A team comprising officers from the Pakistan Army whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion has been awarded Sitara-i-Imtiaz. The cabinet secretariat on Friday released the names of 184 Pakistani and foreign nationals who will be conferred civil awards for showing excellence and courage in their respective fields. According to…
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The Pakhtunkhwa Energy Development Organization (PEDO) and the Peshawar Electric Supply Company (PESCO) have yet to reach an agreement on the sale of electricity for the Machai Hydro Project, owing to which the province was not being able to earn revenue despite spending billions on the project’s construction. According to sources, there was a question mark on the seriousness of…
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ISLAMABAD: The government and wind power producers (WPPs) on Friday formally signed a memorandum of understanding (MOU) to increase term of plants by five years against certain relief in key items of the tariff. The MOU was signed by Babar Yaqoob Fateh Muhammad, who leads the government’s negotiation committee and Rumman Arshad Dar, chairman Pakistan Wind Energy Association — representing…
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ISLAMABAD-The Oil and Gas Regulatory Authority has failed to enforce the maintenance of prescribed storage of petroleum products by the oil marketing companies (OMCs), said petroleum division. While briefing the Economic Coordination Committee (ECC) of the Cabinet, secretary petroleum informed OGRA was responsible to enforce maintenance of prescribed storage capacity of petroleum products by the OMCs, however, it has failed…
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The Committee for negotiations with Independent Private Power Producers (IPPs), had several rounds of discussions and the IPPs have agreed to alter their existing contractual arrangements to the extent of, and strictly with respect to, the matters listed under a Memorandum of Understanding (“MoU”) signed. The MoU had the following key highlights: • The MoU states that IPPs and government…
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The government recently announced successful negotiations with Independent Power Producers (IPP) which can be heralded as a victory for the economy at large. Among other technical points agreed between the Government, and the IPPs, the most crucial point pertains to fixing Return on Equity (RoE) at certain fixed rates. We try to unbundle, and explain in simpler terms, what it…
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LAHORE: Prime Minister Imran Khan on Friday announced that the government has signed a new agreement with the independent power producers (IPPs) whereby the cost of electricity generation would be brought down and circular debt reduced. In a series of tweets, Premier Imran said, “I congratulate the nation because we are fixing the damaging structure we inherited in our power…
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Karachi — Pakistan’s apex court has allowed the government to collect a pending gas infrastructure development tax amounting to billions of dollars from fertilizer, power, chemicals and cement companies, according to the court’s verdict Aug. 13, a move that would help policymakers to use the funds to develop gas projects. But in 2016, the companies took the battle to court and…
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California’s energy-grid operator imposed rolling blackouts Friday evening for the first time in 19 years. With the rare move, the California Independent System Operator sought to preserve the stability of the system that provides power for tens of millions of residents and businesses. The last time grid managers implemented this kind of power cut was in 2001, when the state…
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ISLAMABAD: The government and Wind Power Producers (WPPs) have signed pacts, to be binding after different level approvals from power firms. The committee and Pakistan Wind Energy Association held a number of rounds of discussions with the Wind Association with a request to reduce generation tariff. All discussions have been confidential and without prejudice basis. This document shall not affect…
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