Govt approved electricity auction

Pakistan Government approved a pilot electricity auction to allow power to be bought and sold through competition, a first step leading towards market force to determine electricity prices. Currently the Government sets the price of power, which leads to discontentment among the masses due to alleged inefficiency and corruption in the power sector. The Pakistan Muslin League-Nawaz led Government had long indicated to leave the issue of electricity price to be decided by the primary force of demand and supply. In this regard, the Cabinet Committee on Energy on Wednesday approved framework guidelines for a “wheeling” auction of 800-megawatt of electricity under the Competitive Trading Bilateral Contract Model (CTBCM), reported Dawn.