Category: Shortcode

Investments must reflect COP28 outcome: International Energy Agency

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Cop28-23

PARIS: Energy investments should be informed by the COP28 agreement to accelerate the move away from fossil fuels this decade, the head of the International Energy Agency (IEA) said on Friday. “After COP28, governments, companies, investors, need to tell the people around the world what actions they are taking to move the world away from fossil fuels,” Executive Director Fatih Birol told Reuters. Earlier this week at the climate summit in Dubai, governments agreed to transition away from fossil fuels to avert the worst of climate change. Countries are increasingly “making…

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Hubco asks CPPA-G to pay Rs13.4bn dues

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Hubco

ISLAMABAD: M/s Hub Power Company (Hubo) has demanded Central Power Purchasing Agency –Guaranteed (CPPA-G) to pay Rs 13.47 billion which includes interest matured through arbitration. In a letter to Chief Executive Officer (CEO) CPPA-G Rihan Akhtar, Chief Executive Officer (CEO) Hub Power Company, Kamran Kamal referred to the award approved by former Chief Justice Nasir ul Mulk in arbitration proceedings between Hub Power Company Limited and CPPA-G. According to CEO Hubco, the Sole Arbitrator issued notice to the parties under Section 14 of the Arbitration Act 1940 on November 23,…

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Govt working towards reducing electricity cost: minister

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power-tariff

ISLAMABAD: Caretaker Minister for Power and Petroleum Muhammad Ali has said that the government is working on revising electricity tariff structure to reduce the cost of electricity as export industry cannot compete with regional competitors that are supplying electricity at 9 Cents/ kWh. Testifying before the reconstituted Senate Standing Committee on Power, now headed by Senator Azam Nazir Tarar, the Caretaker Minister, who was forced to attend the meeting, said that Power Division is working on rationalisation of electricity tariff formula meant to ensure electricity supply to industry sans the…

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MCB Bank and AE Power Join Hands for Clean Energy

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MCB-AE

In a significant move toward sustainable energy solutions, MCB Bank and AE Power have recently signed an agreement for the delivery of cutting-edge Huawei inverters. This strategic partnership promises to revolutionize the landscape of energy efficiency in the region.The signing ceremony, graced with the presence of key representatives from both MCB Bank and AE Power, marks the beginning of a partnership dedicated to advancing clean energy technologies. The collaboration emphasizes a shared vision for a greener future and the commitment of these two industry leaders to drive positive change. The…

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Jhal Magsi South Field: ECC approves special incentives

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OGDCL

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved special incentives for Jhal Magsi South Field, which, according to third party, was not economically viable under current policy prices, well-informed sources told Business Recorder. Petroleum Division briefed the ECC that Pakistan was facing challenges in meeting ever-growing energy needs due to expanding population, natural depletion of major oil/gas fields, increase in demand and dearth of new big discoveries. Increasing exploration and development activities were essential to overcome these challenges. Government had taken various measures, including introduction of Marginal Field…

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