Author: Admin

Circular debt: Ministry seeks Rs319bn subsidy for KE, govt power plants

Admin
K-Electric

ISLAMABAD: In the wake of escalating monster of circular debt and keeping the cash-bleeding power sector afloat, the Ministry of Power has sent out an SOS to the government and requested approval of a whopping subsidy amount of Rs319 billion for K-E and Government Owned Power Plants (GPPs). The Economic Coordination Committee (ECC) of the Cabinet is all set to consider two important summaries prepared by the Power Division in its scheduled meeting going to be held today (Wednesday). Official sources said the Ministry of Power sought approval for clearance…

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FIPPA law to shield Turkmenistan investment in $10 billion TAPI project

Admin
TAPI-gas

ISLAMABAD: The government has decided to extend the Foreign Investment Promotion and Protection Act (FIPPA), a special legislative cover, to the investment of Turkmenistan in the TAPI gas pipeline project, a senior energy ministry official said on Tuesday. The move is aimed at increasing the bankability of the project in the eyes of the international lenders, which is estimated to cost $10 billion and will transport natural gas from Turkmenistan to Pakistan through Afghanistan and India. Turkmenistan will have an 85 percent stake in the project, while Afghanistan, Pakistan and…

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Nepra rejects power division’s criticism of overbilling report

Admin
Nepra-KE-1

• Power regulator disapproves of premium on urgent connections• Hints at allowing 14pc interest on bill instalments ISLAMABAD: The power regulator Nepra on Tuesday rejected objections raised by the power division over its overbilling investigation report finding massive irregularities to consumers and made it clear to take the regulatory process to the logical conclusion. The National Electric Power Regulatory Authority also appeared unconvinced by the power division’s move to charge Rs15,000 to Rs30,000 for urgent power connections but hinted at allowing 14 per cent interest to consumers seeking instalments for their bills…

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Govt wins legal fight against Tuwairqi Steel

Admin
saudi-project

ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Per­m­anent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment agreement. Pakistan was represented in the proceedings by Law Minister Ahmad Irfan Aslam, who was the head of the international disputes unit at the time. Tuwairqi Steel was represented by…

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Discos seek Rs4.66/unit hike for November

Admin
free-power

ISLAMABAD: Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of about 26pc increase in annual base tariff and another 18pc hike under the quarterly tariff adjustment currently in place. As a result, the consumers would be unable to contain their…

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