Category: News & Announcement

TASHKENT, Uzbekistan, (UrduPoint / Pakistan Point News / WAM – 08th Mar, 2020) ACWA Power has announced the signing of three new strategic agreements, potentially worth up to US$2.5 billion, with the Ministry of Energy of Uzbekistan to amplify power generation and develop technical expertise. The agreements include a 25-year Power Purchase Agreement, PPA, and Investment Agreement – with a total investment value of US$1.2 billion – for the development, construction and operation of a 1500 MW Combined Cycle Gas-Turbine, CCGT, power plant. The 1,500 MW CCGT power plant shall…

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Secretary Energy and Power, Khyber Pakhtunkhwa Mohammad Zubair Khan has said that the provincial government would supply cheap electricity produced from the resources of the province to the industrial units of the Rashakai Economic Zone through wheeling charges. He expressed these views while speaking in a progress review meeting on the energy sector projects initiated under China Pakistan Economic Corridor (CPEC). Beside, Coordinator of the provincial government for CPEC Kamal Khan and Chief Executive Officer (CEO), Pakhtunkhwa Energy Development Organisation (PEDO), Engineer Naeem Khan, Additional Secretary Energy, Iftikhar Ahmad Marwat,…

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There are no two ways about it: Engro had a great year in 2019. Revenue was up 32%, which is no mean feat for one of Pakistan’s largest conglomerates, and profits were up 30%. While the company has eight active business lines, it was abundantly clear that the star for this year was the energy subsidiary, driven by massive increases in both revenue and profitability as the coal-fired power plants in Thar came online. Consolidated revenue grew by 32%, from Rs171.6 billion to Rs225.9 billion over the course of 2019.…

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Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009. Futures slumped by about 25% in New York and London Monday as Moscow and Riyadh began an all-out price war after the collapse of talks between members of the OPEC+ alliance last week. Saudi Arabia slashed its official crude pricing and is threatening record output. Russia’s largest producer, meanwhile, said it will ramp up production next month. What’s more, all of…

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According to Renew Economy, German has set higher daily or weekly records in the past, but February of 2020 set the record for an entire month. “Of the total 45.12TWh generated by Germany’s power sector, 27.63TWh, or 61.2%, was generated from renewable electricity sources. Throughout the month, Germany’s renewable energy sector regularly provided around 60% or above of the country’s electricity production – including over a dozen days around or above 70%,” RE writes. Wind turbines were by far the largest contributor to all that renewable energy, generating a record 20.80 TWh, or…

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