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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…

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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…

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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…

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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…

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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…

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Gas tariff hike on cabinet meeting agenda today

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Anwaarul-Haq

ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar will chair an important meeting of the federal cabinet today (Monday) in which some significant decisions are likely to be taken in light of the recommendations of the Economic Coordination Committee. As the deadline of repatriation of undocumented, illegal foreigners in Pakistan is expiring on Oct 31, the cabinet will also be informed about the…

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Petrol, diesel prices may drop again as rupee strengthens

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Petroleum-prices

ISLAMABAD: Petroleum prices are expected to drop for the third consecutive fortnight with a reduction of Rs5-18 per litre for diesel and petrol, respectively, later this week, mainly due to exchange rate gains. Official sources told Dawn that the price of High-Speed Diesel (HSD) is likely to decrease by about Rs5-6 per litre, falling to less than Rs300 per litre, unless the caretaker government…

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Nov 23 to March 24: PPRA grants SLL exemption on LPG purchases

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ISLAMABAD: The Public Procurement Regulatory Authority (PPRA) has granted exemption to SSGC-LPG (Pvt.) Limited (SLL) for procurement of up to five cargoes of Liquefied Petroleum Gas (LPG) for five months (November 2023 to March 2024) and procurement of LPG with the condition of lower prices, sources close to Secretary Finance told Business Recorder. Sharing the details, sources said on October 20,…

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Irregularities in Guddu thermal power station: NAB seeks details of GHCL CEO, others

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nab13

ISLAMABAD: National Accountability Bureau (NAB) has reportedly started probe against officials, retired or in service including former Chief Executive Officer (CEO) Genco Holding Company Limited (GHCL) Mian Muhammad Imran, in a case related to Guddu thermal power station irregularities, well informed sources told Business Recorder. NAB, in a letter to Power Division, sought information “under rule 19 of NAO, 1999 –…

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