Month: June 2020

Optimism is supposedly back in oil markets, with the Global Research team at Bank of America lifting its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure. The bank now sees Brent crude oil averaging $43.70 per barrel in 2020, up from a previous estimate of $37. In 2021 and 2022, the bank forecasts average prices of $50 and $55 a barrel respectively. BofA also forecast that “a pattern of falling inventories across…

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KARACHI: Pakistan aims to generate 30% of its electricity from renewable energy sources by 2030 such as wind, solar, biomass and small-scale hydro. This will complement the 27% of current electricity supply coming from large-scale hydro. To this effect the 271 GE Renewable Energy wind turbines spreading over nine plants have a combined generating capacity of 450 megawatts (MW) – representing more than 36% of the current 1,235-MW total installed wind capacity in the country. “Renewable energy is the future. With global warming happening, it’s good to say you’re working…

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In the K-Electric Board Meeting held on June 25, the Board expressed serious concerns about the inconvenience suffered by KE’s valued customers due to frequent power outages resulting from KE’s inability to procure adequate fuel stock.  The meeting was chaired by Mr. Riyadh S. A. A. Edrees, with other Board members and KE’s Management in attendance. Amongst other matters, the Board laid special emphasis on the recent power disruptions in Karachi. KE management briefed the Board about the furnace oil and gas shortages in the country and unavailability of adequate…

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KARACHI: Ministry of Finance has made clubbed amendments to the NEPRA Act with the Finance Bill 2020-21 to get it passed before July 1, 2020 as per agreement with the International Monetary Fund (IMF) aimed at empowering the regulator to pass on the cost of the inefficiencies of the power sector to the consumers through imposition of the Debt Servicing Surcharge (DSS), says a press release issued by the Towel Manufacturers Association of Pakistan. The benchmark of transmission and distribution losses are 4.30% annually, but a NEPRA report, published in…

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