Category: Recent Post

ISLAMABAD: The federal government’s “Dubai Group” is reportedly behind the move to remove Chief Executive Officer (CEO), Karachi Electric (KE), Moonis Alvi for ostensibly not bringing any improvement in the power utility’s generation, distribution and transmission system, well-informed sources told Business Recorder. On Monday, a high-level meeting presided over by Minister for Energy, Omar Ayub decided to constitute a committee under the chairmanship of Additional Secretary, Waseem Mukhtar to resolve KE’s issues in the light Supreme Court directions. Meanwhile, KE’s Board of Directors also held a meeting to deliberate on…

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ISLAMABAD: The federal government has reportedly decided to settle payables of government-owned power plants amounting to Rs 357 billion as of June 2020 at par with settlement with Independent Power Producers (IPPs), well-informed sources told Business Recorder. The decision was taken by the Cabinet Committee on Energy (CCoE) headed by the Minister for Planning, Development and Special Initiatives, Asad Umar. The decision was ratified by the Cabinet. The government has also decided that return on equity of the Quaid-e-Azam Solar Park should also be included for reduction to 17 per…

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KARACHI: Finance Adviser Dr Abdul Hafeez Shaikh struck a gong at the stock exchange on Monday to mark the listing of the Pakistan Energy Sukuk II (PES-II) worth Rs200 billion. The government issued the 10-year Islamic bond back in June through its wholly owned company, Pakistan Holding Ltd, to generate cash for overdue payments in the power sector. Its listing on the stock exchange means investors can buy and sell the Shariah-compliant instrument having a face value of Rs5,000 in the secondary market. “Raising Rs200bn through competitive bidding is a…

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ISLAMABAD: The government has constituted a special committee to act as one-window operation for K-Electric and sought removal of the top leadership of the power utility over its alleged inability to ensure uninterrupted power supply and address disruptions within reasonable time after recent rains. Highly placed sources said the government members on the K-Electric board of directors had pushed for the replacement of Chief Executive Officer Moonis Alvi and head of the distribution department with highly motivated professionals who could respond to difficult situations and ensure efficient service delivery. “The…

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KARACHI: The Sindh government issued on Monday an official notification to appoint administrators in local government bodies across the province, a week after the tenure of the elected local bodies representatives ended. According to the notification, Iftikhar Ali Shallwani – a Grade-21 official who had recently been posted as the local government secretary – has been appointed as the Karachi administrator, while the deputy commissioners (DCs) in the city’s six district municipal corporations (DMC) have been appointed as deputy administrators for their relevant DMCs. Meanwhile, Grade-18 official Anis Ahmed Dasti…

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