Day: April 20, 2024

Seven countries generate 100% of their electricity from renewable energy

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solar-panel

Albania, Bhutan, Nepal, Paraguay, Iceland, Ethiopia, and the Democratic Republic of Congo have each generated over 99.7% of their electricity from renewables Seven countries currently generate almost all of their electricity from renewable energy sources, according to newly compiled figures. Albania, Bhutan, Nepal, Paraguay, Iceland, Ethiopia, and the Democratic Republic of Congo have each generated over 99.7% of their consumed electricity through geothermal, hydro, solar, or wind power sources, reports the Independent. According to data from the International Energy Agency (IEA) and International Renewable Energy Agency (IRENA), an additional 40…

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10-year solar panel manufacturing policy finalised

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solar-panel

ISLAMABAD: The federal government has finalised a draft of 10 years ‘Solar Panel Local Manufacturing and Allied Equipment’ policy envisaging incentives to the manufactures, including imposition of tariff on import of finished goods for the period to promote localisation, well-informed sources told Business Recorder. Sharing the details, sources said, the Special Investment Facilitation Council (SIFC) in its 5th Apex Committee meeting held on 8th-9th September 2023 directed to formulate “Solar Panel Local Manufacturing Policy” through consultations in Working Group (WG) meetings. In this regard, several meetings of WG on “Solar Panel…

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Payments issue with CPPA-G: Shanghai Electric lodges complaint with PM

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Shanghai-Electric

ISLAMABAD: Chinese power firm Shanghai Electric has reportedly lodged a complaint against Central Power Purchasing Agency-Guaranteed (CPPA-G) to the Prime Minister for not making payments on time, well-informed sources told Business Recorder. Sharing the details, sources said M/s Thar Coal Block-1 Power Generation Company Pvt Ltd has informed Special Investment Facilitation Council (SIFC) that the company has achieved Commercial Operation Date (COD) on February 5, 2023, however it is facing severe cash flow issues due to inefficient payments from CPPA-G. “Since we have achieved COD on February5, 2023, we are facing…

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Pakistan aims to agree outline of new IMF loan in May, finance minister says

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pak-imf

Pakistan hopes to agree the contours of a new International Monetary Fund (IMF) loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets. Pakistan’s current $3 billion arrangement with the Fund runs out in late April and the government is seeking a longer and bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute much needed structural reforms, the minister said. “We expect the IMF…

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Ogra, oil industry propose phased deregulation of fuel prices

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Petroleum-prices

ISLAMABAD: Amid warnings about supply chain challenges and ret­ail prices increasing by up to Rs27 per litre in Gilgit-Baltistan, the major oil sector stakeholders — the regulator and the industry — have proposed gradual deregulation of petroleum prices over a period of two years to avoid the political pressure associated with pricing. The government has also been advised to end its engagements with petroleum dealers and cartage contractors over their commissions and leave them to the oil industry to set their margins on a “competitive basis”. It should also strengthen…

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