ISLAMABAD: In a shocking development, the National Electric Power Regulatory Authority (Nepra) has determined a massive increase of Rs6.90 per unit in the base tariff for the Financial Year 2023-24. The new base tariff was shared with the Power Division on Thursday, a senior official of the energy ministry told The News. The Rs6.90 per unit increase will push the…
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ISLAMABAD: Pakistan and the United Arab Emirates (UAE) Thursday signed a Memorandum of Understanding (MoU) for the development of renewable energy projects in Pakistan. Prime Minister Shehbaz Sharif, UAE’s Special Envoy for Climate Change and Minister for Industries and Technologies Dr Sultan Ahmed Al Jaber and others witnessed the signing ceremony, state-run radio reported. Power Division Secretary Rashid Mahmood Langrial…
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• Permanent Court of Arbitration holds it is competent forum to mediate dispute over Kishanganga, Ratle projects• Unanimous decision binding on all parties, cannot be appealed• Foreign Office says Pakistan committed to Indus Waters Treaty ISLAMABAD: In a major win for Pakistan, the Permanent Court of Arbitration (PCA) in The Hague on Thursday rejected India’s objections to its assumption of…
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OGDCL wins exploration blocks in Sindh and Punjab KARACHI: The government has provisionally awarded two new blocks to a leading state-owned oil and gas exploration firm in an effort to find fresh large hydrocarbon deposits and reduce reliance on energy imports. Oil and Gas Development Company Limited (OGDCL) reported to the Pakistan Stock Exchange (PSX) that the government had provisionally…
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The United Arab Emirates has announced plans to invest up to $54 billion over the next seven years to meet its growing energy demands and triple its supply of renewable energy. UAE and Saudi Arabia are the two GCC members leading in renewable energy investments and rapidly diversifying their energy portfolios in the Gulf region. Last year, the Emirates Nuclear Energy Corporation…
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ISLAMABAD: The federal government has disbursed Rs142 billion to over a hundred Independent Power Producers (IPPs) in order to settle their outstanding dues and lessen the burden of power sector circular debt. The payables to these power generators had reached a staggering Rs1.77 trillion by the end of May 2023, marking an increase of Rs420 billion since July 2022. Notably,…
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SINGAPORE: Pakistan’s Pak-Arab Refinery Limited (PARCO) has offered fuel oil for July loading in its latest tender, underlining an ongoing shift in market dynamics as the South Asian country turned to exporting instead of importing fuel oil this summer. The refinery is offering 50,000 metric tones of high sulphur fuel oil (HSFO) with maximum 3.5 percent sulphur content, for loading…
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LAHORE: Pakistan needs urgent steps to curb demand for cooling purposes in summer, which was one of the biggest reasons of costly power generation in the country, an energy expert said at a seminar on Wednesday. Experts speaking at the seminar organised by the LUMS Energy Institute (LEI), also explored solution-driven strategies and opportunities for innovation to overcome the energy…
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ISLAMABAD: The Government of Pakistan will welcome Sultan Ahmed Al Jaber, the President of COP28 and UAE’s Minister of Industry and Advanced Technology today (Thursday), as a distinguished state guest for a daylong official visit. According to a press release, this is the outcome of an official invitation extended by Senator Sherry Rehman, Federal Minister for Climate Change & Environmental…
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ISLAMABAD: The National Transmission and Despatch Company (NTDC) on Wednesday challenged the legal jurisdiction of National Electric Power Regulatory Authority (Nepra) after it blocked NTDC’s attempt to recover Rs36 billion in losses from loyal power consumers. NTDC claims Nepra has continuously deducted the amount from their claims since September 2019, preventing the funds’ recovery. The NTDC challenged the jurisdiction of…
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