ECC to approve conversion of Rs136.5bn PHPL debts into public debt today

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet Wednesday (May 6) will approve conversion of Rs 136.5 billion debts of Power Holding Company Limited (PHPL) into public debt as per agreement with World Bank, sources in the Finance Division told Business Recorder. PHPL is a wholly-owned government entity, established for the purpose of securing financing for the power sector. It was incorporated under the Companies Ordinance, 1984 on 24th June 2009. PHL is a Special Purpose Vehicle (SPV) to park long-term debts of the…

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CPEC’s second phase will focus on industrial cooperation

ISLAMABAD: The second phase of the China-Pakistan Economic Corridor (CPEC) would focus on industrial cooperation to explore business opportunities in textile, industry, agriculture, science and technology, tourism and other areas. This was decided in a meeting held between Board of Investment (BOI) Chairman Atif R Bokhari and Ambassador of China to Pakistan Yao Jing here on Tuesday. Chinese Ambassador Yao Jing called on the BOI chairman here at Board of Investment. During the meeting, it was accentuated that 2nd phase of CPEC would focus on industrial cooperation involving investors to explore…

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NTDC rehabilitates damaged towers in Balochistan

The National Transmission and Despatch Company (NTDC) spokesman has said that rehabilitation work on eight collapsed towers has been completed while power supply to three transmission lines — 220 kV Uch-Shikarpur, 220 kV Uch-Sibbi and 220 kV Guddu-Sibbi, has been restored. The towers were damaged due to heavy rains and windstorm during the third week of April in the Chattar Pungi area of Balochistan. The spokesman said that NTDC managed the rehabilitation work and restored power supply in minimum possible time despite law and order situation in the area and…

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India Proposes Mandatory Procurement of Hydro Electricity

After re-classification of hydro power as a renewable energy technology, the Indian government is planning to mandate procurement from hydro power projects. According to media reports, the Indian government has proposed an amendment to the Electricity Act calling for the implementation of hydropower purchase obligation (HPO). If implemented, this new amendment will required electricity retailers to purchase a minimum percentage of their electricity demand from hydro power projects. The HPO will be implemented in addition to the existing Renewable Purchase Obligation (RPO) which requires electricity retailers to purchase a minimum…

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IPPs inquiry commission put on ice

ISLAMABAD: The government has reportedly decided to put on ice the inquiry commission on Independent Power Producers (IPPs) tasked to conduct a thorough probe and the release of the inquiry report for at least two months aimed at using the report as bargaining chip for a better deal on power tariff , well-informed sources told Business Recorder. The decision was taken by the federal cabinet in its meeting held on April 28, 2020, with Prime Minister Imran Khan in the chair. It is unclear which cabinet member floated the idea…

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