Category: Shortcode

Hike in power tariff widely expected

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power-tariff

ISLAMABAD: The federal government is mulling an increase in electricity tariff of up to Rs 5 per unit through rebasing to be implemented from July 1, 2023, as Power Purchase Price (PPP) payments will touch over Rs 3 trillion during FY 2023-24, well informed sources in Power Division told Business Recorder. The proposed rebasing to raise tariff between Rs 4 -5 per unit from next fiscal year is based on different assumptions including further Rupee devaluation, which according to one assumption will touch Rs 382/ $ during the last quarter of…

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PPL seeks recovery of dues

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PPL-Pak

ISLAMABAD: Pakistan Petroleum Limited (PPL) has requested Secretary Petroleum to recover Rs 6.186 billion dues from Power Division on account of Take or Pay (ToP) mechanism. In a letter to Secretary Petroleum, Managing Director/ CEO PPL, Imran Abbasy has cited the reference of para on Take-or-Pay amount before the Public Accounts Committee (PAC) and the series of meetings between PPL and CPGCL under guidance of the Ministry of Energy. In the last meeting held on May 22, 2023 at Ministry of Energy (Power Division) it had been agreed between PPL…

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Trade, energy, transport: Pakistan, Iran agree to deepen cooperation

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Pakistan-Iran

ISLAMABAD: Pakistan and Iran have agreed to deepen cooperation in trade, energy, transport, connectivity, cultural exchanges and educational linkages. The understanding was reached during wide-ranging discussions between Pakistan’s Foreign Secretary Dr Asad Majeed Khan and Iran’s Deputy Foreign Minister Ali Bagheri Kani during the 12th round of bilateral consultations between the two countries in Tehran, Foreign Office said here Sunday. According to Foreign Office, the two sides held fruitful talks on entire spectrum of relations. “The two sides reviewed the entire spectrum of relations and agreed to deepen cooperation in…

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AGL adds three more big batteries, concedes gas demand will fall even with coal exit

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AGL-Energy

Australia’s biggest coal generation company AGL Energy has added another three big batteries to its development pipeline, as it seeks to transform its energy portfolio ahead of the planned shutdown of its last two coal generators. AGL says two new batteries – a 250MW, one hour battery at Torrens Island in South Australia and a 50MW, one hour battery at Broken Hill – are all but complete and should be in full operation in the next three months. The Torrens Island battery has already begun production. A final investment decision…

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SBP gets $1bn from China

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Pak-china

KARACHI; The State Bank of Pakistan (SBP) on Friday night announced that it has received $1 billion from China, without sharing any other details about the nature of this inflow. Pakistan reportedly paid $1bn to China last Monday against a reportedly due amount of $1.3bn. Finance Minister Ishaq Dar was hopeful for the return of $1bn. The dwindling foreign exchange reserves and IMF’s reservations about budgetary measures have created problems for the finance minister who recently claimed that the Fund wants to see Pakistan default like Sri Lanka. Despite these serious reservations, Pakistan is…

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