Pakistan, May 2 -- Prime Minister Shehbaz Sharif has approved the new 10-year power plan IGCEP 2024-34. It aims to save Rs4,743 billion by removing nearly 8,000 MW of expensive electricity projects. The plan promotes renewable energy and focuses on reducing electricity tariffs through smart planning.

The revised plan cuts the generation target from 14,984 MW to 7,017 MW. Meanwhile, 7,987 MW will come from local and renewable sources like solar, wind, hydropower, and nuclear energy. These changes will save billions in foreign exchange and support long-term energy security.

Moreover, the government will end outdated policies such as cost-plus tariffs and capacity payments. Future energy projects will be awarded through open bidding based ...