Renewable energy in shambles

Pakistan’s Renewable Energy (RE) Policy 2006 that yielded almost 1,950 megawatts of commercially-operated wind, solar and biomass plants connected to the national grid can definitely be regarded as a success story. The only safeguard that this policy required was to follow a consistent and periodic review to allow the policy to evolve naturally in line with changing circumstances. On the contrary, it was given an unprecedented and premature expiry tag through the Economic Coordination Committee decision on 8th March 2013, restricting its validity up to March 2018. That was the…

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Fuel price hike to affect all sectors: ICST

Islamabad:The announcement of increase in electricity and petroleum products prices on the New-Year eve is unfortunate and it shows that the overburdened masses will have to brave more shocks amid runaway inflation during 2020, a business leader said. The decision will hit masses and result in a multiplier effect on almost all the business activities resulting in a price hike, he added The cost of transportation will hit masses and further escalate the cost of doing business resulting in problems for the masses and the business community, said Shahid Rasheed…

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Sindh govt urged to clear KE

KARACHI: All stakeholders including Chief Minister Sindh and his team must coordinate with K-Electric (KE) to resolve the issue of Rs50 billion outstanding payments yet to be paid by provincial government to the utility, a trade body official said on Thursday. “Any interruption to industry’s power supply causes huge revenue losses and deals a blow to its export potential, which we cannot afford in current economic conditions,” said Naveed Shakoor, president, Qasim Association of Trade and Industry (BQATI) in a meeting with K-Electric officials. Shakoor said it was necessary to…

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CPEC: phases and challenges

The China-Pakistan Economic Corridor (CPEC) is widely considered a turning point for both Pakistan and the region. It is an important stimulus for Pakistan, and promises rapid economic growth, massive infrastructure development, 700,000 new jobs in the next ten or fifteen years and the creation of special economic zones along the way. After four years of Phase I of CPEC, Pakistan is now ready to enter Phase II. Some 27 projects are planned within the framework of Phase II. This phase emphasizes industrial cooperation, agricultural development and trade promotion. The…

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High cost of electricity undermines country’s industrial growth

LAHORE: High cost of electricity has almost reduced the electricity consumption by the cottage industry by half in last five years, as the usage of B1 connections (meant for cottage industry) has come down to 278 million units in 2018-19 against 578 million units in 2014-15. The electricity cost has registered a rise of 62 percent during the last two years, a phenomenon that has hit hard the affordability of the industry, particularly the export-oriented units and eventually a slowdown in setting up of new industrial units in the country.…

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Denmark sources record 47pc of power from wind

COPENHAGEN: Denmark sourced almost half its electricity consumption from wind power last year, a new record boosted by steep cost reductions and improved offshore technology. Wind accounted for 47 per cent of Denmark’s power usage in 2019, the country’s grid operator Energinet said on Thursday citing preliminary data, up from 41pc in 2018 and topping the previous record of 43pc in 2017. European countries are global leaders in utilising wind power but Denmark is far in front of nearest rival Ireland, which sourced 28pc of its power from wind in…

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Wind giant Vestas smashes 16GW in 2019 orders record

Wind OEM giant Vestas ended 2019 with a record 16.4GW in the bag and the prospect of a final tally even higher once smaller unannounced deals are added later. The total easily surpasses the previous record 14.2GW it notched up in 2018 , helped by a year-end flurry from markets spanning China, Russia, and North America. The unannounced orders won’t be added until the Danish group posts its 2019 full-year results on 5 February, but are likely to comfortably push it past the 17GW mark. Vestas’ year-end order joy spans…

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US natural gas futures fall on mild weather

US natural gas futures fell on Thursday, hovering close to a four-month trough, with weather forecast to stay mild for a couple of weeks and gas production nearing record highs. Front-month gas futures for February delivery on the New York Mercantile Exchange were down 3.7 cents, or 1.7%, at $2.152 per million British thermal units at 10:05 AM (1507 GMT)EDT/EST. “Warmer than expected weather and high production are putting pressure on prices and the forecasts going forward does not imply cold weather,” said Phil Flynn, senior analyst at Price Futures…

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LNG supplies increase

ISLAMABAD: Despite system constraints, the Liquefied Natural Gas (LNG) supplies into the system increased by almost 14 per cent during calendar 2019 over the preceding year and reduced gas shortfall by 20-25pc. The two LNG terminals operating in the country reported to have pumped more than 393.6 billion cubic feet (BCF) of gas into the national gas distribution network in 2019 compared to 345.6 BCF of 2018, showing an increase of 14pc, a Petroleum Division official said. He said the lower economic growth rate coupled with higher prices restricted the…

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