Electricity generation tariffs in several emerging markets are still pegged to the US dollar — not household bills, but IPP / PPA contracts. To attract foreign lenders, the plant’s capacity payment, equity return and foreign debt are priced in USD (or paid in local currency and reset with the dollar). clearest cases: • Pakistan — NEPRA still indexes most IPP tariffs to PKR/USD, US CPI and SOFR started under 1994 policy by PPP and 2002 policy by Musharrf still having most power plants under these policies • Indonesia — rupiah PPAs, heavily USD-linked • Bangladesh, Kenya, Ghana, Nigeria, Egypt, Zambia • Argentina, Honduras, El Salvador, Dominican Republic • Turkey now pays in lira but keeps a USD floor/ceiling US, EU, India and South Africa generally do not do this. Their projects are financed in local currency. That dollar clause made plants bankable in the 1990s–2010s. Pakistan, Ghana and Kenya are now trying to cap or unwind it. Dollar-pegged power is a financing tool.