ystad’s New Oil Demand Scenario Banks On Second Wave COVID-19

Rystad Energy is now changing its base-case scenario for oil demand, banking on a second wave of Covid-19. The new assumption for the base case now incorporates a mild second wave of the coronavirus, which will stall the global oil demand recovery. While Europe reopens parts of its economy, triggering an increase in oil demand, increases in the number of coronavirus cases in other large oil consumers, including the United States, Brazil, and India will offset those European increases, according to Rystad. Rystad also added a worst-case scenario—one that sees…

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World’s Largest Economies Are Still Spending Big On Oil & Gas

Spending on oil and gas, and coal is still higher among members of G20 than spending on renewable energy, a data update from the Energy Policy Tracker has revealed. Across the group, since the start of the pandemic, governments had pledged at least $160.95 billion in fossil fuel investments, versus $123.75 billion in renewable energy investment, the tracker, which updates government spending data on energy every week, said. This translates into $35.10 per capita in oil and gas spending, and $26.99 per capita for cleaner energy spending. Most of the…

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Balochistan looks towards renewable energy to meet power needs

In order to mitigate the energy woes in the province of Balochistan, the provincial government has decided to launch major renewable energy projects to meet the power needs. This was stated by Secretary Energy, Balochistan Shehryar Taj, said while talking to local media. The government official informed that over Rs1.64 billion has been allocated for 67 new projects in the energy sector in this year’s annual development program. He said that the process of acquisition of land for construction of energy parks in the province is underway including 5000 acres…

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K-Electric’s licence should be suspended: SHC

KARACHI: The Sindh High Court (SHC) on Friday directed the K-Electric (KE) to end unscheduled load-shedding and remove illegal connections from across the city. A two-member bench, comprising Justice Khadim Hussain M Shaikh and Justice Arshad Hussain Khan, was hearing a plea seeking the disconnection of illegal connections and an end to power cuts in exempted areas. Justice Shaikh observed that everyone in Karachi was complaining about the power utility, adding that the lives of Karachi’s people had been rendered miserable by illegal connections and unannounced power outages. “In such…

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Power firms deny forced outages

ISLAMABAD: While ruling out forced load-shedding, Multan Electric Power Company (Mepco) CEO Tahir Mahmood has accused parliamentarians of building pressure for transfer, posting and hiring of people on political grounds. Earlier, Minister for Foreign Affairs Shah Mehmood Qureshi presided over a meeting and expressed dissatisfaction with Mepco’s performance. The Mepco CEO replied that complaints against elected representatives were related to transfer, posting and hiring of people on political grounds. He made the remarks at a public hearing conducted by the National Electric Power Regulatory Authority (Nepra) on excessive load-shedding and…

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NEPRA concerned at collection of PTV fee through power bills

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday expressed concern over collection of Pakistan Television (PTV) fee through electricity bills, saying it was not the right approach. This was stated by Nepra Chairman Tauseef H. Farooqui while presiding over a public hearing on the issue of overbilling and loadshedding in areas of Lahore and Multan electricity distribution companies (Discos). He was asked by a participant if the PTV fee collection was the job of the Discos and they should do this. “This is not the right approach,” said Mr Farooqui, adding that…

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