Year: 2024

Trump Edges Harris in Key Swing States as GOP Secures Senate Majority

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Trump-Edges

WASHINGTON: Former President Donald Trump is leading Vice President Kamala Harris in the U.S. presidential election, securing pivotal wins in battleground states as he strengthens his bid for the White House. Trump’s successes in North Carolina, Arkansas, and South Carolina have propelled him to 230 electoral votes, compared to Harris’s 210. The Republican Party has also reclaimed control of the Senate, flipping seats in West Virginia and Ohio, previously held by Democrat-aligned incumbents. This shift grants the GOP a majority for the 119th Congress, with implications for policy direction over…

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Government Expects Rs300bn Annual Savings from IPP Contract Revisions

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New-ipp

ISLAMABAD: The federal government anticipates annual savings of up to Rs300 billion from renegotiating or terminating contracts with Independent Power Producers (IPPs), potentially reducing electricity tariffs by Rs2-3 per unit. This was disclosed by Special Assistant to the Prime Minister on Power and Energy Task Force Co-chair Muhammad Ali in a briefing to the Senate Standing Committee on Power, led by Senator Mohsin Aziz. Ali stated that ongoing negotiations with IPPs could generate significant savings, with Rs400 billion already saved through early termination of five IPP contracts. Additionally, adjustments to…

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Textile Council Warns of Catastrophic Impact if Gas Supply to Captive Power Plants is Cut

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LNG

KARACHI: The Pakistan Textile Council has urged the government to reconsider its strategy to halt gas supplies—including indigenous and liquefied natural gas (LNG)—to captive power plants (CPPs), warning it could severely damage Pakistan’s export sector, particularly textile shipments. Council Chairman Fawad Anwar cautioned that this abrupt policy could trigger a sharp decline in large-scale and medium-scale industrial production. He noted that most CPPs lack a reliable electricity grid connection and that transitioning these gas-powered facilities to grid power would require billions of rupees and years to complete. Anwar stressed the…

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NEPRA Approves 40-Paisa Increase in K-Electric Tariff for August Fuel Adjustment

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Tuesday approved a 40-paisa per unit fuel cost adjustment (FCA) for K-Electric (KE) customers based on power consumed in August, to be reflected in January 2025 bills. This adjustment will add approximately Rs675 million in revenue for KE, falling short of its initial request for a 51-paisa increase to collect Rs853 million. This FCA will replace the higher FCA of Rs3.04 per unit applied in December for electricity used in July, meaning the effective rate for January 2025 will be lower…

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Government to Finalize New Agreements with 18 IPPs in Six Months

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Power-sector

ISLAMABAD: The government announced plans to revise Power Purchase Agreements (PPAs) with 18 independent power producers (IPPs) established under the 1994 and 2002 power policies within the next four to six months. This comes after securing an agreement with bagasse-based power plants for tariff reductions. Power Minister Owais Khan Leghari confirmed the premature termination of PPAs with five of the oldest IPPs, with projected savings of Rs70 billion annually or about Rs411 billion over their remaining contract periods. Special Assistant to the Prime Minister Muhammad Ali, a task force member…

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