Month: August 2020

KARACHI: Pakistan has achieved surplus power production and projects in the pipeline will be more than sufficient to meet future demand. Therefore, authorities may divert the investment allocated to solar power projects to the transmission and distribution infrastructure. “Pakistan’s power production has become surplus. However, the country is still facing hours-long outages due to the crippling transmission and distribution network,”…

Pakistan’s economy has passed through a rough patch in the outgoing fiscal year. Some media commentators and analysts are of the view that there are early signs of recovery in the economy. There is a lot of noise about the accountability drive and the government has been pressurising the mainstream political parties on and off. On the economic front, the…

ISLAMABAD: Prime Minister Imran Khan is keen on addressing the challenges related to climate change and the introduction of Euro-V standard fuel in a short span of time shows the government’s commitment to reduce air pollution for a clean environment, said Petroleum Minister Omar Ayub Khan. At an event organised by Pakistan State Oil (PSO) to mark the upgrading of…

KARACHI: The government has achieved a major breakthrough by reducing the price of electricity for end-consumers as power producers have agreed in principle to limit their profit margins and will no more be entitled to capacity payments in case power generation is not needed in future. In case the independent power producers (IPPs) earn a higher profit than the one…

KARACHI: The country should take full benefit of the relaxations under arrangement of special and emergency clauses allowed by the global trading system under World Trade Organisation, said Federation of Pakistan Chambers of Commerce and Industry Vice President Sheikh Sultan Rehman. Speaking at a webinar on “Covid-19: Trade and Trade Related Measures”, he said that the trade and trade facilitated…

ISLAMABAD: A Senate panel was informed on Tuesday that latest memorandums of understanding (MOU) with power producers did not include circular debt. The committee was also informed that K-Electric had caused a loss of Rs144 billion to the federal government and is holding back Rs44bn of consumers’ money through stay orders. This was the crux of a meeting of the…

As the Nation’s own Oil Marketing Company (OMC), PSO continues to revolutionize the industry by becoming the first OMC to upgrade Pakistan’s fuel standard from Euro 2 to Euro 5. PSO’s Hi-Octane 97 Euro 5 was launched at a grand ceremony held at PSO Service Station-2, Diplomatic Enclave, Islamabad. Minister for Energy, Mr. Omar Ayub Khan and Special Assistant to the Prime…

August 17, 2020 (MLN): Prime Minister Imran Khan had disclosed that after negotiation with IPPs, they reached an understanding of reduction in the capacity payments, late payment surcharge (LPS), and sharing of savings on account of plant efficiencies while Government would make payment of outstanding receivables. Government and Independent Power Producers (IPPs) signed a new Memorandum of Understanding (MoU) agreement to…

IN what is being described as a breakthrough, the government got what it had long been seeking: wind power plants/IPPs set up under the 1994 and 2002 power policies have agreed on revising their power purchase agreements to give up part of their overall returns. Shortly after the MoUs between the government and the power producers had been signed, the…