Month: October 2023

UN COP 28, IRENA and Global Renewables Alliance outline roadmap at Pre-COP on fast-tracking the energy transition by tripling renewable power and doubling energy efficiency by 2030

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Renewable-Energy

Abu Dhabi, 30 October 2023: The COP28 Presidency, the International Renewable Energy Agency (IRENA), and the Global Renewables Alliance (GRA) launched a joint report today on the sidelines of the Pre-COP event in Abu Dhabi, titled Tripling Renewable Power and Doubling Energy Efficiency by 2030: Crucial Steps Towards 1.5 °C. The report provides actionable policy recommendations for governments and the private sector on how to increase global renewable energy capacity to at least 11,000 GW while also doubling annual average energy efficiency improvements in the target period. This falls under the…

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Energy projects sans Chinese IPPs: PPIB resubmits transition from LIBOR to ‘SOFR’

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power-gride

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has resubmitted the transition from LIBOR to SOFR for energy sector projects sans Chinese IPPs, with the observation that due to manipulation of several financial institutions and weakness in governance oversight of LIBOR as benchmark rate, the Federal Reserve’s Alternative Reference Rate Committee’s recommended SOFR as benchmark rate is more resilient and robust than LIBOR. Sources close to Managing Director PPIB stated that LIBOR was based on future projection of certain banks and was being manipulated while SOFR is based on overnight…

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Power companies seek to charge Rs1.8 per unit more

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crackdown-power

ISLAMABAD: While still reeling under the prolonged application of last year’s Rs135 billion worth of quarterly adjustments, the ex-Wapda distribution com­panies (Discos) have come up with a fresh claim of another Rs22.6bn for the first quarter of FY24 to be charged to consumers acr­oss the country at the rate of about Rs1.8 per unit. The requests have come amid over prevailing over 31pc rate of inflation which suggests that official estimates of declining inflationary trends might not be as forthcoming as electricity and gas rates have a major contribution to…

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“OGDCL’s Impressive FY 2022-23: 59% Profit Growth, Final Dividend Declared”

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ogdcl-meeting

ISLAMABAD: The Oil & Gas Development Company Limited (OGDCL) held its 26th Annual General Meeting (AGM) for shareholders on Monday for the financial year 2022-23 at the OGDCL Head Office in Islamabad. The meeting was chaired by the Chairman of the Board of Directors, OGDCL, Mr. Zafar Masud. The Managing Director & CEO of OGDCL, Mr. Ahmed Hayat Lak, along with other board members, senior management, and shareholders, were in attendance. OGDCL further solidified its position as the market leader, achieving net sales revenue of PKR 413.594 billion. This translated…

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“Clean Energy is the Top Priority of Pakistan”: Caretaker Energy Minister

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Clean-Energy

Interim Minister for Energy held a meeting with the ambassador of Denmark to Pakistan H.E Jacob Linulf at Power Division today. The brief of the update on Danish Energy Transmission Initiative (DETI) project was discussed . Minister said that the world is witnessing a much needed transition towards clean energy in wake of the Climate Change. Pakistan, being more vulnerable to impacts of the global climate change, has to also to adapt to and mitigate the Climate Change at the country level. He said that the government of Pakistan has…

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