Year: 2024

Power Users to Receive Refund for Fourth Consecutive Month

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Power Users to Receive Refund

Islamabad: Public sector power companies have proposed a Rs1.016 per unit negative Fuel Cost Adjustment (FCA) in electricity bills, potentially refunding Rs10 billion to consumers overcharged in October 2024. If approved, this will mark the fourth consecutive month of negative FCA, enabled by significant fuel cost savings and a 20% base tariff hike implemented for the fiscal year 2024-2025. The Central Power Purchasing Agency (CPPA) reported an 8% year-on-year rise in power consumption in October, reaching 9.98 billion units due to the delayed onset of winter. Domestic energy sources accounted…

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Pakistan’s solar & EV sectors open up with unique perks for China

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Pakistan’s solar & EV sectors

BEIJING, Nov 15 (APP):Pakistan is set to attract Chinese investors with exclusive incentives in the booming solar and electric vehicle (EV) sectors, said Pakistan’s Trade and Investment Counsellor to China Ghulam Qadir. Addressing the 4th Beijing International Engineering Procurement Conference & Exposition for Engineering Construction Supply Chain (EPC Expo), focused on sustainable trade between China and Pakistan, Ghulam Qadir emphasized that the Pakistani government has introduced special incentives designed to strengthen bilateral cooperation in green technology. These sectors are pivotal for Pakistan’s sustainable future and present lucrative opportunities for Chinese…

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Oil prices on track for weekly loss as Chinese demand wanes

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oil price

HOUSTON: Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 71 cents, or 0.98%, to $71.85 a barrel by 10:32 a.m. EDT. U.S. West Texas Intermediate crude futures were down 72 cents, or 1.05%, at $67.98. For the week, Brent is set to fall 2.9% while WTI is set to decline 3.6%. China’s oil refiners in October processed 4.6% less crude than a year…

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K-Electric Bags Two Prestigious Asian Power Awards for Energy Innovation

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KARACHI: K-Electric (KE) has earned two distinguished honors at the 2024 Asian Power Awards, underscoring its role as a leader in energy efficiency and innovation. The company’s 560MW Bin Qasim Power Station II (BQPS-II) was awarded both the Gas Power Project of the Year – Pakistan and the Power Plant Upgrade of the Year – Pakistan, recognizing its advanced upgrades in energy efficiency, according to a statement released Thursday. KE’s substantial investment in BQPS-II, part of a larger $4 billion modernization strategy post-privatization, has significantly boosted the plant’s operational adaptability…

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Government Accelerates Oil Sector Deregulation, Proposes Uniform Gas Pricing

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ISLAMABAD: The government is expediting consultations on deregulating the petroleum sector and establishing uniform gas prices across local and imported supplies for the processing industry, including wellhead gas, piped gas, and liquefied natural gas (LNG). Prime Minister Shehbaz Sharif has tasked the Petroleum Division with formulating proposals to achieve deregulation in the sector and consistent pricing across gas sources. A high-level meeting, chaired by the Prime Minister’s Office, reviewed these priorities, which have been discussed in previous meetings. The main points of the briefing covered the proposed deregulation of petroleum…

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