Day: March 27, 2025

Global Renewable Energy Installations Hit Record High in 2024, Led by China

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Wind-power

DUBAI: The world installed a record-breaking amount of renewable energy capacity in 2024, with China leading the charge, according to a report released by the International Renewable Energy Agency (IRENA) on Wednesday. Global renewable energy capacity—spanning solar, wind, hydroelectric, and geothermal sources—grew by 15.1%, reaching nearly 4.5 terawatts. A staggering 585 gigawatts of renewable power was added to grids worldwide, accounting for 92.5% of all new electricity generation capacity. “The continuous growth of renewables each year proves their economic viability and scalability,” said IRENA Director-General Francesco La Camera. “However, we…

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NEPRA Seeks Power Generation Plan Amid Forecasted Hydel Reduction

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New-NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has directed the Power Division to submit a comprehensive power generation plan in light of a projected sharp decline in hydel power output, following warnings from the National Power Control Centre (NPCC) of an unfavorable summer ahead. The directive was issued during a public hearing on the Fuel Charges Adjustment (FCA) for February 2025, where the Central Power Purchasing Agency (CPPA-G) proposed a negative adjustment of 30 paisa per unit across all consumer categories. However, given that January 2025’s FCA adjustment of…

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Revised IPP Contracts to Save Rs3.5 Trillion Over 3-20 Years: Power Division

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New-Project53

ISLAMABAD: The Power Division has projected savings of Rs 3.498 trillion from the renegotiation and termination of contracts with 29 Independent Power Producers (IPPs) and Government Power Plants (GPPs) over their remaining tenures, which range from 3 to 20 years. During a meeting of the Senate Standing Committee on Power, chaired by Senator Mohsin Aziz, officials disclosed that six IPP contracts had been terminated, while revised tariff agreements were signed with nine bagasse-based power plants, including Shah Taj Sugar Mill, and 14 IPPs under the 1994 and 2002 Power Policies.…

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Pakistan Faces Unprecedented Water Shortage as Kharif Season Begins

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Indus-River

ISLAMABAD: As the Kharif cropping season approaches, Pakistan is grappling with an unprecedented water crisis, with irrigation experts warning of severe consequences for agricultural output. Officials report that dam reservoirs are nearly empty, river flows have dropped significantly, and reduced snowfall in mountainous regions offers little hope for replenishment. Given these alarming conditions, the Indus River System Authority (IRSA) has decided to allocate water strictly for drinking purposes throughout April, with a review planned in May. This exceptional measure marks a departure from the usual seasonal water allocation process, as…

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Pakistan, IMF Agree on Carbon Levy, Tariff Reductions in New $8.3bn Deal

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New-IMF

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached an agreement on a new 28-month Resilience and Sustainability Facility (RSF) worth $1.3 billion, bringing the total IMF support for the country to $8.3 billion under the Extended Fund Facility (EFF). The agreement, announced Wednesday, includes key economic reforms such as a new carbon levy, lower electricity tariffs, and reduced protectionism in the automobile sector. Subject to IMF Executive Board approval, the deal will grant Pakistan immediate access to $1 billion, increasing total disbursements under the EFF to $2 billion.…

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