Year: 2021

Fuel adjustments to get dearer

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Another 90 paisas per unit have been approved as monthly Fuel Charges Adjustment (FCA) for January 2021, continuing with the trend that started in July 2020. The monthly FCA so far in FY21 has averaged a little over Re1 per unit. With international energy commodity prices moving sharply north, it appears the upcoming monthly FCAs could well be on the higher side. Bulk of the January 2021 FCA is allowed on provisional basis, as the month saw highest RFO based generation in over two years – and the highest for…

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NHP payment on AGN Kazi formula basis opposed

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ISLAMABAD: Power Division is said to have opposed payment of Net Hydel Profit (NHP) to provinces on the basis of the AGN Kazi formula, saying that it will increase circular debt by Rs 500 billion per annum, well-informed sources told Business Recorder. The opposition of the AGN Kazi formula was one of the reasons for the removal of former Secretary Power, Irfan Ali who retired as OSD last month as he was not given any posting after removal from the post of Secretary Power. The government has realized circular debt…

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CCOE Appreciates, Power Division For Monitoring Of Circular Debt

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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 11th Mar, 2021 ) :The Cabinet Committee on Energy (CCOE) on Thursday appreciated the efforts of the Power Division for devising a plan for regular monitoring of Circular Debt situation. A meeting of the Cabinet Committee on Energy (CCOE) was held under the Chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar here, said a press release issued by Ministry of Planning, Development and Special Initiatives. Power Division also presented the latest circular debt status and comprehensive Circular…

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China turns its investment green under Belt and Road Initiative

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China is increasing green investment under the Belt and Road Initiative (BRI) as the country has been trying to shift away from fossil fuels and further promote clean energy. Investment in renewable energy including solar, wind and hydro became for the first time the majority of Chinese overseas energy investment last year, with share increased to 57 percent from 38 percent the previous year, according to research from the International Institute of Green Finance (IIGF) at the Central University of Finance and Economics. “Investing in renewable energy has become more affordable…

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OPEC slashes its Q2 global oil demand forecast

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LONDON (Bloomberg) –OPEC downgraded the outlook for demand for its crude over the next two quarters, in keeping with the group’s plans to keep a tight rein on supply. The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need to pump in the second quarter by 690,000 barrels a day, amid a weaker picture for demand and stronger growth in rival supply. “Ongoing lockdown measures, voluntary social distancing and other pandemic-related developments” continue to weigh on economic activity, the group’s Vienna-based research department said…

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