The government has once again delayed approving a new policy for solar panel manufacturing due to ongoing uncertainty over whether to promote solar energy or protect imported fuel-based power generation. This delay has adversely affected the investment plans of Sinotec Solar Corporation, a leading US manufacturer of solar panels,The company plans to relocate its factory from Thailand and set up…
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ECC Approves Rs. 7.5 Billion Ramazan Relief Package
The Economic Coordination Committee (ECC) of the Cabinet sanctioned the proposed Ramazan Relief Package-2024, totaling Rs. 7,492.75 million, aimed at providing relief to the public during the upcoming holy month of Ramazan. This subsidy will benefit targeted beneficiaries of the Benazir Income Support Programme (BISP), as outlined in the 2023-24 budget. Chaired by Federal Minister for Finance, Revenue, and Economic…
Read MoreCaretaker Government Likely to Raise Gas Prices in ECC Meeting Today
The caretaker government is poised to present a plan to the Economic Coordination Committee (ECC) today, in accordance with IMF directives, aiming to increase gas prices further. The proposal follows the recent recommendation by the Oil and Gas Regulatory Authority (OGRA) for a 23.16% average hike in gas prices effective from January 1, 2024. Under the proposed plan by the…
Read MoreRenewal of Sui Mining Lease (Sui ML) Agreement between Balochistan Government and PPL Decided
The federal government has made the decision to renew the Sui Mining Lease (Sui ML) agreement between the Government of Balochistan and Pakistan Petroleum Limited (PPL) for a duration of 10 years, commencing from June 1, 2015, to May 31, 2025. This renewal entails a firm payment of Rs 36 billion and a contingent payment of Rs 24 billion, totaling…
Read MoreEngagement with IPPs: CCoE directs PD to initiate separate case
ISLAMABAD: The Cabinet Committee on Energy (CCoE) has directed the Power Division to initiate separate case for engaging with remaining Independent Power Producers (IPPs), including those dealing with hydel power that did not sign the MoUs, official sources told Business Recorder. On January 26, 2024, the CCoE was informed that the Power Division moved a summary titled Implementation of Master Agreements…
Read More9-cent tariff: Govt yet to cross several bridges?
ISLAMABAD: The government is yet to cross several bridges including the challenge of convincing the International Monetary Fund (IMF) before it can slash industrial tariff to cents 9/kWh, which would require further burdening all category of consumers, including vulnerable domestic consumers, well-informed sources told Business Recorder. According to the press release issued by the IMF dated 11 January 2024 after its…
Read MoreSide pact with coal-fired IPPs: ECC refuses to extend support to Power Division
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has reportedly refused to extend support to the Power Division to sign side agreement with other coal-fired IPPs except Port Qasim Electric Power company (PQEPCL), insisting that the case of Sahiwal coal power plant be submitted separately, well informed sources told Business Recorder. Sharing the details, sources said at a recent meeting…
Read MoreUEP’s gas: ECC to allow allocation to SSGCL
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is to allow allocation of United Energy Pakistan’s (UEP’s) 35 mmcfd gas to Mohar Field to Sui Southern Gas Company Limited (SSGCL), well-informed sources told Business Recorder. Mohar Field is located in Latif Block, district Khairpur, Sindh province and the field is being operated by United Energy Pakistan (UEP) Beta GmbH with…
Read MoreMinistries violate cabinet directive
Release Rs131b to state-owned power companies without recovering dues ISLAMABAD: The interim government has violated a decision of the federal cabinet, failing to recover approximately Rs95 billion from publicly-owned power sector companies. Instead, it released Rs131 billion without first deducting its receivables. This failure by two ministries to implement the cabinet’s decision has resulted in a higher level of budget…
Read MorePrivatisation of power plants urged
Policymakers seek to curb circular debt, note challenges in way of sell-off ISLAMABAD: As a major portion of Pakistan’s sovereign debt comprises loans of power sector, policymakers have stressed the importance of privatising state-owned electricity producers to rein in the runaway circular debt. They voiced serious concerns that a considerable amount of foreign loans were outstanding against the government power…
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