Category: Highlights

Europe has experienced negative energy prices several times this year, as the rapid pace of development of solar and wind energy outpaces the region’s ability to cope with excess supply. Electricity prices dropped into negative figures for 7,841 hours during the first eight months of 2024, sometimes to as much as -$22 per megawatt hour, according to the consultancy ICIS. The main culprit has been the solar sector, driven by inconsistencies in the delivery of electricity due to its unstable nature. While the deployment of utility-scale batteries could help to tackle this…

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ISLAMABAD: Pakistan has rationalised its investment expectations from the Gulf nations under the Special Investment Facilitation Council to $27 billion in five years, as it also hopes to clinch some new deals during the upcoming visit of Chinese Prime Minister Li Qiang. However, the exact number of agreements and memorandum of understandings that Pakistan hopes to sign during the Chinese prime minister’s visit has not yet been finalised. The Ministry of Foreign Affairs has shared a list of about 41 possible deliverables for the visit. Work on the list of…

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HOUSTON: Oil prices strengthened on Thursday on investor concern that a widening Middle East conflict could pose a threat to crude oil flows from the region. Brent crude futures were up $2.82, or 3.82%, at $76.72 a barrel by 11:36 a.m. EDT. U.S. West Texas Intermediate crude futures rose $2.85, or 4.07%, to $72.95. Both benchmarks climbed by more than $3 per barrel during the session. Brent futures reached an intraday high of $77.65 per barrel, the strongest since Aug. 30, while WTI futures peaked at $73.95 per barrel, a…

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ISLAMABAD: The government has announced a reduction in petroleum prices, offering some relief to the public, Energy Update reported on Monday. As per the notification, the price of petrol has been decreased by Rs 2.7 per liter, bringing the new price to Rs 247.03 per liter. High-speed diesel saw a reduction of Rs 3.40 per liter, while light diesel has been lowered by Rs 1.30 per liter. Kerosene oil prices have also been reduced by Rs 3.57 per liter. This decision aims to ease inflationary pressure on consumers amidst rising…

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Pakistan is undergoing a significant energy transformation. As of 2024, the country has emerged as a key overseas market for Chinese photovoltaic (PV) companies. Data from the China Photovoltaic Industry Association (CPIA) shows that Asia overtook Europe as the largest export destination for PV products in the first half of 2024, with Pakistan ranking as the second-largest module export market after Europe. In the same period, China exported inverters worth RMB 1.714 billion to Pakistan. In August alone, inverter exports to Pakistan reached 326 million yuan, reflecting a year-on-year growth…

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