Category: Highlights

Oil holds at two-month low on rising supply concerns

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opec

LONDON: Oil prices held at two-month lows on Wednesday as a potential peace deal between Russia and Ukraine continued to weigh on prices while lower U.S. crude stockpiles provided some support. Brent crude eased by 3 cents to $72.99 a barrel by 1142 GMT while U.S. West Texas Intermediate crude oil futures gained 3 cents to $68.96. Prospects for a peace deal between Russia and Ukraine are improving, ING commodities strategists said in a note on Wednesday, adding that the market was also watching for potential implications of a minerals…

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India must double renewable capacity additions to meet 2030 clean-energy targets, report says

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double renewable capacity additions

India must double renewable capacity additions to meet 2030 clean energy targets report say February 27, 2025 India must double its annual solar and wind capacity additions over the next five years to meet its 2030 clean-energy targets, despite record additions in 2024, Global Energy Monitor (GEM) said in a report on Wednesday. India added nearly 28 gigawatts (GW) of solar and wind capacity in 2024, with solar power additions accounting for 70% of total additions, according to the country’s renewable energy ministry. The country has set a target to…

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Will 18% GST on net metering slow down Pakistan’s solar boom?

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18% GST on net metering

In a key development on the renewable energy front, the Federal Tax Ombudsman (FTO) ordered that solar net metering consumers in Pakistan pay an 18% sales tax. The decision was made after discovering a significant revenue loss of approximately Rs9.8 billion, as reported by Business Recorder on Tuesday. Under the ruling, the sales tax will be applied to the total amount of electricity supplied by power distribution companies (DISCOs), without considering the net metering arrangement. This means that consumers will be taxed on the full amount of electricity they receive, not just the…

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Pakistani, Chinese firms sign strategic pact for EVMs in Pakistan

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Electric-Car

Shanghai Launch Automotive Technology Co., Ltd. (LAUNCH) and Yousuf Dewan Companies (YDC) who are pioneer electric vehicle assembly company in Pakistan, have officially signed a Memorandum of Understanding (MoU) in Beijing.Pakistani cuisine recipes  This agreement marks a significant step in bringing advanced electric vehicle (EV) technology to Pakistan and promoting sustainable mobility solutions in the region.  In the signing ceremony, Khan Muhammad Wazir, Science Councilor, and Idrees Gigi, Director Projects of YDC along with senior officials from LAUNCH marked the official commencement of this exciting partnership.  The two sides thanked…

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KAPCO’s power plant to remain in system till 2027

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Power-Plants

Pakistan’s power producer Kot Addu Power Company Limited (KAPCO) on Tuesday informed that the National Electric Power Regulatory Authority (NEPRA) has approved the inclusion of its power plant in the Power Acquisition Plan (2023-2027) for distribution companies. The IPP disclosed the development in its notice to the Pakistan Stock Exchange (PSX). KAPCO stated that progress has been made on the renewal of the company’s Power Purchase Agreement (PPA) following negotiations with the National Task Force on Implementation of Structural Reforms (Power Sector). “Due to system requirements, the NEPRA has already…

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