ISLAMABAD -  Sub-Committee of Senate Standing Committee on Power has noted that five IPPs earned Rs40 billion extra profit during past seven years and directed NEPRA to register criminal cases against those IPPs which have provided wrong information regarding their profits.

Sub-Committee of Senate Standing Committee on Power, which met with Nauman Wazir in the chair, here directed NEPRA to conduct the audit of all the IPPs, register criminal cases against those IPPs, which have provided wrong information about their profits, and confiscate their assets.

The convener of the committee said that the data of five IPPs provided by NEPRA shows that from 2011 to 2018 they have made Rs 40 billion extra profit. There are total 186 IPPs registered with NEPRA.

The committee observed that extra tariff is being charged by the IPPs over and above 15% approved by NEPRA. Nishat Power Limited earned Rs 7.11 billion extra profit, Nishat Chunian Power Limited Rs 7.82 billion, Atlas Power Limited Rs 3.79 billion, Attock Generation Rs 11 billion and Liberty Power Rs 9.24 billion.

The committee asked for the accountability of all those IPPs which are making profits over and above the NEPRA approved return.

Chairman NEPRA has told the committee that they think that the IPPs are making more profit but they are evaluating the details about the extra profit. Chairman NEPRA said that the regulator will undertake the complete assessment of all the IPPs. He said that NEPRA had started assessment of the IPPs profit but they the power producers have gone to the court.

Chairman NEPRA said in future there will be competitive bidding for the installation of power plants.

Sub-Committee of Senate Standing Committee on Power is of the view that an overpayment of Rs 955 billion had been made to the IPPs during past seven years which has increased the circular debt.

The convener of the committee asked NEPRA to provide a comprehensive report on the raising trend in the profit of IPPs during next meeting.