Day: November 23, 2024

Cnergyico Approved to Export 30,000 Tonnes of Furnace Oil Amid Declining Local Demand

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Engro Powergen Qadirpu

KARACHI: A consortium of textile companies has formally withdrawn its public announcement of intention (PAI) to acquire a 68.89% majority stake in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The announcement was made by Arif Habib Limited (AHL), the manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. The consortium, comprising Liberty Mills Limited, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited (a Master Group subsidiary), and individual investors, had initially expressed interest in February 2024. The PAI was extended…

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Nepra Reviews Draft Distribution Code 2024 to Modernize Power Grid

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Power Division

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) is evaluating the newly proposed Distribution Code 2024, a framework aimed at improving the reliability, safety, and efficiency of Pakistan’s electricity distribution network. Targeting Distribution Network Operators (DNOs), power generators, and bulk power consumers with loads exceeding 1 MW, the draft code supports market-based energy reforms and reflects the evolving regulatory and technological landscape. The draft, submitted by ex-Wapda distribution companies (XW-Discos), aligns with Nepra Licensing (Distribution) Regulations 2022 and the Competitive Trading Bilateral Contract Market (CTBCM) model. It incorporates enhanced operational…

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COP29 Summit Extends as $250 Billion Climate Finance Proposal Faces Pushback

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COP29

BAKU: The COP29 climate summit in Baku stretched beyond its scheduled timeline on Friday as negotiations stalled over a contentious draft deal proposing $250 billion in annual climate finance by 2035. The proposal has sparked criticism from both developed and developing nations, deepening divisions. Late on Friday, the COP29 presidency unveiled what it hopes will be the final framework for carbon market regulations, marking some progress. However, discussions over the ambitious funding plan continued into the night, reflecting sharp disagreements. Developing nations have dismissed the $250 billion figure as insufficient,…

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Korean Hydropower Projects in KPK Stalled Amid Regulatory Challenges

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korean hydropower projesct

ISLAMABAD: The Power Division has reportedly declined to support Korean firms developing hydropower projects in Khyber Pakhtunkhwa (KPK), leaving multimillion-dollar investments in limbo due to their exclusion from the Indicative Generation Capacity Expansion Plan (IGCEP). Korean companies, including LSG Hydro Power Limited (LSG HPL) and Korea-South East Power Company (KOEN), have faced repeated hurdles despite making substantial progress. LSG HPL’s 470MW hydropower project, developed in partnership with the KPK government under the 2015 Power Policy, has completed key milestones, including a bankable feasibility study and obtaining regulatory approvals. However, the…

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Rapid Solar Growth Shifts Rs200 Billion Burden to Non-Solar Consumers

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soalr energy

ISLAMABAD: A report by Arzachel, titled “The Distributed Divide – How Solar Expansion Affects Non-Adopting Consumers and Utility Economics,” reveals that non-solar consumers in Pakistan bore an additional Rs200 billion burden in FY 2023-24 due to the rapid adoption of solar energy. This surge has led to a Rs2 per kilowatt-hour (kWh) increase in tariffs for grid-dependent users. The report warns that without regulatory intervention, the financial impact on non-solar consumers will worsen, with costs projected to rise by Rs131 billion for every 5% reduction in grid demand due to…

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