Author: Admin

Govt to Pay Rs72 Billion to Five IPPs After Amicable Settlement

Admin
Power-Projects

ISLAMABAD: The federal cabinet has approved a settlement with five Independent Power Producers (IPPs) involving the voluntary termination of their contracts, following mutually agreed negotiations. According to details, the government will pay Rs72 billion to these IPPs within 90 days, while ensuring no unfair treatment in the process. The settlement includes repatriation of dividends for foreign shareholders, with the Central Power Purchasing Agency (CPPA) already working on payments. Hub Power Company (HUBCO) is set to receive Rs36.5 billion while clearing its liabilities to PSO. Other IPPs, including Atlas, Saba, and…

Read More

Nepra Issues Show-Cause Notices to CPPA-G, NTDC Over Non-Compliance on BSPs and OPMs

Admin
NEPRA-Office

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has issued show-cause notices to the Central Power Purchasing Agency–Guaranteed (CPPA-G), the Market Operator (MO), and the National Transmission and Despatch Company (NTDC) for failing to sign Black Start Procedures (BSPs) and finalize Operating Procedure Manuals (OPMs) for power plants. Following a nationwide power outage in January 2021, Nepra initiated an inquiry and directed CPPA-G and NTDC to complete these crucial procedures. Despite repeated instructions, the agencies have yet to comply, prompting Nepra to consider legal action, including fines ranging from Rs.…

Read More

SBP Projects 2.5-3.5% Growth, Warns of Risks from Global Energy Price Fluctuations

Admin
state-bank

KARACHI: The State Bank of Pakistan (SBP) has projected real GDP growth between 2.5% and 3.5% for FY25, citing improvements in macroeconomic conditions supported by stabilization policies, IMF engagement, and a favorable global environment. In its annual report for FY24, the SBP highlighted reduced economic uncertainty and a positive outlook, but cautioned that fluctuations in global energy prices could pose risks. The bank also emphasized that continued fiscal discipline, lower borrowing costs, and foreign inflows would boost growth in industry and services. However, the agriculture sector may face challenges, and…

Read More

Oil Industry Criticizes Restrictive Fuel Pricing, Cites Major Losses

Admin
Oil-Price

ISLAMABAD: The oil industry has raised alarm over restrictive fuel pricing policies, claiming significant financial losses due to deviations from the government-approved pricing formula. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies, warned that adjustments to the pricing mechanism effective from October 16, 2024, are causing millions in losses. The reduction of customs duty on high-speed diesel and cuts to the inland freight equalisation margin (IFEM) for diesel and petrol have further strained the industry.…

Read More

Mega Motor Partners with BYD to Boost Pakistan’s Automotive Sector

Admin
Mega-Motor

KARACHI: Mega Motor Company, a subsidiary of Hub Power Company Ltd (Hubco), has signed a major partnership with BYD Auto Industry Company Ltd, the world’s leading manufacturer of new energy vehicles (NEVs). In a statement on Thursday, Hubco announced that the agreement includes manufacturing, marketing, distribution, and sales of BYD’s passenger vehicles in Pakistan. The deal also involves technical licensing for BYD’s products. With BYD’s cutting-edge technology and Mega Motor’s local expertise, this collaboration is expected to significantly advance Pakistan’s automotive industry, providing customers access to innovative vehicles from a…

Read More