The plant, which is set to start its generation from 2017, will provide cheaper electricity to public and also generate new job opportunities for the industrial and agricultural development.
Speaking on the occasion, the prime minister said that it was for the first time in the country’s history that massive savings were being secured during the implementation of new power projects, which he added was the proof of his government’s sincerity and transparency in its working.
He said that due to transparent international bidding and tender process by the government, the foreign power companies showed great confidence and gave low cost estimates for setting up of new projects.
The premier said that a total of Rs110 billion have been saved in setting up just three new power projects. He added that Rs300 billion had been allocated for the power plants to start with.
PM Nawaz said Pakistan was on track of progress and development as the inflation rate was at the lowest level in the last 15 years. “If progress continues for the next couple of years like this then Pakistan would come out of its prevailing crises,” he added.
The Balloki Power Plant will work with the 61.63 per cent working capacity that is higher than existing power plants.
The cost of generation of per megawatts from the plant will be $469,000f, which is lower than other power plants.
A total amount of Rs38.6 billion will be saved in connection with the construction cost of the plant while an amount of Rs5.8 billion from fuel expenditures.
Punjab Governor Malik Muhammad Rafiq Rajwana, Chief Minister Shahbaz Sharif, Federal Minister for Water and Power Khawaja Muhammad Asif and Information Minister Senator Pervaiz Rashid among others attended the ceremony.
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Special coverage on China's Two Party Sessions by The Daily Mail - People's Daily