Islamabad: Prime Minister Shehbaz Sharif has praised the power division for achieving a reduction in the losses of power distribution companies by 193 billion rupees, marking a significant achievement for the first time in many decades.

According to Radio Pakistan, Prime Minister Shehbaz Sharif expressed his appreciation while chairing a meeting of the Cabinet Committee on Energy. He indicated that the reduction in losses would aid the privatization process of these companies. The Prime Minister also commended Federal Minister for Power Division Sardar Awais Ahmed Leghari and his team for their effective performance in implementing power sector reforms.

During the meeting, it was highlighted that the Lahore Electric Supply Company and Multan Electric Power Company demonstrated the best performance in reducing losses. The financial situation of power distribution companies showed an improvement of 242 billion rupees, while the flow of circular debt was reported at 780 billion rupees.

The meeting also received updates on the completion of the operationalization of the Independent System and Market Operator. Additionally, market operations departments have been established within the National Transmission and Dispatch Company and power distribution companies.

Furthermore, the Cabinet Committee approved amendments to the National Electricity Plan-Strategic Directive-87. The amendments specify that the cost of electricity transmission, or wheeling charges, will be 12.55 rupees per kilowatt, with the bidding price to be included in this cost.