Category: Shortcode

IPPs Reap Rs2.8 Billion Annually Amid Flawed PoliciesConsumers Burdened with Heavy Charges Due to Inefficient Power Sector Management

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power-gride

ISLAMABAD: The current government continues the flawed policies of previous administrations, resulting in independent power producers (IPPs) receiving an annual windfall of over Rs2.8 billion in capacity payments from electricity consumers. As of March 2024, Pakistan’s total installed power generation capacity stood at 42,131 megawatts, with less than half being utilized. Consequently, regular bill-paying consumers are forced to cover 70% of the capacity charges for power plants that do not generate electricity. This revelation came from the Pakistan Economic Survey 2023-24, released on Tuesday. The report highlighted that the Private…

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Rs18 Trillion Federal Budget to Be Unveiled TodayGovernment Focuses on Fiscal Consolidation to Contain Deficit

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budget-2425

ISLAMABAD: Finance Minister Muhammad Aurangzeb is set to present an Rs18 trillion federal budget for the fiscal year 2024-25 in the National Assembly today. Official sources indicate that the budget will emphasize fiscal consolidation to manage the budget deficit. Key objectives of the budget include addressing public issues, transforming the agriculture sector, promoting information technology (IT), boosting exports, fostering industrial growth, and supporting businesses. The budget formulation took into account the current economic challenges both domestically and internationally. On the revenue front, the government is expected to set a revenue…

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Pakistan Faces Record Rs3.9 Trillion Loss in Tax Exemptions for FY24

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fbr

Tax breaks increase for the sixth consecutive year.Significant rise due to Rs1.338 trillion waiver on petroleum products.ISLAMABAD: In a challenging fiscal year, Pakistan witnessed its highest-ever increase in tax exemptions, rising by 73.24% to a record Rs3.9 trillion in FY24. The Pakistan Economic Survey 2023-24, unveiled by Finance Minister Muhammad Aurangzeb, indicated that the Federal Board of Revenue (FBR) provided Rs3.879 trillion in exemptions, up from Rs2.239 trillion in FY23. This increase is largely attributed to a Rs1.338 trillion waiver on domestically supplied and imported petroleum products. Despite these tax…

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Pakistan’s Installed Electricity Capacity Reaches 42,131MW

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power-sector

Diverse energy mix: Hydel, nuclear, renewable, and thermal sources.Shift towards indigenous and renewable energy sources.ISLAMABAD: As of March 2024, Pakistan’s total installed electricity capacity stood at 42,131 MW, with hydel, nuclear, renewable, and thermal sources contributing 25.4%, 8.4%, 6.8%, and 59.4%, respectively. The Economic Survey 2023-24 reveals a notable decline in the dominance of thermal power, indicating a strategic shift towards indigenous energy sources. In FY24, out of 92,091 GWh of electricity generated, 54.1% came from hydel, nuclear, and renewable sources, marking progress towards cleaner energy. Total electricity consumption during…

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Solis Unveils Pioneering Inverter Solutions at SNEC and Intersolar Europe

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Ginlong (Solis) Technologies, the world’s third largest PV inverter manufacturer, is showcasing its cutting-edge storage and inverter solutions at SNEC and Intersolar Europe this month – two of the world’s leading exhibitions for the solar industry. SNEC, scheduled June 13 – 15, and Intersolar, June 19 – 21, will provide Solis with a global platform to unveil their premium, all-scenario solutions catering to residential, commercial, industrial (C&I), and utility-scale solar applications. The Solis team can be found at booth 5.1H – E680 at SNEC, and B3.430 at Intersolar. Seamless Integration,…

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