Category: Uncategorized

Consumers Bear Rs167.787 Billion in Additional Costs Due to Neelum Jhelum Project Closure

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Neelum-Jhelum

ISLAMABAD – Consumers paid an extra Rs167.787 billion (equivalent to Re. 0.7551 per unit) for expensive power generation due to the unavailability of the 969 MW Neelum Jhelum Hydropower Project (NJHP) from FY 2022-23 to FY 2024-25, a high-level committee chaired by the Federal Minister for Power revealed. According to sources close to the Chairman WAPDA, the tariff for NJHP is structured on a take-and-pay basis, meaning the plant’s closure has not resulted in capacity payment charges for consumers. Additionally, funds raised through the Neelum Jhelum Surcharge (NJS) have been…

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Gas Market Opening: A Step Towards Reducing Circular Debt and Boosting Revenue

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Gas-Prices

ISLAMABAD – In a significant move to revitalize Pakistan’s energy sector, the Special Investment Facilitation Council (SIFC) has opened the gas market to private players. This reform is projected to slash circular debt by Rs71 billion annually and generate Rs13 billion in government revenue through sales tax. Ghiyas Abdullah Paracha, CEO of Universal Gas Distribution Company and a member of the special committee led by Deputy Prime Minister Ishaq Dar, highlighted the pivotal role of SIFC in driving these reforms. “By engaging stakeholders and implementing sound policies, the SIFC is…

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IMF Rejects Pakistan’s Plan to Cut Industrial Power Tariffs by Rs2.70 Per Unit

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pak-imf

ISLAMABAD – The International Monetary Fund (IMF) has turned down Pakistan’s proposal to reduce industrial electricity prices by Rs2.70 per unit, citing concerns over cross-subsidies and the need for comprehensive power sector reforms. The Ministry of Energy had suggested eliminating cross-subsidies provided by the industrial sector to low-end residential consumers, offering Rs37 billion in relief for February to June and Rs89 billion annually. However, the IMF emphasized that isolated measures would not address systemic issues in the power sector and urged Pakistan to implement targeted subsidy reforms expected to roll…

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Senate Panel Orders Comprehensive Audit of Solar Imports Amid Rs106 Billion Scandal

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soalr energy

ISLAMABAD – A Senate subcommittee has mandated a fresh audit of solar panel imports since 2018, expressing dissatisfaction with the handling of a staggering Rs70 billion under- and over-invoicing scandal involving two importers and commercial banks. During the meeting chaired by Senator Mohsin Aziz, the Senate Standing Committee on Finance and Revenue unveiled alarming revelations of massive financial irregularities. Two companies—Bright Star Business and Moonlight Traders—were identified as key players, conducting dubious transactions worth Rs106 billion between 2018 and 2022, a significant portion of which involved cash dealings. Senator Aziz…

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Energy Sector Shake-Up: Dr. Musadik Malik’s Exit Looms as Petroleum Minister

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Musadik-Malik

Islamabad – A major reshuffle in Pakistan’s energy leadership appears to be on the horizon, as reports suggest Prime Minister Shehbaz Sharif is set to remove Dr. Musadik Malik from his position as Federal Minister for Petroleum. The revelation comes from senior journalist Sohail Iqbal Bhatti, who shared the details during a recent podcast episode. According to Bhatti, discontent within the energy sector has reached critical levels, driven by what he described as Dr. Malik’s “uncooperative and unprofessional” approach. Industry stakeholders have reportedly struggled to collaborate with the minister due…

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