Author: Admin

Hubco’s net profit soars 110% at Rs62b

Admin
Hubco

KARACHI: Hub Power Company (Hubco)’s net consolidated profit soared almost 110% to Rs62 billion in the year ended June 30, 2023 primarily due to increase in sales and a jump in share of profits from associates and joint ventures. The company earned Rs29.58 billion in the previous year, according to the profit or loss account sent to the Pakistan Stock Exchange (PSX) on Tuesday. Hubco’s board of directors recommended a final cash dividend of Rs6 per share. It was in addition to the interim dividends of Rs24 per share already…

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PPIB extends LoI of Mahl HHP to Dec 31, 2024

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ppib

ISLAMABAD: Private Power & Infrastructure Board (PPIB) has extended Letter of Interest (LoI) of 640-MW Mahl Hydropower Project till December 31, 2024 subject to the condition that the Company shall keep the Bank Guarantee valid for three months beyond the allowed period of extension of the LoI, official sources told Business Recorder. During a recent meeting of PPIB Board, MD PPIB, Shah Jahan Mirza apprised that 640-MW Mahl Hydropower Project is located on River Jhelum at boundary between AJ&K, Punjab and Khyber Pakhtunkhwa and is being developed by Mahl Power Company…

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Nepra grills CEOs of Discos for inflated electricity bills

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nepra

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Tuesday grilled Chief Executive Officers (CEOs) of power Distribution Companies (Discos) for sending inflated electricity bills to the consumers just to show improvement in their recovery, well informed sources told Business Recorder. Last week, the power regulator, which always follows government’s instructions and blindly approves increase in base tariff and QTAs, took serious note of over billing across the country due to which consumers were protesting. The regulator also received dozens of bills from consumers that proved that they received bills against units…

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Power theft of 10.7m units detected in six days

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power-sector

ISLAMABAD: The interim government, launching a nationwide campaign against power theft on September 7, 2023, has uncovered more than 10.7 million units of power theft within state-operated power distribution companies. In the past six days, 6,215 theft cases were unearthed, leading to the filing of 2,380 FIRs, arrest of 369 violators, and imposition of Rs441 million fine. However, the authorities have managed to recover only Rs162 million, which constitutes a mere 36.7 percent of the total penalties imposed. Interestingly, over 90 percent of this recovery was of arrears, and only…

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OGDCL Announces Commencement of Oil and Gas Production from Nashpa-11 Well in KPK Province

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OGDCL

ISLAMABAD, September 12, 2023: The Oil & Gas Development Company Limited (OGDCL) on Tuesday announced the successful testing, completion, and commencement of production at the Nashpa-11 well in District Karak, KPK Province This achievement stands as a testament to OGDCL’s commitment to bolstering Pakistan’s energy sector and meeting the escalating needs of both domestic consumers and industrial enterprises.OGDCL is diligently pursuing a harmonized approach to exploration, drilling, and development activities with a focus on optimizing production on a fast-track basis. This development is the result of OGDCL’s in-house expertise. The…

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