Category: Latest News

Govt to Scrap Gas Cross-Subsidies by 2026; Balochistan Tariff Dispute Deepens

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Gas-Sale

ISLAMABAD: The federal government is preparing to phase out cross-subsidies for residential gas consumers by 2026, replacing them with a direct, income-based subsidy model aligned with the Benazir Income Support Programme (BISP). This reform is part of ongoing negotiations with the International Monetary Fund (IMF) under the Resilience and Sustainability Facility. During a recent cabinet briefing, the Petroleum Division disclosed that advisory firm KPMG has been hired to develop the new subsidy framework, and a dedicated task force is actively working on implementation. Currently, over Rs150 billion in cross-subsidies are…

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JSCL Merges Quality Energy Solutions with Energy Infrastructure Holding

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New-Project10

KARACHI: Jahangir Siddiqui and Company Limited (JSCL) has announced the merger of its subsidiaries—Quality Energy Solutions (Private) Limited and Energy Infrastructure Holding (Private) Limited—marking a strategic consolidation in its energy portfolio. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, JSCL confirmed that the Securities and Exchange Commission of Pakistan (SECP) has approved the merger, effective from May 31, 2025. JSCL, incorporated on May 4, 1991, under the former Companies Ordinance, 1984, operates as a public unquoted company. Its core activities include managing strategic investments, securities trading, and…

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Hubco Seeks Extended Bank Guarantees to Safeguard Coal Power Projects

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New-Hubco

KARACHI: Hub Power Company (Hubco), Pakistan’s largest independent power producer, is seeking an extension of \$51 million in bank guarantees to ensure the continued operation of its coal-fired power plants amid evolving energy sector dynamics and rising solar adoption. In a notice to the Pakistan Stock Exchange, Hubco announced its plan to extend the duration of these guarantees—previously short-term—until 2034. The extended backing aims to cover future loan repayments and potential penalties, helping secure the financial stability of its two 330-megawatt plants that run on locally mined coal. The move…

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Port Qasim Power Plant Seeks Finance Minister’s Intervention Over Rs87.5 Billion Dues

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Power-Plant

ISLAMABAD: Port Qasim Electric Power Company (PQEPC) has urged Finance Minister Muhammad Aurangzeb to intervene in clearing overdue payments amounting to Rs87.5 billion (approximately \$308.2 million) as of June 30, 2025, warning that delays now exceed six months and risk spiraling further. In a formal communication, PQEPC CEO Wang Min highlighted the growing dissatisfaction of Chinese and Qatari shareholders over the payment backlog and cautioned that the company reserves the legal right to suspend operations under Section 9.10 of the Power Purchase Agreement (PPA) without incurring any penalties. Wang noted…

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APTMA, Power Division Clash Over Industrial Cross-Subsidy Calculations

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New-APTMA

ISLAMABAD: A disagreement has emerged between the Power Division and the All Pakistan Textile Mills Association (APTMA) over the actual volume of cross-subsidies embedded in industrial electricity tariffs. APTMA claims that the burden is nearly double the amount reported by the government. While the Power Division recently announced a Rs174 billion cut in cross-subsidies, estimating Rs74 billion currently applied to industrial tariffs, APTMA disputes the figure. In a letter to Power Minister Sardar Awais Leghari, APTMA Secretary General Shahid Sattar argued that their analysis—based on NEPRA’s FY26 consumer-end tariff determinations—places…

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