Baghdad: Prime Minister, Mohammed Shia Al-Sudani, launched the executive works of the Yusifiyah Thermal Power Plant, an investment project with a total capacity of 1,400 megawatts.

According to National Iraqi News Agency, Al-Sudani praised the efforts that contributed to activating the project, which had been stalled since 1990. He noted that the government has taken on the responsibility of completing it to enhance the capacity of the national electricity grid. He emphasized that Iraq's electricity sector has witnessed modernization, expansion, and development in line with national growth needs during the current government's tenure.

The Prime Minister stressed the importance of completing the full cycle of energy production, consumption, and billing, and moving away from past policies that burdened the state budget without generating real financial returns. He added that the government adopted a new investment-based financial model that improved previous contract terms, reduced tariff rates, achieved savings of up to 43%, and preserved public funds while ensuring an attractive environment for investors.

Al-Sudani stated that the government instructed the Ministry of Electricity and relevant bodies to calculate energy production costs and recover them through billing. He highlighted the need to rationalize consumption and cover production expenses, noting the formation of a specialized committee to review billing mechanisms to ensure they reflect actual production, distribution, and the financial load on the state treasury.

He added that the government is working to complete residential units and secure stable power supply, while implementing a 20-year plan to add 57,000 megawatts in cooperation with Siemens and GE. The plan also includes integrating renewable and solar energy projects and adopting long-term maintenance strategies based on sound planning principles for the production sector.