Day: October 29, 2022

ISLAMABAD-NEPRA has imposed a fine of Rs 10 million on Central Power Purchasing Agency – Guarantee Ltd. (CPPA-G) due to its failure to satisfy the Authority in the matter of revision in minimum loading limit of Lalpir and Pakgen power plants.  CPPA-G failed to provide any satisfactory response and was found guilty of violating relevant provisions of the NEPRA Act, Rules, and Regulations, said spokesman NEPRA.The minimum loading limit of Lalpir and Pakgen power plants was revised from 20% to 50% in April 2021 without placing the case before the…

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The government, in collaboration with Independent Power Producers (IPP), is set to agreement on using 10% indigenous coal to generate electricity. The initiative will help in reducing the electricity generation cost in the country. IPPs demonstrated their willingness to generate electricity by using up to 10% of domestic coal. The private Power and Infrastructure Board (PPIB) is planning to switch IPPs to Thar Coal. As the indigenous coal is far cheaper than imported coal. According to various sources, utilizing up to 10% of the Thar coal for power generation will…

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The reconstitution of Board of Directors (BoDs) of three distribution companies (Discos) has been challenged in the court of law, said the sources. The sources said the reconstitution of the Boards of Faisalabad, Islamabad and Lahore electric supply companies (Fesco, Iesco and Lesco) on the ground that they were constituted for a period of three years back in December 2020 by Pakistan Tehreek-e-Insaf (PTI) government and the present government cannot remove them before the expiry of this period. Reliable sources said the petition was filed by one member of Fesco…

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Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. This was agreed during a first virtual meeting of the Joint Economic Sub-committee of the Saudi-Pakistan Supreme Coordination Council. Pakistani team was headed by Finance Minister Senator Ishaq Dar whereas Saudi side was led by Prince Abdulaziz bin Salman bin Abdulaziz, Minister for Energy. Sharing details, sources said while…

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KE’s financial results for Q1 FY 23 showed a considerable decline owing to the impact of multiple macroeconomic and geopolitical factors. The company reported losses per share of PKR 0.59 in Q1FY23 compared to earnings per share of PKR 0.11 for same period last fiscal. Gross profitability also decreased while the units dispatched to Karachi shrank by 8.9%. EBITDA decreased from PKR 11.8 billion to a loss of PKR 2.6 billion. Tough economic conditions including but not limited to a depreciating rupee, increased inflation, high prices of fuel and non-availability…

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