Day: December 20, 2022

EU reaches gas price cap agreement at 180 euros/MWh

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EU energy ministers on Monday overcame months of wrangling to agree a price cap for natural gas in the bloc of 180 euros per megawatt hour, effective from mid-February. “It wasn’t an easy thing to achieve,” Maltese Energy Minister Miriam Dalli said. The agreement, set out in a European Council statement, unlocks other pre-agreed measures to mitigate an energy crunch Europe is facing as a consequence of Russia’s war in Ukraine. They include joint gas purchases, a future new benchmark for pricing gas, and speedier authorisations for renewable energy sources.…

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Net Metering Regulations: Nepra facing frustrating situation

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National Electric Power Regulatory Authority (Nepra) is facing a frustrating situation in so far as approval of amendments to Net Metering Regulations is concerned as the “affected” influential parties have pressurized the government to put the proposed decision on hold, well-informed sources told Business Recorder. Power Division, sources said, has already conveyed its dismay to the regulator on its “speed” on Net Metering decision after received “misperceived” complaints from many influential stakeholders, including Federation of Pakistan Chambers of Commerce and Industry (FPCCI), approached the Prime Minister’s Office to stop the regulator…

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Energy sector circular debt under govt focus

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Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar on Monday presided over back-to-back meetings on the issue of circular debt to formulate strategy aimed at bringing down the total stock of power and gas sector. The Finance Minister presided over a follow-up meeting on reforms in energy sector on Monday to discuss ways and means to arrest the circular debt within two days. The meeting discussed in detail viable proposals presented for introducing reforms in power and gas sectors to bring about efficiency and minimize wastage and provide relief…

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OGDCL discovers oil & gas reserves in Sindh

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Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration company in Pakistan, on Monday announced the discovery of oil and gas reserves from its exploratory well in Sindh. In a notice sent to the Pakistan Stock Exchange (PSX), the company said that OGDCL, “as operator with 100% working interest, has discovered oil and gas from development cum exploratory well namely Chak-5 Dim South-3 which is located in District Sanghar, Sindh Province.” The exploration company said that Chak-5 Dim South-3 was spudded in on June 26, 2022…

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Fuel cost for power generation drops by 34pc

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The cost of fuel for electricity generation in November went down by more than one-third to Rs5.99 per unit from a month ago, according to data recently released by the National Electric Power Regulatory Authority. A 27.1pc reduction in the cost of coal-based electricity contributed to the overall drop of 33.6 per cent in the average fuel cost in November, according to Tahir Abbas, head of research at Arif Habib Ltd. The per-unit cost of coal-generated power dropped from Rs17.61 in October to Rs12.84 in November, thanks to the addition…

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