IPPs is that their long-term contracts to sell electricity to national utilities could thus become worthless.

ECONOMIST: Intoxicated by power

The IPPS governs how much hospitals get paid when Medicare patients are admitted.

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IPPs similar to their investments in rich countries, with little extra to compensate them for the bigger political risks.

ECONOMIST: Intoxicated by power

In its judgement, the Court of Appeal said that it was replacing the IPPs with fixed terms and extended licences.

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The Ministry of Justice said it was assessing all sentencing, including IPPs.

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Mr Clarke is thinking of restricting IPPs to more serious offences.

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It now buys 48% of its power from private suppliers, at about 6.5 cents a kilowatt-hour - some 20% more than what Meralco pays its IPPs.

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IPPs were introduced under the 2003 Criminal Justice Act and aimed at offenders of a violent or sexual nature deemed to be dangerous to the public.

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IPPs are fiendishly complicated deals to arrange, requiring long-term finance from lenders, long-term agreements with utilities to buy the electricity and long-term deals with energy firms to supply the fuel.

ECONOMIST: Intoxicated by power