Year: 2021

Global regulators back plan for climate risk disclosures body

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LONDON: Global market regulators have thrown their weight behind plans for a new international standards body for company disclosures on climate risks and sustainability, saying it would cut the scope for so-called greenwashing. The current patchwork of voluntary public and private initiatives for disclosures has at times given misleading and inconsistent information to investors, said Ashley Alder, chair of the International Organisation of Securities Commissions or IOSCO. “This can lead to cherry picking and shopping around for reporting standards in ratings… this makes greenwashing obviously easier,” Alder told a City and Financial…

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Ordering IPPs forensic audit govt’s ‘prerogative’

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The prerogative to conduct forensic audit of the Independent Power Plants (IPPs) rests with the government, said the Power Division, adding under no circumstances it gave up on any of its right during lengthy negotiations towards a reaching a final agreement with them. In a recent meeting, Cabinet Committee on Energy (CCoE) Chairman Asad Umar sought clarification whether any right of the government had been compromised and affected including forensic audit of the IPPs. The Power Division noted that no right of the government would be affected. The IPPs are…

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Nepra approves another 83-paisa base tariff hike

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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday allowed another 83-paisa per unit (kWh) increase in electricity rates of Distribution Companies (Discos) of ex-Wapda under quarterly tariff adjustment (QTA) mechanism to generate over Rs84 billion to the bleeding power sector. This comes a day after the power regulator notified about Rs1.54 per unit increase in power rates for these Discos under monthly fuel cost adjustment (FCA) to generate about Rs11.6bn additional revenue. On top of the above two decisions, the regulator is expected to issue on Friday its…

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State Bank approved financing under TERF reaches Rs374bn

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State Bank of Pakistan’s (SBP) Temporary Economic Refinance Facility (TERF) has shown significant growth over the last ten months despite the COVID-19 pandemic. As per SBP, as of Jan 28, 2021, investments approved under TERF have reached Rs374bn, up by Rs51bn in one week. The highest weekly increase since the announcement of this scheme. Whereas, 450 projects approved so far. TERF has shown significant growth over the last ten months as reflected by increase in requested amount from Rs 36.1 billion by end April 2020 to Rs 687.4 billion by…

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LNG supply chain in jeopardy as PLL defaults on payments

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ISLAMABAD: In a shocking development, the 100 percent state-owned company, Pakistan LNG Limited (PLL), has defaulted with the United Bank Limited (UBL) on LNG payments, putting the LNG supply chain in jeopardy. This appalling situation, which has emerged because of non-payment of dues of Rs61.2 billion by Sui Northern, has exposed PLL to an imminent default on future LNG supply. This irritating development was identified in Pakistan LNG Limited’s (PLL) letter of February 4, 2021 to Special Secretary of Petroleum Division Nadeem Irshad Kiyani. It mentions that receivables of PLL…

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