The honest power consumers are likely to pay an additional Rs1.1 trillion to the powerful independent power plants (IPPs) including idle generation companies on account of rising capacity payments. The capacity payments have continued to increase and are expected to touch a high of Rs1.6 trillion in 2023. During the tenure of Pakistan Tehreek-e-Insaf (PTI) government, the capacity payments have…
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ISLAMABAD: Federal Minister for Energy Muhammad Hammad Azhar on Wednesday took detailed briefing on matters relating to Power Sector. The Federal Minister was apprised on the current stock of circular debt which stood at Rs. 2300 billion approximately. Power Division has devised monthly circular debt reporting which also indicated different factors contributing in its build up, said a press release.…
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ISLAMABAD: Chairman National Electronic Power Regulatory Authority (NEPRA) along with member NEPRA Balochistan on Wednesday called on Chairman Senate Muhammad Sadiq Sanjarani here at Parliament House to brief him on power supply in the province. While exchanging views on the overall energy situation in the province the Chairman Senate said that the power system in Balochistan should be improved further.…
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WASHINGTON: US President Joe Biden will host a global climate summit on Thursday and Friday, during which he is expected to unveil a plan to cut carbon emissions by at least 50 percent by 2030, from 2005 levels. “We expect action at this meeting. We’re looking for people to make announcements to raise their ambition to indicate next steps that…
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The federal government has allowed the incumbent chief executive officer (CEO) of GENCO Holding Company Limited (GHCL), Muhammad Imran, to continue working on his post for a period of twelve months based on this satisfactory performance. Moreover, the managing director of the Private Power and Infrastructure Board (PPIB), Shah Jahan Mirza, has been allowed to continue working as CEO of…
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ISLAMABAD: The budget-making process for 2021-22 has kick-started as the Ministry of Finance has shared Indicative Budget Ceiling (IBC) with the Ministry of Planning for allocation of Rs800 billion for Public Sector Development Programme (PSDP) in the next budget 2021-22. “Yes, the Ministry of Finance has shared the IBC for allocation of development funds under the PSDP to the tune…
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Japan has publicly pledged its support for overseas LNG project finance as it sees LNG as a transitional energy source that can supplement renewables and help replace coal in its efforts towards 2050 carbon neutrality goals, just days ahead of the climate change summit to be hosted by US President Joe Biden. State-owned Japan Oil, Gas and Metals National Corporation…
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The Irving oil major warned, however, that developing a so-called Houston CCS Innovation Zone — billed as the biggest carbon sequestration project in the world — would require a public-private partnership and government funding. “We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to…
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Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. Hariga is scheduled to load about 180,000 barrels per day (bpd) in April. Brent crude was up 35 cents, or 0.5%, at $67.40 a barrel by 1335 GMT after hitting its highest since March 18…
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The World Bank in its recent report states that Pakistan’s potential annual exports are $88.1 billion, about four times the current level. The opportunity cost of these missing exports is estimated at “893,000 jobs and $ 1.74 billion in foregone taxes alone, of which 152,000 jobs could have been created in the agriculture export sector, and 741,000 jobs could have…
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