Category: Shortcode

Host Country Approval for New Investor in 100MW MIRA Power Project Nears Finalization: PPIB

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Power-Project

ISLAMABAD: The government is set to grant Host Country Approval for amended guarantee coverage in favor of a new investor for the 100MW MIRA Power Limited hydropower project in Azad Jammu and Kashmir (AJ&K), sources from the Private Power and Infrastructure Board (PPIB) revealed. At a recent PPIB meeting, Managing Director Shah Jahan Mirza briefed attendees on the exit of one of MIRA Power’s shareholders, Sambu Construction, and the upcoming transfer of DAELIM’s shareholding to its affiliate, DL E&C. The Power Division and other key ministries are currently reviewing the…

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Govt Proposes ‘Take and Pay’ Options for 18 IPPs Amid Power Sector Reforms

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New-IPPS

ISLAMABAD: The government has tailored four customized ‘take and pay’ options for 18 Independent Power Producers (IPPs) established under the Power Generation Policies of 1994 and 2002, as part of its ongoing efforts to reform the power sector. According to sources, these options will be finalized by the end of the week, with formal notices expected to be issued next week. The Central Power Purchasing Agency-Guaranteed (CPPA-G) has already halted payments to these IPPs, which collectively generate 4,267 MW, pending negotiations on their contract revisions. Some IPPs have already consented…

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Diesel Price Increases for the First Time in Three Months, Petrol Unchanged

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Diesel-Price

ISLAMABAD: The government has raised the price of high-speed diesel (HSD) by Rs5 per litre, marking the first increase in three months, while the petrol price remains unchanged for the next fortnight. According to an official announcement, the ex-depot price of diesel has been revised to Rs251.29 per litre, up from Rs246.29, while petrol stays at Rs247.03 per litre. In the retail market, diesel is being sold for Rs252 and petrol for around Rs248.50 per litre. The Oil and Gas Regulatory Authority (OGRA) calculated the revised prices based on global…

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Google Signs Nuclear Power Deal to Support AI Energy Demands

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Google-Signs

SAN FRANCISCO: Google has entered into an agreement to purchase electricity from small nuclear reactors developed by Kairos Power, aiming to power its growing artificial intelligence (AI) operations. This move follows similar initiatives, including Microsoft’s recent plans to source energy from the Three Mile Island nuclear facility. The deal marks a significant step in Google’s strategy to secure clean, reliable energy sources to support the expanding electricity needs of AI technologies. The first small modular reactors (SMRs) from Kairos are expected to be operational by the end of the decade,…

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CPPA-G Seeks Three-Year Extension on IFRS-9 Exemption to Avoid Credit Loss Risks

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power-gride

ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has requested a three-year extension on the exemption from the applicability of International Financial Reporting Standards (IFRS) 9, until June 30, 2027, to prevent expected credit losses due to unresolved receivables in the power sector. In a response to the Securities and Exchange Commission of Pakistan’s (SECP) letter, CPPA-G highlighted the risks of recognizing credit losses under IFRS-9 on debts owed by the government, citing adverse impacts on the creditworthiness of power companies and their working capital lenders. SECP has exempted the power…

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