Category: Shortcode

Pakistan Makes Progress in Resolving Operational Issues for Karachi Electric Stake Sale: Al-Jomaih Official

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circular-debt-K-electric-ceo

In a significant development, Saudi investors leading the consortium owning majority shares of Karachi Electric (KE) have expressed satisfaction with the progress made in resolving operational issues hindering the sale of the utility to Shanghai Electric Power (SEP), a prominent Chinese entity. The Pakistani government, through a committee established to address regulatory hurdles and payables issues, has successfully resolved three out of five key operational challenges, as reported by Al-Jomaih Holding Group, a major Saudi business conglomerate. The consortium, comprising Al-Jomaih Holding Group, Abraaj Group, and Kuwait’s National Industries Group…

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PPIB Ready to Facilitate ACWA for 1200 MWp Solar Projects in South Punjab

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SOLAR-POWER

The Private Power & Infrastructure Board (PPIB) has expressed its readiness to assist Saudi company M/s ACWA in establishing solar projects totaling 1200 MWp in South Punjab. According to sources, PPIB Managing Director Shah Jahan Mirza informed the Special Secretary SIFC that the draft Inter-Governmental Framework Agreement (IGFA) between the Governments of Saudi Arabia and Pakistan for cooperation and development of power projects had been prepared and shared with the Ministry of Foreign Affairs for further communication with Riyadh. Mirza highlighted that the Standard Security Agreements necessary for the projects…

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Regulator Calls for Urgent Reforms as Power Firms’ Performance Lags

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Chinese-power

The National Electric Power Regulatory Authority (Nepra) has highlighted the poor performance of all power distribution companies (Discos), including K-Electric, during the fiscal year 2022-23. Nepra’s performance evaluation reports (PERs) revealed significant underperformance against set targets, resulting in cumulative financial losses of approximately Rs1 trillion annually and exacerbating the circular debt by over Rs350 billion. The evaluations, based on data provided by the Discos, indicated deficiencies in areas such as technical losses, recoveries, load-shedding, safety measures, and new connections. None of the companies met parameters related to power failure frequency,…

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Nepra Approves Record Fuel Cost Adjustment Amid Government Pressure

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Nepra

In a significant development, the National Electric Power Regulatory Authority (Nepra) has greenlit a record fuel cost adjustment (FCA) despite initially announcing an investigation into the demand made by distribution companies (Discos). The approved hike will impose an additional burden of Rs55 billion on electricity consumers. Initially, the Discos had requested an FCA of Rs7.13 per unit, prompting Nepra to launch a probe into the matter. However, following alleged pressure from the government, Nepra reversed its stance and approved an FCA of Rs7.06 per unit. Sources suggest that the government…

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Bahria Town Faces Power Disconnection Due to Unpaid Dues Worth Rs762 Million

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bahria-town

Lahore Electric Supply Company (Lesco) has disconnected power supply to Bahria Town due to outstanding dues amounting to over Rs762 million. The decision to cut off power was made by Lesco’s Raiwind division executive engineer after repeated reminders to Bahria Town administration went unheeded. The dues, pertaining to fuel price adjustments and quarterly tariff adjustments, had been pending for some time. Despite reminders and legal proceedings, Bahria Town failed to clear the outstanding amount. Even after the Supreme Court referred the case to the National Electric Power Regulatory Authority (Nepra),…

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