Month: June 2024

Karot Power Seeks NEPRA Approval for Indexations Amid Financial Challenges

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Karot-Hydropower

ISLAMABAD: Karot Power Company Limited (KPCL) has approached the National Electric Power Regulatory Authority (NEPRA) for the approval of its indexations for the first and second quarters of 2024. The company has been unable to issue invoices totaling Rs 20 billion and faces a fifth debt payment of $100 million due in October 2024. In a letter to NEPRA Chairman Waseem Mukhtar, KPCL CEO Liu Yonggang highlighted the financial strain the company faces. He explained that after achieving Commercial Operations Date (COD) on June 29, 2029, KPCL submitted a request…

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PM Shehbaz Sharif’s Visit to China Expected to Strengthen Economic Ties

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit China on Tuesday, aiming to enhance economic and trade relations between the two nations. Invited by President Xi Jinping and Premier Li Qiang, the visit is anticipated to foster collaboration in the energy and IT sectors through various memorandums of understanding (MoUs) and agreements. During his visit, PM Sharif will engage with corporate executives from leading Chinese companies in the fuel and energy sectors, and address the Pakistan-China Business Forum. He will also meet entrepreneurs and investors from both countries to…

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Surge in Fuel Outlets Despite Smuggling Concerns

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fuel-oil

KARACHI: Despite the increasing influx of smuggled Iranian oil, oil marketing companies (OMCs) in Pakistan are expanding their retail networks. Pakistan State Oil (PSO) has added 37 new retail outlets in the first nine months of FY24, bringing its total to 3,555. However, PSO’s 9MFY24 report did not address the issue of fuel smuggling, which has impacted diesel and other fuel sales according to other refiners and OMCs. Attock Petroleum Ltd (APL) has strategically invested in key locations, commissioning new service areas on motorways M-4 and M-14. APL’s flagship outlet…

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Global gas market to grow 50% amid energy transformation

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As those trends ripple through the industry, growth in oil investment shows signs of peaking in non-OPEC countries, while investment in liquified natural gas (LNG) is expected to increase more than 50% by 2029, according to Goldman Sachs Research. The industry had 73 major projects under development worldwide last year, 30% more than at the beginning of the decade but still 32% below the level in 2014, according to Top Projects, GS Research’s 21st annual analysis of the energy sector. Underscoring this shift, Goldman Sachs Research projects the global gas market will grow 50% during the next five years.

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Solar users face new charges under proposed net metering reforms

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solar-energy

In a significant move to amend the existing net metering rules, Pakistan’s Power Division has begun working on changes aimed at balancing the benefits for solar energy users with the financial burden on other electricity consumers. The proposed amendments, which are set to be submitted to the National Electric Power Regulatory Authority (NEPRA) in July, include sending net metering power to the national pool and introducing capacity charges for net metering users. One of the major changes under consideration is a 50% reduction in the net metering buyback rate. This…

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