Month: October 2024

Pakistan’s 93 IPPs Generating 22,671 MW Amid Efforts for Power Sector Reforms

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Power project

ISLAMABAD: Federal Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari informed the National Assembly that Pakistan currently operates 93 Independent Power Producers (IPPs) with a total power generation capacity of 22,671 MW. In response to MNA Muhammad Atif’s question, Minister Leghari outlined the breakdown, noting 50 IPPs are locally funded, 17 are foreign-funded, and 26 are funded through a mix of local and foreign investments. Highlighting significant financial commitments, the minister disclosed that the government paid Rs428.435 billion in capacity payments during the 2023-24 fiscal year to four…

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SIFC Seeks Power Division’s 10 Investment-Ready Projects for Saudi Partnership

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Power-generation

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has requested that the Power Division present a list of ten investible projects by October 31, 2024, for potential investment from Saudi Arabia, following the recent visit of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih and a delegation of over 30 Saudi companies. Amid economic challenges like a high import bill and foreign exchange shortages, SIFC underscores the importance of establishing an investment-ready project pipeline to boost industrial growth, job creation, and exports. Prime Minister Shehbaz Sharif has stressed the need for foreign…

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Oil Drops 5% as Middle East Tensions Ease

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russia-oil

HOUSTON: Oil prices plummeted by nearly 5% on Monday after Israel’s recent military action against Iran over the weekend spared oil and nuclear sites, maintaining energy supply stability. By 11:37 a.m. CDT (1637 GMT), Brent crude futures dropped $4.20, or 5.52%, to $71.83 a barrel, and U.S. West Texas Intermediate (WTI) crude slid $4.08, or 5.68%, to $67.70—a low unseen since early October. Phil Flynn, senior analyst at Price Futures Group, remarked, “This is a classic example of a headline-driven market. Geopolitical risks remain significant.” Despite last week’s 4% rally,…

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Grid-based battery energy storage solutions

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grid based battery storage

The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have resulted in a constant decline in the cost of storage batteries. Lately, falling international prices of raw materials have pushed the small battery manufacturers out, leaving a few major players,…

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Oil slides 5% after limited Israeli retaliatory attack on Iran

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oil price

Oil prices tumbled by around $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Brent futures were down $4.13, or 5.43%, at $71.92 a barrel at 1445 GMT, while WTI U.S. crude futures lost $4.04, or 5.63%, to $67.74. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open. The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty over the looming…

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