Month: January 2024

Energy sector circular debt hits record Rs5.73tr despite tariff hikes

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power-e-unit

The viability of power and gas sector companies continues to deteriorate due to the circular debt, affecting Pakistan’s borrowing options Pakistan’s energy sector is grappling with soaring circular debt, now reaching a staggering Rs5.73 trillion, as revealed by official documents. This figure has exceeded the previous estimate reported to the International Monetary Fund (IMF) two months ago by Rs1.5 trillion. The breakdown of this debt shows that the power sector’s dues have surpassed Rs2.7 trillion, while the gas sector owes over Rs3 trillion, cumulatively pushing the total unfinanced debt to…

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Govt to cut power tariff for revival of economy

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IMF-board

ISLAMABAD: Ahead of the final review next month with the International Monetary Fund (IMF) of the ongoing $3 billion Stand-By Arrangement, the Power Division on Tuesday confirmed to have finalised a plan to reduce power tariffs for the industrial sector to revive economic activities, create job opportunities and address circular debt challenge. Testifying before the Senate Standing Committee on Power, Secretary-In-Charge Power Division Asad Rehman Gilani said working had been completed on bringing down the industrial tariff to 9 cents per unit which currently stands at 14 cents. He told…

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PMD suggests dams in catchment areas to conserve rainwater

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dam-hydro

ISLAMABAD: The Pakistan Meteorological Department (PMD) has suggested building large and small dams in catchment areas, especially to conserve the rainfall water during the monsoon period in order to cope with the floods and droughts in the country. The Drought Bulletin of Pakistan prepared by the National Drought Monitoring Centre (NDMC) of PMD says Pakistan’s dams’ water storage capacity is much less than the neighbouring countries like India and, therefore, there is a need to manage the floods and storage of water. “A natural disaster could not be stopped. Each…

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PLL Secures Second LNG Cargo from SOCAR under Government-to-Government Framework Agreement

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Pakistan-LNG

Ministry of Energy (Petroleum Division) and Pakistan LNG Limited (PLL) are pleased to announce the successful procurement of a second LNG cargo from the State Oil Company of the Azerbaijan Republic (SOCAR) under the Government-to-Government Framework Agreement between PLL and SOCAR. The cargo is scheduled for delivery in February 2024, further strengthening the energy partnership between Pakistan and Azerbaijan. In July 2023, PLL and SOCAR signed a landmark Framework Agreement under the Government-to-Government arrangement, marking a significant milestone in the bilateral energy cooperation between the two countries. The Framework Agreement…

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The race to get next-generation solar technology on the market

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solar-panel

The race to get next-generation solar technology on the market January 16, 2024 Companies say perovskite tandem solar cells are only a few years from bringing record efficiencies to a solar project near you. In Swift Solar’s lab, more than a dozen pairs of elbow-length rubber gloves hover horizontally in midair, inflated like arms. The gloves are animated by gaseous nitrogen and jut out of waist-high, glass-walled enclosures, designed to keep the workspaces dry and airtight to protect the delicate solar materials inside.  In a corner, technician Roger Thompson slides…

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