Category: Shortcode

Approval of new tariff for Kapco plant: Nepra in a fix

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Nepra-tariff

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) is facing a catch 22 situation with respect to approval of new tariff for 1600-MW of tri-fuel Kot Addu Power Plant (Kapco) after CPPA-G and Multan Electric Power Company (MEPCO) showed reluctance to take power from the plant at a tariff ranging from Rs 28 per unit to Rs 77 per unit for different generating units. The Authority comprising of Chairman Nepra Waseem Mukhtar, Member (Technical) Sindh Rafique Ahmad Shaikh, Member (Tariff and Finance) Mathar Niaz Rana, Member KPK Maqsood Anwar Khan and…

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FBR asked to probe solar panel import scam

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Solar power

ISLAMABAD: The Senate Standing Committee on Finance directed the Federal Board of Revenue (FBR), on Wednesday, to conduct a thorough inquiry into the money laundering by solar panel importers and submit it a report. On Wednesday, a meeting of the Senate Standing Committee on Finance presided over by Senator Saleem Mandviwala was informed that seven companies have been identified in the money laundering scam by solar panel importers and six more FIRs have been registered against them. Member Customs (Operations) said as the chairman and entire team of the FBR…

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K-Electric seeks $2bn from Shanghai Electric for stake sale

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k-electric

KARACHI: K-Electric (KE), Pakistan’s only private sector power utility, said on Wednesday it wants Shanghai Electric Power (SEP) to raise its offer to buy a majority stake in the company to $2 billion, citing improved performance and growth prospects. The SEP had previously offered to acquire 66.40 percent shares in KE for $1.77 billion, but the deal has been delayed for years due to regulatory hurdles and legal disputes. Shan Ashary, Chief Investment Officer (CIO) of Al-Jomaih and a director at KE, told a group of journalists in Karachi that…

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Petroleum sales fall to 44-month low

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petroleum-group

Record high prices drive down oil demand to 1.06m tons in Sept KARACHI: The demand for petroleum products in Pakistan hit a 44-month low at 1.06 million tons in September 2023, primarily due to a surge in prices in line with global uptrend. Topline Research analyst Myesha Sohail, in a commentary, said sales of petroleum products declined to the lowest level since the Covid-19 lockdown in March 2020, with petrol sales down 23% month-on-month (MoM) and diesel sales down 28% MoM. The decrease was primarily attributed to record high prices,…

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Special forensic audit of SSGCL, Pesco, Hesco ordered

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Shamshad-Ather

ISLAMABAD: Finance Division has directed the authorities to conduct special forensic audit of Peshawar Electric Supply Company (PESCO) and Hyderabad Electric Supply Company (HESCO). At a recent meeting presided over by the caretaker Finance Minister, Dr Shamshad Akhtar, it was decided to conduct special audit of SSGCL, PESCO and HESCO. Power sector quagmire: Implementation of 3-pronged strategy begins Finance Division has drafted the following Terms of Reference (ToRs) for the special forensic audit of both power sector entities where losses are too high as compared to other power Distribution Companies:…

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