Delays, poor design, and lack of consultation with industries risk turning CTBCM into a missed opportunity for Pakistan’s power sector and its industries.

For years, Pakistan’s power sector has operated on a single-buyer model that leaves industrial consumers with little to no choice, rising costs, and no meaningful competition in the sector. The Competitive Trading Bilateral Contracts Market (CTBCM) was supposed to change that. Approved by NEPRA in 2020, it promised to open the market so Bulk Power Consumers (BPCs), those using more than 1 MW, could buy electricity directly from generators at negotiated or cheapest prices. The vision was simple: competition would drive efficiency, private investment would flow, and tariffs would become more competitive.

Billions have since been spent on training, IT systems, and legal frameworks to make this happen. Donors, consultants, and the market operator have put in years of work. Yet, five years later, the market is still not there. Therefore, the industry confidence is wearing thin.

One of the biggest frustrations from businesses is the almost complete lack of awareness and engagement. Gurus sitting and making tariffs and decisions are absolutely unaware of ground realities of how industries in Pakistan operate, they seldom leave their air-conditioned offices to actually go and check the working and functionality of the industry.

Beyond a handful of isolated efforts, a seminar at NED University led by then-Chairman Tauseef H. Farooqi, seminars, and efforts from Renewables First, and an analysis by Arzachel, there has been no sustained outreach. No consultation No regular workshops, no clear timelines, no detailed explanation of how the market will actually work. Many factory owners still don’t know what CTBCM or Electricity is, let alone how to........

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