The U.S. Department of the Treasury and the IRS have released guidance on tax credits as part of the Inflation Reduction Act (IRA), which allows tax-exempt entities to engage directly in clean energy projects. The new guidance allows businesses without sufficient tax liability to sell their clean energy credits to a third party, thereby simplifying the financing for clean energy…
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ISLAMABAD: The federal government has cleared for implementation 13 old renewable energy (RE) projects of about 700 megawatts — commonly called Category-III projects — and has referred the matter to the Council of Common Interests (CCI) for formal approval as bidding for a lot of 600MW solar project at Muzaffargarh received poor investor response. Informed sources said a special cabinet…
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ISLAMABAD: Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow. “Oil deliveries…
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LAHORE: Prime Minister Shehbaz Sharif has reviewed the process to formulate a policy regarding the use of alternative energy sources, especially solar energy. Chairing a meeting on Saturday, he said the government had ensured the implementation of measures regarding alternative sources of energy, including solar energy, in the budget. He said the process of converting public buildings to solar power…
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ISLAMABAD: The federal government is mulling an increase in electricity tariff of up to Rs 5 per unit through rebasing to be implemented from July 1, 2023, as Power Purchase Price (PPP) payments will touch over Rs 3 trillion during FY 2023-24, well informed sources in Power Division told Business Recorder. The proposed rebasing to raise tariff between Rs 4 -5…
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ISLAMABAD: Pakistan Petroleum Limited (PPL) has requested Secretary Petroleum to recover Rs 6.186 billion dues from Power Division on account of Take or Pay (ToP) mechanism. In a letter to Secretary Petroleum, Managing Director/ CEO PPL, Imran Abbasy has cited the reference of para on Take-or-Pay amount before the Public Accounts Committee (PAC) and the series of meetings between PPL…
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Shell Pakistan Limited’s (SPL) share price has surged over 24% in the last three trading sessions, a rise triggered by its announcement on Wednesday that Shell Petroleum Company Limited (SPCo) intends to sell its shareholding in SPL. From Rs82.95 to Rs103.05 on Friday, the price has surged 24.23%, hitting upper locks (the maximum increase allowed by the stock exchange on any particular…
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ISLAMABAD: Pakistan and Iran have agreed to deepen cooperation in trade, energy, transport, connectivity, cultural exchanges and educational linkages. The understanding was reached during wide-ranging discussions between Pakistan’s Foreign Secretary Dr Asad Majeed Khan and Iran’s Deputy Foreign Minister Ali Bagheri Kani during the 12th round of bilateral consultations between the two countries in Tehran, Foreign Office said here Sunday.…
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On June 14-16, Intersolar Europe, a global photovoltaic event, was grandly kicked off in Munich, Germany. Solis is committed to being the most professional manufacturer of energy storage and photovoltaic inverters, demonstrating a new generation of photovoltaic energy storage solution on the spot. The full-scenario collaborative green power utilization used innovation is to break new ground. The main booth at…
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