Month: September 2024

Ahsan Iqbal Calls for Mobilizing Private and Public Finance for Renewable Energy Development

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ahsan-iqbal

LAHORE: Federal Planning and Development Minister Ahsan Iqbal emphasized the immense potential Pakistan has in producing renewable energy from wind and solar, estimating a capacity of 30,000 megawatts from wind and three billion megawatts from solar energy. However, he stressed that mobilizing both private and public finance is essential to harness this potential. Speaking at the Asia Energy Transition Summit 2024, held at Lahore University of Management Sciences (LUMS), Iqbal outlined the federal government’s five key pillars for transitioning from fossil fuels to renewable energy. These include fostering innovation, mobilizing…

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CCP Urges Government to Expedite Implementation of CTBCM Model to Boost Power Sector Competition

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power-supply

ISLAMABAD: The Competition Commission of Pakistan (CCP) has called on the government to fast-track the implementation of the Competitive Trading Bilateral Contract Market (CTBCM) model to open up Pakistan’s wholesale electricity market, fostering greater competition and efficiency in the power sector. In its Competition Assessment Study on the Power Sector, the CCP stressed the need for retail competition as the ultimate goal, allowing consumers to choose their electricity suppliers. Approved by NEPRA in 2020, the CTBCM model is key to this transformation, enabling bulk power consumers with loads of 1MW…

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CPPCL Shows Conditional Interest in Gwadar Power Plant Amid Uncertainty

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cpec

ISLAMABAD: Chinese company CIHC Pak Power Company (Pvt) Ltd (CPPCL) has expressed conditional willingness to continue work on the 300-MW Gwadar coal power plant if both the Pakistani and Chinese governments decide to abandon the project, according to well-placed sources within the Private Power Infrastructure Board (PPIB). The 300-MW coal-fired plant, part of the China-Pakistan Economic Corridor (CPEC), has faced numerous delays since the issuance of its Letter of Support (LoS) in August 2019. Despite six extensions granted by PPIB, CPPCL failed to meet the Financial Closing (FC) deadline, mainly…

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SBP Developing Climate-Driven Framework to Fund Pakistan’s Energy Transition

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state-bank

LAHORE: State Bank of Pakistan (SBP) Governor Jamil Ahmed announced the development of a climate-driven banking framework to support financing for energy transition in Pakistan. Speaking at the Asia Energy Transition Summit, organized by the Pakistan Renewable Energy Coalition (PREC) in collaboration with the Lahore University of Management Sciences’ Energy Institute, SDPI, Renewables First, and PRIED, Ahmed highlighted the need for renewable energy transition in vulnerable and debt-ridden nations like Pakistan. Despite contributing minimally to climate change, Pakistan ranks among the top 10 countries most vulnerable to its impacts. Ahmed…

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Chinese photovoltaic exports to Pakistan skyrocket

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Pakistan is undergoing a significant energy transformation. As of 2024, the country has emerged as a key overseas market for Chinese photovoltaic (PV) companies. Data from the China Photovoltaic Industry Association (CPIA) shows that Asia overtook Europe as the largest export destination for PV products in the first half of 2024, with Pakistan ranking as the second-largest module export market after Europe. In the same period, China exported inverters worth RMB 1.714 billion to Pakistan. In August alone, inverter exports to Pakistan reached 326 million yuan, reflecting a year-on-year growth…

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