KARACHI: Pakistan Federation of Chambers of Commerce and Industry (FPCCI) acting President Saqib Fayyaz Maggu said capacity charges have to be paid due to irrational contracts with Independent Power Projects (IPPs) and they should be immediately reviewed as 25 percent of industry has been shut downed.

Unless energy prices are reviewed, industry cannot survive, he said, adding that issue was required to be resolved immediately. He expressed these views while addressing am emergent press conference where other leaders of business community including SM Tanveer, Asif Inam, Zubair Tufail, Mirza Akhtar Baig and others were present there. Patron-in-Chief of United Business Group SM Tanveer said forensic audit of IPPs should be done as Rs 2,000 billion were being paid by people in name of capacity charges. FPCCI Vice President and Aptma Chairman Asif Inam said exports targets could not be achieved due to expensive electricity and industry was shutting down across country. Former FPCCI president Zubair Tufail said every sector was in crisis due to expensive electricity and damages done by IPPs should be reviewed. Responsible for irrational agreements should be brought to books, he demanded. MNA Mirza Akhtar Baig said industry would be closed due to decisions being taken. Expensive electricity was not acceptable to anyone and those who are beneficiaries of these irrational agreements should be taken to task, he concluded.