The Cabinet Committee on Energy (CCoE) on Monday approved incentives for existing refineries, including the upgradation of old oil refineries, the implementation of about 20 renewable energy projects blocked for years, and a national electricity plan.
The meeting cleared the Renewable Energy Projects, Petroleum Refining Policy for Brownfield projects, and National Electricity Plan 2023-27 as envisaged by law.
The decisions of the CCoE were expected to be formally ratified by the federal cabinet when it takes up a lengthy agenda item on Tuesday before bidding farewell.
The CCoE reviewed the summary presented by Minister of Energy Khuram Dastagir on wind and solar electricity projects under Category-III of the Alternative and Renewable Energy (ARE) policy 2019. Around 20 wind and solar projects in Jhimpir, D.I. Khan, Gwader, Bostan, Quetta, and Faisalabad were approved by the ministerial committee.
The National Electric Power Regulatory Authority will provide these projects with up-front market tariffs as per policy, allowing them to attain financial close and begin construction within six months.
The meeting was informed that the approval of these projects will encourage foreign exchange in the much-needed renewable energy industry.
Source: ProPakistani