Day: February 23, 2024

RISING GAS & ELECTRICITY TARIFFSDay not far when thousands to come out on streets across Pakistan, fears President KCCI

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Gas-Project

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while expressing deep concerns over rising cost of doing business due to unbearable hike in energy tariffs, feared that the day was not far when thousands of jobless people would come out on streets to protest against the government’s policy to keep on raising gas and electricity tariffs which have resulted in closure of hundreds of industrial units as well as small & medium enterprises not only in Karachi but all around the country.“Although various stakeholders including KCCI…

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PPP Announces Murad Ali Shah as Candidate for Sindh Chief Minister

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murad-ali

Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari declared Murad Ali Shah as the party’s nominee for the position of Sindh chief minister. Bhutto expressed confidence in the party’s ability to outperform its previous term, stating, “We will surpass our own achievements.” Additionally, Bhutto revealed that PPP has selected Awais Shah as their choice for the Speaker of the Sindh Assembly, with Anthony Naveed nominated for the deputy speaker position. This announcement follows the country’s 12th general elections held on February 8, which were marred by allegations of rigging and…

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CCoE approves work on the 80 km segment of the IP Gas Pipeline inside Pakistan

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iran-gas-pipeline

A summary of Petroleum Division regarding IP Gas Pipeline was taken up by the Cabinet Committee on Energy (CCoE) in its session of February 23, 2024. The CCoE approved the recommendations of the Ministerial Oversight Committee for the IP Project constituted by the Prime Minister in September 2023 whereby the Committee recommended to start work on the 80 km segment of the pipeline inside Pakistan i.e. from Pakistan border up till Gwadar in the first phase. The Project will be executed by Inter State Gas Systems (Pvt) Ltd. and will…

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Renewable energy: solution to energy crisis

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power-sector-in-pakistan

The power sector of Pakistan has remained under severe stress for more than two decades. To fill the gap between supply and demand the government introduced three Power Polices in 1994, 2002 and 2015 and signed long-term agreements of up to 25 years with 79 IPPs (independent power producers). According to a report by an inquiry committee headed by Muhammad Ali, former Chairman of the SECP (Securities and Exchange Commission of Pakistan) and now the Minister of Energy, IPPs earned 17% rate of return in US$ which at the time…

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Power Sector Circular Debt in Pakistan Surges to Rs2.635 Trillion

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circular-debt

ISLAMABAD: Pakistan’s power sector circular debt has soared to Rs2.635 trillion in the first seven months of the fiscal year 2023-24, compared to Rs2.626 trillion during the same period in 2022-23. According to official documents, the total payables to power producers amounted to Rs1.760 trillion, with Rs111 billion owed by generation companies (Gencos) to fuel suppliers, and Rs765 billion parked in Pakistan Holding Limited (PHL) for the fiscal year 2023-24. The unclaimed subsidies were eliminated in the fiscal year 2023-24. During the seven months of 2023-24, independent power producers (IPPs)…

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