Category: Shortcode

Karot Power Seeks NEPRA Approval for Indexations Amid Financial Challenges

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Karot-Hydropower

ISLAMABAD: Karot Power Company Limited (KPCL) has approached the National Electric Power Regulatory Authority (NEPRA) for the approval of its indexations for the first and second quarters of 2024. The company has been unable to issue invoices totaling Rs 20 billion and faces a fifth debt payment of $100 million due in October 2024. In a letter to NEPRA Chairman Waseem Mukhtar, KPCL CEO Liu Yonggang highlighted the financial strain the company faces. He explained that after achieving Commercial Operations Date (COD) on June 29, 2029, KPCL submitted a request…

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Surge in Fuel Outlets Despite Smuggling Concerns

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fuel-oil

KARACHI: Despite the increasing influx of smuggled Iranian oil, oil marketing companies (OMCs) in Pakistan are expanding their retail networks. Pakistan State Oil (PSO) has added 37 new retail outlets in the first nine months of FY24, bringing its total to 3,555. However, PSO’s 9MFY24 report did not address the issue of fuel smuggling, which has impacted diesel and other fuel sales according to other refiners and OMCs. Attock Petroleum Ltd (APL) has strategically invested in key locations, commissioning new service areas on motorways M-4 and M-14. APL’s flagship outlet…

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Solar users face new charges under proposed net metering reforms

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solar-energy

In a significant move to amend the existing net metering rules, Pakistan’s Power Division has begun working on changes aimed at balancing the benefits for solar energy users with the financial burden on other electricity consumers. The proposed amendments, which are set to be submitted to the National Electric Power Regulatory Authority (NEPRA) in July, include sending net metering power to the national pool and introducing capacity charges for net metering users. One of the major changes under consideration is a 50% reduction in the net metering buyback rate. This…

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Federal Government to Formulate High-Level Committee for AJK Power and Water Charges Resolution ISLAMABAD:

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New-AJK

The federal government is likely to establish a high-level committee to find a political solution for the electricity rates, water usage charges (WUC), and control of grid stations in Azad Jammu & Kashmir (AJK). This decision comes after public sector stakeholders failed to reach an amicable solution, informed sources told Business Recorder. A meeting was held on May 22, 2024, in the Ministry of Kashmir Affairs & Gilgit-Baltistan (KA&GB), led by the Secretary of the KA&GB Division. Attendees included the Secretary of the Water Resources Division, the Secretary of the…

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Pakistan and Kuwait to Sign $25 Million Loan Agreement for Mohmand Dam ISLAMABAD:

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Mohmand-Dam

Pakistan and Kuwait have signed a $25 million loan agreement aimed at funding the Mohmand Dam during the 5th session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) in Kuwait, held from May 28 to May 30, 2024. The formal signing of the loan agreement will take place on June 3. This session marked significant progress in strengthening bilateral ties, with assurances from the Kuwait Fund to engage the Arab Coordination Group in financing the Diamer Bhasha Dam. The session was chaired by Abdul Aleem Khan, Pakistan’s Minister for Privatisation, and…

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