Category: Shortcode

IPPs Protest Over Non-Payment as Government Prepares for Second Phase of Power Purchase Agreement Renegotiations

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Power-sector

ISLAMABAD: Independent Power Producers (IPPs) set to face scrutiny in the second phase of shifting from the “take or pay” to the “take and pay” model are expressing frustration over a two-week payment stoppage by the Central Power Purchasing Agency (CPPA-G). Sources informed Business Recorder that 18 IPPs under the 1994 and 2002 policies will soon receive notices for renegotiating their Power Purchase Agreements (PPAs). One of the affected companies, Laraib Energy Limited, has formally requested CPPA-G to release Rs 2.390 billion to meet debt servicing obligations to foreign lenders…

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Pakistan and Indonesia Sign $10.7 Million Trade Agreements Across Multiple Sectors

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Pakistan-Indonesia

ISLAMABAD: Pakistan and Indonesia have strengthened their trade relations by signing business-to-business agreements and Memorandums of Understanding (MoUs) worth $10.7 million during the recent Trade Expo Indonesia. The deals, facilitated by the Special Investment Facilitation Council (SIFC), cover a wide range of sectors, including coconut products, gum, copal, cocoa, dried coconut, ginger, spices, consumer goods, and auto parts. The agreements reflect collaboration between private companies, business institutions, and government bodies from both countries, reinforcing their commitment to enhancing economic ties. Both nations, members of the Organisation of Islamic Cooperation (OIC),…

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EU Subsidies for Fossil-Fuel Cars Reach €42 Billion, Study Calls for Shift to EV Support

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electric-car

LONDON: The European Union’s five largest economies collectively spend €42 billion ($45.6 billion) each year subsidizing fossil-fuel-powered company cars, according to a recent study by Transport and Environment (T&E). The report urges a redirection of these funds toward electric vehicle (EV) subsidies to align with the EU’s green transition goals. Company cars account for about 60% of new vehicle sales across Europe. The study, conducted by Environmental Resources Management (ERM), highlights Italy as the largest contributor, spending €16 billion annually on subsidies for fossil-fuel company cars, followed by Germany with…

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PSO Waives Interest for Five IPPs, Receives Rs14.8 Billion Principal Payment from Power Purchaser

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PSO-Head

ISLAMABAD: In a significant move aimed at restructuring the power sector, Pakistan State Oil (PSO) has waived late payment interest charges on fuel supply debts owed by five Independent Power Plants (IPPs) whose agreements with the government have been terminated. These IPPs include HUBCO, Lalpir, Saba Power, ROUSCH, and Atlas Power. The settlement agreements, known as Negotiated Settlement Agreements (NSAs), were reached after extensive negotiations between the Power Division, a government task force, and the IPPs. As part of the settlement, PSO will receive a principal payment of approximately Rs14.8…

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“Pakistan’s Solar Panel Imports Drop, Prices Set to Rise Soon”

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Solar-Power

Due to a dramatic drop in solar panel prices, residential, commercial, and industrial consumers had been installing panels at an increasing rate. However, after a prolonged period of price decreases, market experts now suggest that the reduced volume of imports could either stabilize prices or lead to an increase in the coming months. According to a report, the sharp drop in solar module prices over the past few months led to a surge in imports, as consumers gravitated toward renewable energy solutions. However, by September 2024, Pakistan’s solar panel imports…

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