The Cabinet Committee on Energy (CCOE) on Thursday approved the principles and implementation plan for the Competitive Trading Bilateral Contract Market (CTBCM).

During a meeting held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, the Power Division presented the design of CTBCM for consideration and review.

The division also apprised the committee of its implementation plan.

According to a statement, the Power Division informed the committee that in the first phase, consumers with a load of one megawatt or above would participate in the competitive market.

These consumers represent around 16% of the total electricity sales.

It added that more consumers would be added to the market subsequently when the market stabilised and matured.

 The Power Division updated the committee on implementation of the circular debt reduction plan.

The committee directed the Power Division to conclude the open items and submit formal proposals to the ECC.