K-Electric blames SSGC for power outages

K-Electric has said that continuous disruption in the power supply is out of its hands as the Sui Southern Gas Company (SSGC) was not providing the agreed quantity of gas. The statement was issued amid prolonged power outages affecting industrial, commercial and residential consumers equally. The K-Electric, however, added that the port city, which is solely dependent on the utility provider for electricity, would be in a much better situation in 2021 with the arrival of new LNG plants. A statement issued by the spokesperson of KE said that the…

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Pakistan Making Shift to Clean Power Production and Lower Energy Costs with World Bank Support

WASHINGTON, September 24, 2020 – Today, the World Bank’s Board of Executive Directors approved $450 million in financing to support Pakistan’s transition to renewable energy resources that reduce its reliance on fossil fuel imports and lower costs of electricity production. The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development Project will help shift the national energy mix to domestic clean resources by investing in renewable energy generation, including hydropower and solar, in Khyber Pakhtunkhwa province. It will also help strengthen energy sector institutions to better manage a growing portfolio of renewable…

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Govt estimates IPP talks could save Rs856bn over next decade

ISLAMABAD: The government is claiming to have saved about Rs856 billion over a period of 10 years on account of renegotiation with independent power producers (IPPs) and change in terms of contracts and closure of public sector power projects. This was the crux of a meeting of the Cabinet Committee on Energy (CCoE) presided over by Minister for Planning and Development Asad Umar. The CCOE constituted a committee led by Minister for Energy Omar Ayub Khan to effectuate revisions in various terms and conditions into formal agreements. The CCoE “reviewed…

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Consortium to invest hugely in two mega projects, PM told

ISLAMABAD: Prime Minister Imran Khan was informed on Thursday that some leading businessmen of the country have formed a consortium to make a huge investment in two mega development projects — Urban Development and Bundle Island Project (UDBSP) in Karachi and Ravi River Front Urban Development Project (RRFUDP). In a separate meeting of the National Coordination Committee (NCC) on Housing, Construction and Development, the prime minister was apprised that the Capital Development Authority (CDA) has fetched Rs55 billion in two recent auctions of commercial and residential plots. In another meeting…

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Body formed to formalise new pacts with IPPs

ISLAMABAD: The government on Thursday set up an implementation committee to convert legally non-binding understandings with 47 independent power producers into legal agreements to secure an estimated amount of Rs836 billion in savings over the next 28 years. After a formal revision in power purchase agreements, the federal government would save an average of Rs30 billion a year during this period. The decision to form the implementation committee was taken by the Cabinet Committee on Energy (CCoE), chaired by Federal Minister for Planning and Development Asad Umar. The Power Division…

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Myanmar’s 1 GW solar tender concludes with lowest bid of $0.0348/kWh

The country’s Ministry of Electricity and Energy allocated all tendered solar capacity in its first procurement exercise for large-scale PV. Final prices ranged from $0.0348 to $0.051 per kWh. China Machinery Engineering and Sungrow were the main winners, securing eight and nine projects, respectively. Myanmar’s Ministry of Electricity and Energy (MOEE) has concluded a 1 GW PV tender it launched in May by allocating all of the procured capacity. Final prices ranged from $0.0348/kWh to $0.051/kWh, according to a list of winning bidders, published by China Dialogue, a nonprofit organization. The biggest winners…

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Time to go back to import substitution

Globalization has lost its shine for the rich countries which in the first place had been its promoters as they went around the world looking for cheap labour in the 1980s. East Asia and then in a big way China became their sweatshops. The result was, not only millions were lifted out of poverty in these regions, but the transfer of manufacturing to these regions had brought them stunning economic advancement bringing in the process China almost at par economically with these rich countries. Now China is seriously challenging the…

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CPEC: Gwadar Emerging As Immense Trade, Energy-transportation Hub, To Economise Landlocked States

LAHORE, (APP – UrduPoint / Pakistan Point News – 22nd Sep, 2020 ) :The China Pakistan Economic Corridor (CPEC) project intends to build Pakistan‘s most needed infrastructure and boost its economy by constructing modern transportation networks, setting up of Special Economic Zones (SEZ) and numerous energy projects. Geo-strategically, CPEC project is located between three key important landlocked regions of the globe including economically emerging and rich-resourced Central Asia, oil-rich Western Asia and thickly populated South Asia. �After globalization, digital technology is transforming the world into global-digital-village in the real sense of modern technology usage, and regional integration is a key aspect of this information mechanism.�� If…

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After debt reduction, PSO to reap benefit in next quarter

Despite declaring a loss after tax of Rs 6.465 billion for the year ended June 30, 2020, Pakistan State Oil (PSO) may have found a silver lining as the company has managed to retire Rs 42 billion debt in the company’s short-term borrowings. As per details, PSO short term borrowings reduced from Rs 121.678 billion in FY19 to Rs 79.032 billion in FY20, signifying a debt decline of an impressive 35 percent. As per a report from Foundation Securities, the decline in short-term debt is likely to have a strong positive…

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MEPCO outperforms DISCOs in achieving recovery target in 2018-19: Nepra

LAHORE: The Multan Electric Power Company (MEPCO) remained very close to its recovery target, followed by Gujranwala Electric Power Company (GEPCO) and Lahore Electric Supply Company (LESCO) by showing their recoveries as 99.8 percent, 98 percent and 97.67 percent respectively during 2018-19, said Performance Evaluation Report of National Electric Power Regulatory Authority (NEPRA) for the fiscal year 2018-19. However, none of the DISCO has achieved the milestone of 100 percent recovery. According to details, against a target of 100 percent, the actual recovery of Peshawar Electric Supply Company (PESCO) stood…

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