Load shedding is back across Pakistan, not because the country doesn't have power plants but because the system keeps failing when it’s needed most. A 4,000MW shortfall in peak winter has translated into hours of darkness, water shortages and freezing homes despite consumers continuing to pay billions in capacity and surcharge payments.

Fog, low hydel, reduced net-metered solar output, gas shortages and plant shutdowns are being cited as the “reasons” but none of these are any surprise. Winter fog in Punjab is an annual phenomenon. So is reduced hydel generation. These risks were known, priced in, and used for years to justify expensive IPP contracts that promised reliability during peak demand .

If power isn’t available in exactly the conditions it was built and paid for to handle, the question isn’t why load shedding is happening — to keep it away is what exactly are we paying for?

Pakistan’s power consumers are set to keep paying a Rs3.23 per unit Debt Service Surcharge (DSS) until around 2032. They are paying this surcharge, not because electricity is costly to produce but because the power sector remains trapped in chronic issues of line losses, mismanagement and electricity theft.

With circular debt exceeding Rs1.8 trillion, the burden of fixing systemic failures is being shifted to households, hitting low-income users the hardest.

Paying off debt with bill collection without any long-term planning to fix the system raises a fundamental question: how long can consumers be made to fund the inefficient power sector?

Pakistan witnessed a historic surge in petrol and diesel prices, with an increase of Rs55 per litre, the largest single jump in recent years.

Fuel currently sold at pumps was imported weeks ago at lower rates, yet consumers are paying the full impact immediately. Pakistan holds 1.5 billion litres in reserves that could have cushioned the shock, but instead, the overnight hike generated an estimated Rs82 billion gain for the supply chain.

Instead of raising the levy, targeted relief for motorbike riders, rickshaw drivers, and transport workers could have stabilised prices without broad subsidies.

Pakistan’s reliance on imported oil leaves it highly vulnerable to global conflicts. Expanding renewable energy, improving public transport, electrifying mobility, and developing strategic reserves are key to reducing future fuel shocks.

The government plans to amend key power laws to bring Nepra under the Power Division. It wants greater control over the authority's decisions. This shift may reshape how tariffs are set and who really makes such decisions.

The CPPA-G has sought a massive increase in its budget from Nepra, proposing a 61.5% hike that would raise its annual costs from Rs2.89bn to Rs4.66bn. As the rationale, it has cited higher administrative expenses, new hires, and adjustments to past inefficiencies. If approved, the increase would push the per-unit charge paid by electricity consumers from 2.35 paisa to 3.80 paisa.

The request comes at a time when the power sector is under severe financial stress, with the government owing around Rs1.2 tr to independent power producers, including about Rs500 billion to CPEC-linked plants. Despite these liabilities and persistent inefficiencies in power procurement and settlement, the CPPA-G has also proposed a significant raise in board members’ perks.

The development has raised questions about Nepra’s role as the sector’s regulator, as critics argue that rising operational costs are being passed on to consumers without a corresponding assessment of institutional performance or accountability.