EU energy ministers on Monday overcame months of wrangling to agree a price cap for natural gas in the bloc of 180 euros per megawatt hour, effective from mid-February. “It wasn’t an easy thing to achieve,” Maltese Energy Minister Miriam Dalli said. The agreement, set out in a European Council statement, unlocks other pre-agreed measures to mitigate an energy crunch…
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National Electric Power Regulatory Authority (Nepra) is facing a frustrating situation in so far as approval of amendments to Net Metering Regulations is concerned as the “affected” influential parties have pressurized the government to put the proposed decision on hold, well-informed sources told Business Recorder. Power Division, sources said, has already conveyed its dismay to the regulator on its “speed” on…
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Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar on Monday presided over back-to-back meetings on the issue of circular debt to formulate strategy aimed at bringing down the total stock of power and gas sector. The Finance Minister presided over a follow-up meeting on reforms in energy sector on Monday to discuss ways and means to arrest the circular…
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Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration company in Pakistan, on Monday announced the discovery of oil and gas reserves from its exploratory well in Sindh. In a notice sent to the Pakistan Stock Exchange (PSX), the company said that OGDCL, “as operator with 100% working interest, has discovered oil and gas from development…
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The cost of fuel for electricity generation in November went down by more than one-third to Rs5.99 per unit from a month ago, according to data recently released by the National Electric Power Regulatory Authority. A 27.1pc reduction in the cost of coal-based electricity contributed to the overall drop of 33.6 per cent in the average fuel cost in November,…
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The United Kingdom government has announced that Virgin Atlantic will fly a historic net zero London-New York flight in 2023. Virgin Atlantic won a competition to receive government funding for the first net-zero transatlantic flight, according to an official press release by the U.K. State on Friday. “For decades, flying from London to New York has symbolized aviation’s ability to…
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Without allowing an upward revision in electricity and gas tariffs, the government on Saturday directed the relevant authorities to come up with viable plans to reduce the monster of circular debt that had now peaked at Rs4 trillion. However, without pricing adjustments, the IMF has rejected the initial plan for slashing the circular debt shared by Pak authorities with them in recent…
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The Sindh government is fully committed to facilitating the private sector companies that stand for exploiting the renewable energy resources abundantly available in the province so that there should be lesser reliance on imported fossil fuels for the protection of the national economy.This was stated by the Sindh government’s Energy Secretary, Abu Bakar Ahmed Madani, while speaking as the chief…
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