The Pakistan Atomic Energy Commission (PAEC) has submitted a petition to the National Electric Power Regulatory Authority (Nepra), requesting a levelised tariff of Rs16.7354 (5.97 cents) per unit for the upcoming Chashma Nuclear Power Plant-5 (C-5). The 1,200 MW project is expected to be completed in 81 months at a total cost of Rs1,124.842 billion, with a financing structure of 19% equity and 81% debt.

In its petition, PAEC has proposed a two-part tariff structure comprising a fixed Capacity Purchase Price and a variable Energy Purchase Price on a “take or pay” basis. The requested tariff includes Rs19.8268 per unit for the first 12 years and Rs9.6320 per unit for years 13-40, resulting in a levelised tariff of Rs16.7354 per unit over the 40-year project lifespan.

The total project cost of Rs1,125 billion includes:

• EPC (Engineering, Procurement, and Construction) Costs: Rs965.835 billion
• Non-EPC Costs: Rs69.469 billion
• Interest During Construction (IDC): Rs89.538 billion
• The overnight capital cost has been estimated at $3,081 per kW. The project will be financed with an 81% loan from China at an interest rate of 3%, with an assumed exchange rate of Rs280 per US dollar, Rs38.50 per RMB, and RMB7.27 per US dollar.

The PAEC has requested a 14.5% annual return on equity, with equity redemption planned over 28 years (from years 13-40). The debt repayment period is set at 12 years, with an 8-year grace period. The C-5 plant is designed to operate at a 90% plant factor, ensuring high efficiency and reliability.

Pakistan’s Nuclear Power Landscape
Pakistan currently operates six nuclear power units across two sites, with a combined electricity generation capacity of 3,262 MW:

Chashma Nuclear Power Generating Station (CNPGS): Located in Punjab near Mianwali, this site houses four units (C-1, C-2, C-3, and C-4), each based on a 300 MW pressurised water reactor (PWR) design.
Karachi Nuclear Power Generating Station (KNPGS): Located in Sindh near Karachi, this site includes two advanced PWR units, KANUPP-2 and KANUPP-3, each with a capacity of 1,100 MW.
Additionally, the 137 MW KANUPP-1 unit, based on a pressurised heavy water reactor (PHWR) design, is being decommissioned after 50 years of operation.