Category: News & Announcement

Construction of new wind and solar farms is being delayed by factory closures, workers’ needs for social distancing and developers’ financial concerns as they emerge from the coronavirus crisis, according to research from the International Energy Agency. The world is set to add 167 gigawatts of renewable power capacity this year, 13% less than in 2019. It’s a reality check for a sector that’s seen only growth for years and has emerged relatively unscathed from the plunge in energy demand that’s hit the oil and gas business. “The continued decrease in…

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ISLAMABAD: The PTI government has carved out a unique master plan under which synthetic financing would be arranged to slice down capacity charges causing huge surge in circular debt. The circular… SLAMABAD: The PTI government has carved out a unique master plan under which synthetic financing would be arranged to slice down capacity charges causing huge surge in circular debt. The circular debt has now risen to over Rs2.1 trillion. Under the master structure based on synthetic financing, debt payment plans of powerhouses and IPPs will be stretched from 10…

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ISLAMABAD, Pakistan — A Pakistan International Airlines plane with at least 91 people aboard crashed on Friday in a residential area near the airport in Karachi, Pakistan’s largest city, officials said. The plane, Flight 8303, an Airbus A320, was en route from the eastern city of Lahore to Karachi and crashed at 2:37 p.m., officials said. No information about casualties was immediately available, and there were conflicting reports about how many people had been on the plane. Initial news reports said the plane had skidded off the rooftops of several…

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ISLAMABAD:  The federal government on Wednesday allowed diverting Rs10 billion from the coronavirus relief funds to pay interest on loans taken to retire circular debt and approved terms of negotiations for debt restructuring to reduce electricity tariffs. Contrary to prime minister’s desire to reduce power tariffs by renegotiating terms of the deals, official documents suggest that there will be no meaningful relief, and instead, the consumers will be overburdened in the longer run. Headed by Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh, the Economic Coordination Committee (ECC)…

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ISLAMABAD: Amid the launch of the construction of Diamer-Bhasha dam, the government on Wednesday said the decision to build it as a ‘roller compact concrete (RCC)’ structure was based on 20-year intensive scrutiny of technical and geological reports and feasibility studies by an international panel of experts. Speaking at a news conference, Wapda chairman retired Lt Gen Muzammil Hussain said the project was initially among a list of 8-10 major projects identified by a Canadian consultant in the early 1980s and the choice for RCC dam was based on pre-feasibility…

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