Economic crisis affected performance in FY23: KE

K-Electric

Company plans to add 2,272MW from renewable, indigenous sources KARACHI: The economic crisis, driven by factors like high inflation, increased policy rates and economic contraction, significantly affected the performance of K-Electric (KE) in financial year 2023 as the company recorded a loss of nearly Rs31 billion. It was observed during KE’s annual general meeting, chaired by Chief Executive Officer Moonis…

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Power sector debt soars to Rs2.54tr

sector-debt

IMF review signals delays in energy deals, debt reduction measures ISLAMABAD: Despite an increase in electricity prices, Pakistan’s power sector circular debt reached Rs2.54 trillion by the end of September. However, this debt remains within the maximum ceiling agreed upon with the International Monetary Fund (IMF). The Ministry of Finance, on Thursday, conducted a review of the $3 billion Stand-By…

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MoU inked to set up EV stations

electronic-vehicle

China-Pak JV aims to remove hurdles preventing transition to alternative fuels BEIJING: Pakistan’s Senate Chairman Muhammad Sadiq Sanjrani, along with a delegation, witnessed the signing of a landmark memorandum of understanding (MoU) in Beijing. The MoU, inked on October 25 between TGOOD, a leading Chinese company, and the REC Group of Pakistan, aims to promote environmentally friendly electric vehicles (EVs)…

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Gas tariff hike won’t affect 57pc consumers: govt

gas-prices

ISLAMABAD: Minister for Energy Muhammad Ali on Thursday said the issue of circular debt in gas sector will be resolved everlastingly as many companies were leaving the country due to losses and circular debt. Addressing a press conference along with Minister for Information and Broadcasting Murtaza Solangi, he said the increase in gas tariffs would not affect 57 percent of…

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Solar power PV project: Pakistan organises roadshow in Dubai

solar-energy

ISLAMABAD: Pakistan has organized a roadshow in Dubai to attract investors for 600 MWp solar power PV project at Kot Addu (Muzaffargarh) with the support of the United States Agency for International Development (USAID) through Power Sector Improvement Activity (PSIA), well-informed sources told Business Recorder. The Government of Pakistan is pursuing the promotion and development of Alternative Renewable Energy (ARE) technologies…

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OICCI launches 2nd Pakistan Climate Conference to propose solutions for Pakistan’s climate emergency

Climate-Conference

Karachi, 26 October 2023 – The Overseas Investors Chamber of Commerce and Industry (OICCI) unveiled details for the Pakistan Climate Conference (PCC) 2023, scheduled to take place on November 1, 2023. This is the second consecutive year that the OICCI is organizing a multi-stakeholder dialog to propose collective solutions for Pakistan’s climate emergency. Starting from 2022, the Pakistan Climate Conference…

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Industrial consumers: Three options tailored for ‘winter package’

Power-generation

ISLAMABAD: Power Division has tailored three options for country-wide four months (November 2023 to February 29, 2024) subsidy neutral Winter Package for industrial electricity consumers on incremental consumption, which may have some financial impact on other consumers, well informed sources told Business Recorder. In option 1, a relief from Rs 3.32 per unit to Rs 7.86 per unit, in option 2…

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Drive against power theft: 19,415 arrested, Rs14bn recovered, PM told

Anwaarul-Haq

ISLAMABAD: The caretaker government has maintained that it recovered Rs14 billion on account of electricity theft since the beginning of the campaign till September 30, 2023. Caretaker Prime Minister Anwaar-ul-Haq Kakar, was informed about this during a meeting presided over by him on Wednesday to review progress made so far against electricity theft in the country. In the meeting, Kakar…

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