Category: News & Announcement

The Covid-19 has added to woes of the power sector that has faced a revenue hit of over Rs300 billion in the wake of the pandemic, which is said to have affected the entire energy chain due to circular debt. The power sector has suffered the revenue shortfall on account of a drop in electricity sales due to lockdown, freezing of power tariffs and putting off bill payments. The government has deferred any increase in electricity prices until June 2020 on account of fuel price and quarterly adjustments to provide…

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National Transmission and Despatch Company (NTDC) has connected High Voltage Direct Current (HVDC) system with High Voltage Alternating Current (HVAC) system first time in Pakistan. The NTDC spokesman said that for the purpose, about three kilometer long 500 kV AC Transmission Line i.e 500 kV Double Circuit Transmission Line on quad-bundled Drake conductor, for looping In/Out of second circuit of 500 kV Lahore New (South) grid station to Sheikhupura transmission line at Balloki Lahore HVDC Converter Station has been completed and energized. The spokesman said that the Government of Pakistan…

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Ministry of Finance has reportedly agreed to convert PHPL debt of over Rs 800 billion into public debt with bi-annual review of power sector performance as per an agreement with the World Bank, well-informed sources in Finance Division told Business Recorder. The ECC recently approved a proposal of Power Division for conversion of Rs 136.5 billion PHPL loan into public debt. The plan envisages Finance Division converting PHPL’s existing GoP guaranteed borrowings as public debt over the period from FY 2019 to FY 2023 or over the extended period. In this connection,…

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ISLAMABAD: The government on Wednesday signed a Rs442 billion contract with a joint venture of China Power and Frontier Works Organisation (FWO) for the construction of the Diamer-Bhasha dam. The Chinese state-run firm holds 70 per cent and the FWO, a commercial arm of the Armed Forces of Pakistan, 30pc share in the consortium. The contract covers construction of a diversion system, main dam, access bridge and the 21MW Tangir hydropower project. The eight million acre feet (MAF) reservoir with 272-metre height will be the tallest roller compact concrete (RCC)…

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ISLAMABAD: The federal government has decided to pursue a plan of hedging 15 million barrels of oil to benefit from the low prices in the global market in the wake of coronavirus lockdowns after finding offshore oil storages as unfeasible because of the higher costs. Oil had witnessed a drastic decline in the last few months, starting from a price war led by Saudi Arabia and Russia, who perhaps had a common goal of forcing out the American shale oil producers to the collapse, and because of plummeting demand due to…

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