Day: December 16, 2023

Economic Coordination Committee okays roadmap to settle issues with KE

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free-power

ISLAMABAD: With over Rs400 billion in government claims and Rs210bn in counterclaims from K-Electric, the Economic Coordination Committee (ECC) of the Cabinet approved a roadmap for settling long-standing issues with Karachi-based integrated private utility, including additional power supply from the national grid, 10-year future generation commitments by KE, and financial settlements through mediation. The single-point meeting of the ECC, presided over by Caretaker Finance Minister Dr Shamshad Akhtar, allowed the signing of a power purchase agency agreement (PPAA), interconnection agreement (ICA), tariff differential subsidy agreement (TDA) and mediation agreement as recommended in…

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Investments must reflect COP28 outcome: International Energy Agency

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Cop28-23

PARIS: Energy investments should be informed by the COP28 agreement to accelerate the move away from fossil fuels this decade, the head of the International Energy Agency (IEA) said on Friday. “After COP28, governments, companies, investors, need to tell the people around the world what actions they are taking to move the world away from fossil fuels,” Executive Director Fatih Birol told Reuters. Earlier this week at the climate summit in Dubai, governments agreed to transition away from fossil fuels to avert the worst of climate change. Countries are increasingly “making…

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Hubco asks CPPA-G to pay Rs13.4bn dues

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Hubco

ISLAMABAD: M/s Hub Power Company (Hubo) has demanded Central Power Purchasing Agency –Guaranteed (CPPA-G) to pay Rs 13.47 billion which includes interest matured through arbitration. In a letter to Chief Executive Officer (CEO) CPPA-G Rihan Akhtar, Chief Executive Officer (CEO) Hub Power Company, Kamran Kamal referred to the award approved by former Chief Justice Nasir ul Mulk in arbitration proceedings between Hub Power Company Limited and CPPA-G. According to CEO Hubco, the Sole Arbitrator issued notice to the parties under Section 14 of the Arbitration Act 1940 on November 23,…

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Govt working towards reducing electricity cost: minister

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power-tariff

ISLAMABAD: Caretaker Minister for Power and Petroleum Muhammad Ali has said that the government is working on revising electricity tariff structure to reduce the cost of electricity as export industry cannot compete with regional competitors that are supplying electricity at 9 Cents/ kWh. Testifying before the reconstituted Senate Standing Committee on Power, now headed by Senator Azam Nazir Tarar, the Caretaker Minister, who was forced to attend the meeting, said that Power Division is working on rationalisation of electricity tariff formula meant to ensure electricity supply to industry sans the…

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