of the circular debt reduction plan.
The committee reviewed the implementation status and directed the power ministry to conclude the open items and submit formal proposals to the ECC for final decision.
The meeting was attended by Energy Minister Omar Ayub Khan, Information and Broadcasting Minister Shibli Faraz, Interior Minister Sheikh Rashid Ahmed, Finance Minister Abdul Hafeez Sheikh, SAPM on Petroleum Nadeem Babar, and Advisor to PM on Commerce Abdul Razak Dawood.