Hasnain Naqvee, Senior Partner at RIAA Barker Gillette, was invited by the Parliamentary Forum on Energy and Economy to speak at a panel discussion titled “Renegotiating IPP Agreements: A step forward in resolving the energy crisis?” The session, held on January 15, 2025 at the Pakistan Institute for Parliamentary Services (PIPS) in Islamabad, comes amidst ongoing government efforts to revisit contracts with independent power producers (IPPs) to manage rising electricity costs.
Distinguished speakers at the forum included Muhammad Ali, Special Assistant to the Prime Minister on Power; Manzoor Ahmed Alizai, Energy System Expert at PRIED; Shahid Kardar, Former Governor of the State Bank of Pakistan, and Mirza Ikhtiar Baig, Member of the National Assembly. Senior parliamentarians, energy experts, industry representatives, and government officials attended the event.
Participants discuss challenges and issues related to power purchase agreements (PPAs) with Independent Power Producer (IPP) in Pakistan, which have come under government scrutiny as Pakistan grapples with power sector viability and affordability concerns. Many IPPs are financed by foreign lenders, and PPAs include incentives like guaranteed returns and take or pay commitments. The government is seeking to revise IPP contracts to manage costs. The proposed changes reportedly include reduced guaranteed returns, capped dollar indexation rates, and a shift away from take or pay commitments.
Hasnain Naqvee shared his insights on the legal and commercial implications of renegotiating IPP contracts, drawing upon his extensive experience advising clients in the energy sector.
Attendees highly praised Hasnain’s participation.
“Your crisp, bold, and eloquent articulation of the implications of the ongoing negotiations with IPPs was truly commendable.” commented one participant. “It was both inspiring and encouraging to witness such a balanced and fearless expression of the views, which resonated strongly with the audience and added immense value to the discussion.”
As Pakistan navigates complex power sector reforms, RIAA Barker Gillette remains committed to engaging with stakeholders and contributing legal expertise to support sustainable solutions.
For more information on our power sector practice, please contact Senior Partner Hasnain Naqvee.
This article is not legal advice; it provides information of general interest about current legal issues.
RIAA Barker Gillette is Pakistan’s premier law firm, with an on-the-ground presence in four major cities in Pakistan: Karachi, Islamabad, Lahore, and Peshawar, and affiliated offices in Dubai (DIFC) and London.
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