Month: April 2024

NTDC Claims $13 Million Liquidated Damages from SEL for Delay in Achieving COD

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The National Transmission and Despatch Company (NTDC) has asserted its right to Liquidated Damages (LDs) exceeding $13 million from Siddiqsons Energy Limited (SEL) due to delays in achieving Commercial Operation Date (COD). Sources familiar with the matter revealed that NTDC is entitled to LDs as per the Power Purchase Agreement (PPA) and a decision by the Cabinet Committee on Energy (CCoE) prior to signing the PPA. The Managing Director of NTDC referred to a committee meeting regarding pending issues related to the 330-MW Thar Coal Power Plant by SEL. During…

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PFREIF Accuses Power Division of Misguiding SIFC on Renewable Energy Projects

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The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at GENCO-III/NPGCL’s site, emphasizing the potential for cheap and fuel-free electricity generation. However, PFREIF criticized the Power Division’s bureaucracy for misguiding SIFC regarding the status of these projects. The Forum highlighted…

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Pakistan Seeks Three-Year IMF Programme for Economic Reform

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Pakistan is actively engaging with the International Monetary Fund (IMF) for a new multi-billion dollar loan agreement to support its economic reform agenda. Finance Minister Muhammad Aurangzeb has indicated that Pakistan will request a three-year programme during discussions with the IMF. Aurangzeb, currently in Washington for the IMF and World Bank spring meetings, highlighted the country’s need for structural reforms to address economic challenges. The ongoing nine-month, $3 billion IMF loan programme is nearing completion, with Pakistan now seeking a larger and extended programme to bolster market confidence and address…

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World Future Energy Summit Opens with Collective Call for Collaboration on ‘Pathway to 1.5°C’

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World-Future

• Her Highness Sheikh Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of the UAE’s Independent Climate Change Accelerators, warns “action cannot take place if we work in silos”• IRENA’s latest capacity data shows the world is falling short of 1,100GW annual renewable power requirement, despite 2023 marking the largest surge of renewable power generation to date Abu Dhabi, April 16, 2024: With tempestuous Gulf rains acting as a timely reminder of the need for urgent climate action, the 16th edition of the World Future Energy Summit, hosted…

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Massive Overbilling Uncovered in Power Distribution Companies, Government Initiates Crackdown

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LAHORE: Interior Minister Mohsin Naqvi announced on Monday that the government is intensifying efforts to combat power theft and overbilling in power distribution companies (Discos). Speaking at a press conference in Lahore, Minister Naqvi revealed that a staggering overbilling of 830 million electricity units has been identified in Lahore Electric Supply Company (LESCO) alone. This overbilling affected government offices, industries, and consumers, prompting the Prime Minister’s commitment to support the Federal Investigation Agency (FIA) in combating this issue until fully resolved. Minister Naqvi disclosed plans for an FIA and Power…

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