Category: Shortcode

Cabinet Approves Revised Agreements with Eight IPPs to Slash Power Costs

Admin
Power-sector

ISLAMABAD: The federal cabinet, led by Prime Minister Shehbaz Sharif, has approved revised settlement agreements with eight independent power producers (IPPs) operating on bagasse. This move is projected to save approximately Rs240 billion for the national exchequer and reduce electricity tariffs. The decision, based on recommendations from the Ministry of Energy’s power division, involves tariff adjustments for power plants, including DW Unit I, Unit II, RYK Mills, Chiniot Power, Hamza Sugar, Al-Moez Industries, Thal Industries, and Chinar Industries. The Central Power Purchasing Agency will now seek approval from the National…

Read More

Power Companies’ Inefficiencies Cost Exchequer Rs660 Billion

Admin
Power Division

ISLAMABAD: The poor performance of electricity distribution companies in the fiscal year 2023-24 led to losses exceeding Rs660 billion for the national exchequer, according to the annual performance report by the National Electric Power Regulatory Authority (NEPRA). The report highlighted systemic inefficiencies, including high transmission and distribution (T&D) losses and low recovery rates. These inefficiencies, coupled with the operational shortcomings of both private and public power plants, imposed significant financial burdens on taxpayers and consumers. T&D Losses and Circular DebtT&D losses emerged as a critical issue, with no distribution company…

Read More

KE’s write-off claims to serve as crushing blow to Karachi’s consumers, industries

Admin
K-Electric

By Rehan Jawed Karachi is Pakistan’s economic hub, contributing 50% of the nation’s total tax revenue and producing 50% of the country’s exports. Yet, its consumers and industries bear the highest electricity costs in the country, making it increasingly difficult for them to sustain operations. Costs of Write-Off claims must not be imposed on Karachi’s consumers. If K-Electric’s financial sustainability is a priority, the federal or provincial government and NEPRA must resolve this issue without burdening Karachi’s already over paying consumers. We fail to understand why this write-off claim was…

Read More

Pakistan Seeks IsDB Financing, Revival of Saudi Oil Facility

Admin
Oil-Price

ISLAMABAD: Pakistan is actively pursuing two financial avenues to address its energy needs: securing syndicate financing from the Islamic Development Bank (IsDB) and attempting to revive the Saudi Oil Facility (SOF), which has faced delays despite extensive diplomatic efforts. Prime Minister Shehbaz Sharif has made several visits to Saudi Arabia since taking office, yet the SOF remains unfinalized. Pakistan hopes to convince Riyadh to extend the SOF for 12 months, beginning in January or February 2025. Simultaneously, Islamabad plans to formally request the International Islamic Trade Finance Corporation (ITFC), a…

Read More

OPEC to Re-Elect Haitham al-Ghais as Secretary General for Second Term

Admin
Elect-Haitham

LONDON: The Organization of the Petroleum Exporting Countries (OPEC) is poised to re-elect Haitham al-Ghais of Kuwait for a second three-year term as Secretary General during a virtual meeting on December 10, according to four group delegates. The meeting, scheduled to begin at 12:30 GMT, is expected to focus solely on administrative matters and conclude quickly, one source noted. Al-Ghais, who assumed the role in January 2022, succeeded Nigeria’s Mohammad Barkindo as the head of OPEC. The organization has yet to comment on the upcoming decision. Al-Ghais’s leadership has been…

Read More