Category: Shortcode

Govt-KE draft agreements need revision: Nepra

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nepra

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has proposed revision in draft agreements between the Government of Pakistan (GoP) and K-Electric to align with the provisions of amended Nepra Act 2018, National Electric Policy 2021 (NE Policy), National Electricity Plan 2023 (NE Plan), new Market Commercial Code 2022(MCC) of CPPA as Market Operator, new Grid Code 2023 of NTDC as System Operator, draft Special Purpose Agent(SPA) Code of CPPA as Agent of Discos and other applicable documents, for successful and sustainable implementation. The Economic Coordination Committee (ECC) of the Cabinet…

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Over Rs13 per litre cut in petrol price likely

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pso

Projection based on global oil price fall, rupee strengthening ISLAMABAD: Prices of petrol and high-speed diesel are expected to decline up to Rs13.66 per litre effective from December 16, 2023, which is in line with the fall in international markets and appreciation of Pakistani rupee. In case the caretaker government does not allow exchange rate adjustment to Pakistan State Oil (PSO), a major importer and marketer of petroleum products, estimates suggest that ex-depot prices of petrol and diesel may drop significantly. According to oil industry estimates, based on the current…

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Key agreements with KE delayed amidst cabinet objections

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Pakistan, on Wednesday, deferred the approvals of four key agreements between the government and K-Electric, the country’s largest integrated power distribution company. This decision arose due to objections raised by some members of a cabinet body during a meeting of the Economic Coordination Committee of the Cabinet. The drafts under discussion included the Power Purchase Agency Agreement (PPAA), Interconnection Agreement, Tariff Differential Subsidy Agreement, and Mediation Agreement, as per the finance ministry. However, the final approval was postponed due to several observations made by the ECC members, necessitating another huddle.…

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Dubai deal at COP28 hailed as ‘beginning of end’ for fossil fuels

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dubai

The world for the first time on Wednesday approved a call to transition away from fossil fuels as UN negotiations in Dubai tackled the top culprit behind climate change, but at-risk countries said far more action was needed. After 13 days of talks and several sleepless nights in a country built on oil wealth, the Emirati president of the COP28 summit quickly banged a gavel to signal consensus among 194 countries and the European Union. “You did step up, you showed flexibility, you put common interest ahead of self-interest,” said COP28 president…

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$2bn Thar power plant achieves financial close

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Thar-coal

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) — a one-window facility of the federal government — on Wednesday announced the $2 billion financial closing of the country’s largest Thar coal-fired power project, currently operational at Thar, by Shanghai Electric Corporation, China. In a statement, the PPIB said the financial close agreement was signed by PPIB Managing Director Shah Jahan Mirza, Chief Executive of the project company Meng Donghai, Chief Executive Officer of Industrial and Commercial Bank of China (ICBC), Karachi Branch Zhou Bo. Having a generation capacity of 1,320MW,…

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