Day: November 19, 2024

Oil prices up nearly 3pc

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Oil price

NEW YORK: Oil prices gained about $2 a barrel on Monday after news of halted crude production at Norway’s Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war. Brent crude futures were up $2, or 2.8%, to $73.04 a barrel at 11:55 a.m. EST (1655 GMT), while US West Texas Intermediate crude futures were at $68.90 a barrel, up $1.88, or 2.8%. Equinor said it had halted output from its Johan Sverdrup oilfield, western Europe’s largest, due to an onshore power outage, without a…

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Pakistan’s power generation increases in October as cost surges

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Power genration

Power generation in Pakistan stood at 10,262 GWh (13,793 MW) in October 2024, an increase of over 7% YoY compared to the same period of the previous year. In the first four months of FY25 (July-October), power generation fell by 5% YoY to 50,808 GWh compared to 53,709 GWh in the SPLY. Analysts have voiced concerns over the decline in Pakistan’s electricity consumption amid sluggish economic activity and high energy costs. Adding to the challenge is a growing shift towards alternative energy sources, especially solar, which has become increasingly popular…

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AI and Battery Storage Innovations Key to Reducing Electricity Costs: German Ambassador

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Battery-Storage

Islamabad, November 19, 2024: German Ambassador Alfred Grannas met with Federal Minister for Power, Sardar Awais Ahmed Khan Leghari, to explore the role of artificial intelligence (AI) and battery storage in addressing Pakistan’s energy challenges. Ambassador Grannas highlighted how innovations in AI and battery storage technologies are significantly reducing electricity costs, aiding in Pakistan’s transition to more sustainable energy solutions. He emphasized Germany’s commitment to providing both financial and technological support to Pakistan’s energy sector, noting that these innovations are essential for improving efficiency and lowering power prices. Minister Sardar…

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Pakistan Requires $191.8 Billion for Low-Carbon Transition by 2050: ADB Report

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Asian-bank

ISLAMABAD: Pakistan will need an additional $191.8 billion by 2050 to transition to a low-carbon energy system and achieve its climate goals, according to a recent report by the Asian Development Bank (ADB). The report outlines a comprehensive pathway for reducing greenhouse gas (GHG) emissions while sustaining economic growth. It contrasts a low-carbon scenario with a business-as-usual (BAU) approach, emphasizing renewable energy deployment, energy efficiency, and cleaner fuels across key sectors such as power, transport, and industry. Under the low-carbon scenario, investments would focus on hydropower ($153 billion), nuclear energy…

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Pakistan Seeks Chinese Investments in Renewable Energy to Reduce Fuel Dependence

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Power-IPP

ISLAMABAD: Pakistan has invited Chinese companies to invest in its renewable energy and offshore wind sectors as part of efforts to address its energy crisis and reduce reliance on costly fuel imports, state media reported on Monday. Speaking at the High-Quality Development of Offshore Wind Power Supply Chain seminar in Fuzhou, China, Pakistan’s Ambassador to China, Khalil Hashmi, highlighted the country’s renewable energy potential. “With a coastline exceeding 1,000 kilometers, Pakistan has a natural advantage for developing renewable energy resources,” he stated, urging Chinese investors to explore offshore wind opportunities.…

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