Day: January 19, 2023

Import of crude oil, LNG, other items: Cabinet okays summary for signing agreement with Russia

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The federal cabinet has accorded its approval to ink agreements with Russia for the import of crude oil and Liquefied Natural Gas (LNG) and other items. The official sources said the cabinet okayed a summary for the import of two commodities and others from Russia through circulation on Wednesday. The federal cabinet also approved an agreement with Russia on issues relating to custom and other matters. It may be pointed out here that a high-level delegation from Russia, including the Minister for Energy, Nikolay Shulginov, is currently in Islamabad to…

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Pesco bifurcated to improve its efficiency, reduce losses

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electric

To improve the efficiency of Peshawar Electric Supply Company (Pesco) and reduce its losses, the federal government has divided the company into two companies. PESCO shall be divided into two companies i.e. PESCO and new company with the name of Hazara Electric Supply Company (HAZECO), said a notification issued here by the Ministry of Energy (Power Division). In pursuance of Rule-4(5) of Rules of Business, the Prime Minister has been pleased to approve the establishment of Hazara Electric Supply Company (HAZECO), vide their U.O. No.22/PSPM/2023 dated 4.01.2023. For overall better…

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Nepra nod sought to give Rs12.08 billion refund to K-Electric consumers

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The K-Electric has sought the National Electric Power Regulatory Authority (Nepra) nod for refunding Rs10.262 per unit to electricity consumers on account of fuel charges adjustment (FCA) for December 2022. If allowed by NEPRA, the reduction will provide a relief of Rs12.08 billion to KE’s consumers which they will get in the electricity bills of February 2023. In its petition submitted to NEPRA, the KE has requested the regulator permission for the refund of the amount it had overcharged during the month of December 2022. NEPRA would hold a public…

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Rs10 tariff relief likely for K-Electric consumers

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The consumers of K-Electric are set to get a tariff relief of over Rs10 per unit on account of fuel cost adjustment for December 2022. K-Electric has filed a petition requesting the National Electric Power Regulatory Authority (Nepra) to approve a reduction of Rs10.26 per unit in consumer bills under fuel cost adjustment for December. Earlier, Nepra allowed K-Electric to slash power tariff by Rs7.43 per unit for November 2022, which was reflected in the consumer bills of January 2023. Fuel cost adjustment is reviewed every month as per Nepra’s…

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K-Electric Comes Under Fire For Misrepresenting Financial Information

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k-electric

Recently, K-Electric found itself in the middle of another controversy and this time around, it wasn’t regarding its sale or extended hours of load-shedding, but for a rather unique instance, where one of its former directors, Asad Ali Shah, issued an official complaint against the misstatements in the company’s financial statements. Shah, in a letter dated January 10, 2023 to the Pakistan Stock Exchange, claimed, “As per latest quarterly financial statements issued by KE for the period ended September 30, 2022, the aggregate amount of revenue and receivables recognised in…

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