UAE To Invest $45 Billion Through 2030 To Meet Its Growing Energy Demand

UAE-To-Invest

The United Arab Emirates has announced plans to invest up to $54 billion over the next seven years to meet its growing energy demands and triple its supply of renewable energy. UAE and Saudi Arabia are the two GCC members leading in renewable energy investments and rapidly diversifying their energy portfolios in the Gulf region. Last year, the Emirates Nuclear Energy Corporation…

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Govt disburses Rs142bn to settle IPPs’ dues

IPPs-dues

ISLAMABAD: The federal government has disbursed Rs142 billion to over a hundred Independent Power Producers (IPPs) in order to settle their outstanding dues and lessen the burden of power sector circular debt. The payables to these power generators had reached a staggering Rs1.77 trillion by the end of May 2023, marking an increase of Rs420 billion since July 2022. Notably,…

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fuel oil PARCO issues fuel oil sales tender for July fuel oil

fuel-oil

SINGAPORE: Pakistan’s Pak-Arab Refinery Limited (PARCO) has offered fuel oil for July loading in its latest tender, underlining an ongoing shift in market dynamics as the South Asian country turned to exporting instead of importing fuel oil this summer. The refinery is offering 50,000 metric tones of high sulphur fuel oil (HSFO) with maximum 3.5 percent sulphur content, for loading…

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Cooling demand fuels costly power crisis in Pakistan, expert warns

power-crisis

LAHORE: Pakistan needs urgent steps to curb demand for cooling purposes in summer, which was one of the biggest reasons of costly power generation in the country, an energy expert said at a seminar on Wednesday. Experts speaking at the seminar organised by the LUMS Energy Institute (LEI), also explored solution-driven strategies and opportunities for innovation to overcome the energy…

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COP28 president visits Pakistan today

president-visits

ISLAMABAD: The Government of Pakistan will welcome Sultan Ahmed Al Jaber, the President of COP28 and UAE’s Minister of Industry and Advanced Technology today (Thursday), as a distinguished state guest for a daylong official visit. According to a press release, this is the outcome of an official invitation extended by Senator Sherry Rehman, Federal Minister for Climate Change & Environmental…

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NTDC challenges Nepra’s jurisdiction after Rs36bn loss dispute

power-subsidy

ISLAMABAD: The National Transmission and Despatch Company (NTDC) on Wednesday challenged the legal jurisdiction of National Electric Power Regulatory Authority (Nepra) after it blocked NTDC’s attempt to recover Rs36 billion in losses from loyal power consumers. NTDC claims Nepra has continuously deducted the amount from their claims since September 2019, preventing the funds’ recovery. The NTDC challenged the jurisdiction of…

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Saudi-Russia oil cooperation going strong

Oil falls

OPEC+ has been cutting oil output since November in the face of flagging prices VIENNA: Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+ has been cutting oil output since November in the face…

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NEPRA indicates another tariff hike of Rs1.9

power-sector

DISCOs’ consumers will pay Rs22.6b; KE tariff will also rise by Rs1.45 per unit ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) indicated on Wednesday that electricity tariff would be increased by another Rs1.90 per unit under fuel cost adjustment (FCA) for May 2023, which would put a burden of Rs22.6 billion on consumers of all distribution companies (DISCOs). Separately…

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6 million power consumers brave 12-hour shutdown

power-consumers

LESCO suffers serious damages due to record-breaking rain LAHORE: The installations of Lahore Electric Supply Company (LESCO) suffered severe damage due to heavy monsoon rain in the five districts falling in its region on Wednesday. Three people, including a woman, lost their lives due to electric shocks. LESCO sources said several electric poles collapsed and transformers were extensively damaged. The…

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