It is not as simple as you put it. At the time of Musharaf, the shortages may not had been that acute. None-the-less, it still doesn't take away from the fact that full capacity agreements with IPPPs hurting Pakistan badly.Should have already been close to it by now, had it not been for the self-acclaimed genius Gen. Musharraf. The decades of power shortages forced the small-medium setups to shutdown and most of the foreign brands to move base to Bangladesh, etc.
Secondly, the double hit is that even though the generation capacity was increased, there was no investment in transmission networks. Therefore, even if the IPPPs generate electricity to full of their capacity, they still cannot transmit it. So government pays them for not generating electricity.
This sure look like Geniuses at work, right!!!