Expressing deep concern over prolonged electricity load shedding, the Islamabad Chamber of Commerce and Industry (ICCI) urged the Government to seriously resolve the power crisis that are hitting all sectors of economy including trade and industry.

There is dire need to initiate various power projects to bridge supply and demand gap as it is high time to develop all available energy generating resources including hydel, thermal and wind to end the energy crisis, Asad Farid, Acting President ICCI made these remarks during a meeting held at Chamber House.

He was commenting over the recently released economic survey of FY2011-12 that indicated the estimated cost of power crisis to the economy which was around Rs.380 billion per annum. He was concerned over a deteriorating electricity situation and strongly emphasized upon the Government to give immediate attention to run the existing units by removing faults and providing gas to power producing units.

ICCI President was of the view that high power tariff, a burden on businesses and consumers, could be reduced by utilizing the available water resources more efficiently as the water is the most viable and cheapest way to produce electricity.

Asad Farid said that the power shortage has been one of the major factors that have caused Pakistan’s economy to under perform its regional peers. He indicated that sudden electricity supply cuts have negatively impact the production process as well and export of value added industries which was considered to be a major foreign exchange earner of Pakistan has also recorded a steep fall due to electricity load shedding. He urged the Government to take all possible steps for consistent supply of electricity to industries.

He said the ICCI has repeatedly warned the Government about the massive lay-offs and industrial closures if it fails to immediately stop power outages but Government is not wiling to understand the ground realities.

ICCI Acting President said that the most of industrial units had already reduced their working to single six-hour shift from the previous three shifts system, adding that it had led to increased level of raw-material wastage leaving production process non-feasible. He urged the Government to take notice of this grave situation to save the ailing industrial units of the country.