Day: September 7, 2024

China-Pakistan green cooperation gains pace, a viable model of sustainable development: expert

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hydropower

Chinese and Pakistani engineers celebrate the starting of first unit wet testing of Suki Kinari Hydropower Project in Mansehra district of Khyber Pakhtunkhwa province, Pakistan, June 16, 2024. The first unit of the China-built Suki Kinari Hydropower project in northwest Pakistan was started up and formally entered the wet testing phase on Sunday. (Photo: Xinhua)Pakistan and China are deepening cooperation in emerging green sectors through the China-Pakistan Economic Corridor (CPEC), Mustafa Hyder Sayed, executive director of the Pakistan-China Institute told the Global Times in a recent exclusive interview.  Sayed viewed…

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Task Force Proposes Shift to Take-and-Pay Model for IPPs to Ease Consumer Burden

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power-subsidy

ISLAMABAD: A task force, formed by the prime minister to address capacity payments to Independent Power Producers (IPPs), has proposed transitioning from the current capacity-based payment model to a take-and-pay system. This change aims to relieve electricity consumers from paying for non-operating power plants, sources revealed on Friday. According to insiders, capacity payments currently make up 70% of the total energy costs paid by consumers. Under the existing agreements, consumers must pay for the full capacity of plants, even when they are not generating electricity. This results in an annual…

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NEPRA Approves Rs1.75 per Unit Tariff Hike for DISCOs, K-Electric

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NEPRA-KE

ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.75 per unit for state-owned distribution companies (DISCOs) and K-Electric, effective over the next three months, to recover Rs43.23 billion through quarterly tariff adjustments. This increase, set for the fourth quarter of FY 2023-24 (April-June 2024), comes after a public hearing on August 26, presided over by NEPRA Chairman Waseem Mukhtar. DISCOs had initially requested an additional Rs1.9 per unit, citing lower-than-expected sales during the period, partly due to load shedding in certain areas like…

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Govt Imposes Strict Austerity Measures: Ban on Vehicle Purchases, Overseas Medical Treatment

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Vehicle-Purchases

ISLAMABAD – In a significant move aimed at curbing public expenditure, the federal government has imposed a comprehensive ban on specific spending, including the purchase of new vehicles and state-funded medical treatment abroad. This follows a Finance Division notification issued this week, as the government grapples with economic pressures and criticism over its fiscal policies. The austerity measures are part of the government’s broader strategy to secure a $7 billion bailout package from the International Monetary Fund (IMF) while addressing concerns about unchecked public sector expenditures. Recent actions have included…

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Petrol, Diesel Prices Set for Fourth Consecutive Cut: Rs10 per Litre Drop Expected

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Petroleum-prices

ISLAMABAD – For the fourth consecutive fortnight, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs10 per litre starting from September 15, thanks to a recent drop in international oil prices. However, the final reduction could be smaller if the government increases the petroleum levy to offset revenue shortfalls. Informed sources report that international petrol and diesel prices have dropped by around $5 per barrel in the past two weeks, with petrol prices falling to below $76 per barrel and HSD to around $83 per barrel.…

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