Cold Weather In China Sends Coal, Gas Prices Sky-High

The coldest winter in China since 1966 has sent coal and gas prices soaring as power demand surges. Gas prices hit a three-year high, Bloomberg reported, while coal prices ticked up by 4 percent this week. Reuters noted that despite record liquefied natural gas imports, the cold spell caused a supply crunch. China went on an LNG-buying spree last year amid low prices caused by oversupply. Reuters reported last September that imports of the commodity into China were set to hit record-highs that year, at 65-67 million tons. That would…

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Excess profits of Rs53 bn by some IPPs: IPPs ask for experts panel led by Supreme Court judge

ISLAMABAD: In a new development, as many as six important IPPs have asked the MoU Implementation Committee, headed by Federal Minister for Finance and Revenue Dr Hafeez Shaikh, to constitute an experts panel headed by a Supreme Court judge to look into the charges if they have made excess profit of Rs53 billion. They urged the government not to send the issue to Nepra as declared by Mohammad Ali Report,” said a senior official who was part of the government negotiations with IPPs on the dues payment mechanism and Master…

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Is PTI giving an NRO to IPPs?

ISLAMABAD: The ruling Pakistan Tehreek-e-Insaf appears to be giving an NRO to the Independent Power Producers (IPPs) as the Centre seems to be ignoring the excess payments made to them, industry players and analysts said. According to reports, changes are being made in the Memorandum of Understanding (MoU) reportedly to favour the IPPs. The move comes at a time when Prime Minister Imran Khan has denied giving an NRO to the opposition leaders, which has resulted in the formation of the Pakistan Democratic Movement – an alliance of 11 opposition…

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NEPRA approves tariff hike of Rs1.06 per unit

The National Electric Power Regulatory Authority (Nepra) on Monday approved a power tariff hike of Rs1.06 per unit on account of fuel charges adjustment (FCA) for October and November 2020. In a statement, Nepra said that the Central Power Purchasing Agency-Guarantee (CPPA-G) had requested a positive FCA of Rs0.5713 per unit to burden consumers with a total cost of Rs5.6 billion for October 2020. Apart from that, it sought a tariff hike of Rs0.9583 per unit for November 2020, whose financial impact was calculated at Rs6.9 billion. The regulator conducted…

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NEPRA to investigate power blackout

The National Electric Power Regulatory Authority (Nepra) has taken serious notice of the recent power blackout that plunged almost the entire country into darkness. The power regulator has decided to set up a high-powered committee of its top professionals. The committee will also comprise renowned protection engineers from the private sector, which will investigate the reasons and facts that led to the blackout. The committee will submit its recommendations in a bid to avoid such incidents in coming months. Meanwhile, the regulator has imposed a fine of Rs13 million on…

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Industrialists blame govt for gas crisis

Heads of seven industrial estates in Karachi held the government responsible for the ongoing gas crisis nationwide, saying it did not import sufficient fuel to bridge shortfall despite several alerts and availability of capacity for additional imports. Speaking at a press conference, Sui Southern Gas Company (SSGC) Deputy Managing Director Saeed Ahmed Larik, however, blamed non-export industries for the worsening crisis. “Industrialists are not cooperating. They have continued to operate captive power plants (generators) on gas despite that they can run the plants on diesel or they can take electricity…

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US investors explore EV sector in Pakistan

Technology transfer with easy and duty-free access to American markets is a must in a bid to achieve a quantum jump in bilateral trade and in this connection serious efforts are being made by both sides, said US Consul General in Lahore Catherine Rodriguez. Speaking at a Zoom meeting with Faisalabad Chamber of Commerce and Industry (FCCI) President Hafiz Ihtasham Javed, she said that some American investors were exploring opportunities to assemble electric vehicles (EV) in Pakistan. She acknowledged that law and order situation had improved considerably in Pakistan and…

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