Category: Shortcode

KE reluctant to constitute BoD as per PD recommendation

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Power-voices

ISLAMABAD: K-Electric (KE) is reportedly showing reluctance to reconstitute its Board as per Power Division’s recommendation, saying that orders of Sindh High Court (SHC) and directions of Securities and Exchange Commission of Pakistan (SECP) do not allow any change in the BoD, well informed sources told Business Recorder. Power Division, sources said, in a letter of May 31, 2023 notified fresh nominations of Board of KE on behalf of Government of Pakistan. KE’s Company Secretary, Rizwan Pesnani in response to the letter of Power Division has shared legal position of…

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FPCCI hails RE projects

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RE-projects

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday applauded a govt decision to green-light 13 old renewable energy (RE) projects of about 700 megawatts. FPCCI president Irfan Iqbal Sheikh said high cost of energy, coupled with circular debt, was hindering the industrial growth, and with rising oil prices it’s imperative to bring down the energy cost, he added. Sheikh highlighted that the cabinet committee on the issue constituted by the Prime Minister had played a pivotal role to support the move for the projects commonly called…

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Government awards 3 oil and gas blocks, 15 remain unclaimed

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oil-and-gas

ISLAMABAD: Only three of 18 oil and gas exploration and production blocks offered by the government have been awarded to local companies, with the rest attracting no interest from local or foreign investors, officials said on Tuesday. The two blocks were awarded to the state-run Oil and Gas Development Company Limited (OGDCL) and another to a joint venture of two local private companies. An official, who spoke on condition of anonymity, said the poor response was a disappointment and that the government had been advised against proceeding with the auction…

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Power generation drops 10pc in 11 months

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Power-generation

KARACHI: Power generation recorded 10 percent decline in the first eleven months of the current fiscal, with cost of production jumping up by six percent in the period under review, data showed on Tuesday. Power generation decreased by 10 percent YoY to 115,876 GWh (14,412MW) compared to 129,317 GWh (16,084MW) during the corresponding months of the last financial year, data showed. During the 11 months, generation from hydel sources decreased by 0.5 percent, coal almost 26 percent, RFO-based power generation declined 63.6 percent, whereas wind-based power generation also decreased by…

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Power firms seek to extract Rs30bn more for May

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Power-firms

ISLAMABAD: With an unending rise in inflation, the electricity costs continued to go up as ex-Wapda Distribution Companies (Discos) and K-Electric have sought clearance to extract almost Rs30 billion more from their consumers amid heat waves in the country. In their separate tariff petitions, Discos are seeking to raise an additional Rs27bn from their consumers in July’s bill while KE has sought to extract about Rs2.8bn in fuel cost adjustments (FCAs) for electricity consumed in May. The National Electric Power Regulatory Authority (Nepra) has accepted the respective tariff petitions and…

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