Year: 2024

Power Division Keeps IPP Talks Confidential, Promises ‘Good News’ Soon

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Power-sector

ISLAMABAD: The Power Division on Thursday declined to share details on the ongoing negotiations between the Task Force on Power Sector Reforms and Independent Power Producers (IPPs), but assured that progress is being made and good news will be shared soon, as talks with several IPPs are at an advanced stage. Special Secretary Arshad Majeed, who also serves as Secretary of the Task Force, stated that negotiations are in a critical phase and disclosing details could be detrimental. He noted that within two weeks, the Committee would be briefed on…

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Rs250 Million Spent on Disco Privatisation with No Results, Senate Committee Informed

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power-distribution

ISLAMABAD: The Senate Standing Committee on Privatisation was informed on Thursday that despite spending Rs250 million on the privatisation process of power distribution companies (Discos), not a single transaction has been completed. Committee chairman Senator Tallal Badar expressed frustration over this wasteful expenditure, questioning the message it sends internationally. The Ministry of Energy briefed the committee on the proposed privatisation, with Senator Badar specifically questioning the stalled privatisation of Faisalabad Electric Company (Fesco), which had nearly been finalised in 2016-17 but remains incomplete. Labour concerns were highlighted as a significant…

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K-Electric Faces Scrutiny Over Prolonged Outages and Overbilling

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K-Electric

NA Committee to Review KE’s Performance in Karachi | Utility Seeks 51 Paise Tariff Hike for August ISLAMABAD: Despite overcapacity in the power system, complaints of overbilling, excessive loadshedding, and high electricity costs in Karachi dominated discussions at parliamentary and regulatory forums on Thursday. K-Electric (KE) faced sharp criticism from the National Assembly’s Standing Committee on Power and a public hearing by the National Electric Power Regulatory Authority (Nepra). Both forums raised concerns over KE’s reliance on expensive power plants, leading to 6-18 hours of loadshedding and overcharging. Karachi residents,…

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Pakistan eyes China, Gulf investment

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ISLAMABAD: Pakistan has rationalised its investment expectations from the Gulf nations under the Special Investment Facilitation Council to $27 billion in five years, as it also hopes to clinch some new deals during the upcoming visit of Chinese Prime Minister Li Qiang. However, the exact number of agreements and memorandum of understandings that Pakistan hopes to sign during the Chinese prime minister’s visit has not yet been finalised. The Ministry of Foreign Affairs has shared a list of about 41 possible deliverables for the visit. Work on the list of…

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Oil gains nearly 4% on supply concerns as Middle East conflict intensifies

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Oil price

HOUSTON: Oil prices strengthened on Thursday on investor concern that a widening Middle East conflict could pose a threat to crude oil flows from the region. Brent crude futures were up $2.82, or 3.82%, at $76.72 a barrel by 11:36 a.m. EDT. U.S. West Texas Intermediate crude futures rose $2.85, or 4.07%, to $72.95. Both benchmarks climbed by more than $3 per barrel during the session. Brent futures reached an intraday high of $77.65 per barrel, the strongest since Aug. 30, while WTI futures peaked at $73.95 per barrel, a…

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