Day: April 9, 2024

Solar panel prices reach all-time lows, expected to decrease further

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solar-panel

Market offers 7 to 15-kilowatt systems for as low as Rs 200,000 The decline in solar panel prices can be attributed to the increasing production by Chinese companies, which has flooded the global market. This oversupply has made it challenging for US and European manufacturers to compete, resulting in a significant drop in prices.According to the International Energy Agency, global solar panel supply is projected to reach 1,100 gigawatts by the year’s end, tripling the current demand. Prices on the spot market have already halved in 2023 and are anticipated…

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Pakistan’s Remittances Surge to $2.95 Billion

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state-bank

Karachi: In March, workers’ remittances to Pakistan soared to a two-year high of $2.95 billion, contributing to a total of $21 billion in the first nine months of fiscal year 2024. This surge in remittances is attributed to overseas Pakistanis sending higher funds during Ramadan and ahead of the Eid festival. According to the State Bank of Pakistan (SBP), remittances increased by 31.1% compared to February and by 16.4% compared to March 2023. Tahir Abbas, Head of Research at Arif Habib Limited, noted that March’s inflow of $3 billion aligns…

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Pakistan Issues 34 Licences for Electric Vehicle Manufacturing

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electrical-vehicles

Islamabad: The Engineering Development Board (EDB) has granted 34 licences to manufacturers of two- and three-wheelers under Pakistan’s Electric Vehicles Policy for 2020-2025, signaling a significant step towards transitioning from traditional fuel-powered vehicles to electric ones. During a webinar at the Sustainable Development Policy Institute (SDPI) titled “Pakistan’s Electric Vehicle Market: Challenges, Opportunities, and the 2030 Agenda”, Asim Ayaz, a senior EDB official, highlighted private sector involvement in EV manufacturing. He underscored the challenge of financing for customers due to the higher costs of EVs compared to fuel-based vehicles, mainly…

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Nepra Approves Rs4.92 per Unit Extra Charge for February Electricity Usage

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Nepra-tariff

Islamabad: Consumers are set to face an additional charge of Rs4.92 per unit in the upcoming month for electricity consumed in February, as approved by the National Electric Power Regulatory Authority (Nepra). This hike, categorized as additional fuel cost adjustment (FCA), will impact consumers across all ex-Wapda distribution companies (Discos), resulting in a net financial impact of approximately Rs45 billion. Nepra’s notification, issued on Monday, outlines that the net tariff increase due to the FCA will amount to about Rs7.51 per unit, partially spilling over to the upcoming quarterly tariff…

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AD Ports Group to Invest $220 Million in Karachi Container Terminal

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Port-Trust

Karachi Port Trust (KPT) and AD Ports Group recently inked a 50-year concession deal for a container terminal at East Wharf, Karachi Port, following a similar agreement for a bulk and general cargo terminal. This collaboration, signed in June 2023, underscores a shared commitment to bolster Karachi’s status as a pivotal maritime hub. During an iftar dinner hosted by Karachi Gateway Terminal Limited (KGTL) at a local hotel, Raheel Monis, the Manager of Marketing and Commercial at Karachi Gateway Terminal, expressed KGTL’s dedication to port development. Monis revealed that AD…

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