Year: 2024

Global Lithium-Ion Battery Demand Surpasses 1 TWh in 2024

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Electric-Vehicle

For the first time in history, annual global demand for lithium-ion batteries has exceeded 1 terawatt-hour (TWh), driven by record-breaking electric vehicle (EV) sales and robust deployments of battery energy storage systems (BESS) in November 2024. This milestone marks a significant leap from 2023, when the threshold was narrowly missed, according to Rho Motion, a London-based market research firm. Lithium-ion battery demand is projected to grow by 26% year-on-year in 2024, reflecting the continued expansion of the EV market. EVs remain the largest consumers of lithium-ion batteries, yet their growth…

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Power Ministry Urgently Seeks Rs400 Billion to Meet IMF Circular Debt Target

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New-IMF

ISLAMABAD: The Ministry of Power has issued an urgent appeal for the release of Rs400 billion in subsidies by December 2024 to meet the International Monetary Fund’s (IMF) conditions under the $7 billion Extended Fund Facility (EFF). Failure to comply risks escalating the circular debt beyond the agreed threshold, jeopardizing financial stability and IMF commitments. So far, only Rs82 billion of the allocated Rs1,229 billion subsidy for FY2024-25 has been disbursed by the Ministry of Finance. To meet IMF requirements, another Rs318 billion must be released immediately. Under the Circular…

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K-Electric CEO Advocates for Balanced Tariff to Support Investments

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Moonis-Alvi

ISLAMABAD: K-Electric (KE) CEO Moonis Alvi expressed willingness to revise the company’s proposed multi-year tariff during ongoing discussions with the National Electric Power Regulatory Authority (Nepra). He emphasized the need for a sustainable tariff structure to support investments in Pakistan’s power sector while addressing consumer concerns. Speaking on Geo Television’s “Aaj Shahzeb Khanzada Kay Sath,” Alvi stated, “We are open to healthy debate and ready to adjust any abnormal elements in the tariff.” He highlighted that the proposed tariff of Rs44.69/unit for 2024–2030, filed two years ago, reflected a higher…

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Government Suspends CEOs of Three Gencos Over Asset Disposal Delays

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Power genration

ISLAMABAD: The government has suspended the Chief Executive Officers (CEOs) of three Generation Companies (Gencos) following Prime Minister Shehbaz Sharif’s dissatisfaction with delays in disposing of dead assets. The suspended CEOs are: Abdul Vakeel, CEO of JPCL (Genco-I)Junaid Ahmed Baig, CEO of Genco-IISabeeh Uz Zaman Faruqi, CEO of Genco-IIIDuring a high-level meeting on the Indicative Generation Capacity Expansion Plan (IGCEP), the Prime Minister directed Power Minister Awais Khan Leghari to suspend officials obstructing the disposal of redundant Genco assets and delaying human resource absorption or retirement processes. The Prime Minister…

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Pakistan and Iran to Negotiate Extension of Power Sale Agreement

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Pak-iran-1

ISLAMABAD: Pakistan and Iran are gearing up for negotiations to extend their electricity sale agreement, set to expire on December 31, 2024. Sources indicate that both sides aim to finalize the renewal to ensure continued power supply to Pakistan’s Balochistan province. Pakistan currently imports 100 MW of electricity from Iran, primarily for bordering areas of Balochistan, with payments managed through informal channels or barter trade agreements. The annual import stands at approximately 18 million units, priced at over Rs. 27 per unit—significantly higher than electricity generated from imported coal or…

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