KARACHI: In an “updated disclosure” following the Aug 21 order by the Grand Court of the Cayman Islands, K-Electric Ltd said on Thursday there’s been no change in the status of a case currently in the Sindh High Court (SHC) against the Infrastructure and Growth Capital Fund (IGCF) SPV-21 Ltd. The latest regulatory filing by the power utility follows the…
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Surplus power generation: Consumers to pay over Rs124bn capacity charges
LESCO wants to recover the highest amount of Rs28.906bn followed by Multan Electric Supply Company ISLAMABAD: Consumers will pay capacity charges of over Rs124 billion for the surplus power generation during the last quarter of fiscal year 2022-23 in the coming months. The XWDISCOs are seeking approval of the regulator for the recovery of capacity charges as well as others…
Read MoreUoSC payment to NTDC: Tax dept issuing notices to Discos for not deducting WHT
LAHORE: The Income Tax department is issuing notices to the power distribution companies (Discos) for not deducting withholding tax against the payment of Use of System Charges (UoSC) to the National Transmission & Despatch Company (NTDC), said sources. The Use of System Charges means any charge (fixed or variable) payable by a Disco, or any other use of the transmission…
Read MoreMinister for Energy vows to aggressively pursue the TAPI project
Ambassador of Turkmenistan H.E. Atadjan Movlamov called on Interim Federal Minister for Energy Muhammad Ali here today.Ambassador extended his congratulations to Minister on assuming his new portfolio and exchanged pleasantries.Minister for Energy expressed his gratitude and passed on the regards from Caretaker Prime Minister of Pakistan Anwaar-ul-Haq Kakar. “PM is pleased that the TAPI project is dealt on priority basis.”Both…
Read MoreGovt seeks to raise power rate by Rs3.55 per unit
• Wants to extract Rs146bn in quarterly tariff adjustment from consumers in six instalments to minimise ‘price shock’ ISLAMABAD: The rising electricity costs appeared to have put the power companies in a vicious cycle of declining consumption and shifting resultant additional capacity charges to consumers, compelling the government to seek staggered imposition of Rs146 billion quarterly charges in six months,…
Read MorePSO posts Rs4.6bn loss in 4QFY23
KARACHI: The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23,…
Read MorePakistan’s economic problems a hurdle to joining BRICS
Many countries interested in becoming part of emerging economies’ bloc JOHANNESBURG: The 15th BRICS Summit kicked off on August 22 in Johannesburg, South Africa. The theme of this year’s event is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” “The meetings being held from August 22 to 24 are very important where some key decisions…
Read MoreCPEC firms ask govt to ensure timely payments to operationalise powerhouses
ISLAMABAD: The CEPC firms in the power sector here on Wednesday urged the government to ensure their timely payments against sale of electricity to the Central Power Purchase Agency (CPPA) as they have started injecting their equities to make the powerhouses operational. This issue was agitated by Chinese enterprises during a media interaction arranged by Infodor Salon on the CPEC…
Read MorePakistan, IMF hold virtual talks on energy sector
ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday held virtual talks on the overall losses of energy sector, especially in the context of reducing the circular debt during the current fiscal year. The government demonstrated its commitment to adjust fuel price and quarterly tariff with the objectives to erase accumulation of circular debt. The circular debt continues to…
Read MoreSIFC identifies 20 projects to woo foreign investors
ISLAMABAD: The much-trumpeted Special Investment Facilitation Council (SIFC) has so far identified and approved 20 projects for attracting multibillion-dollar investments from the Gulf states and others, out of which nine have been converted to the required template. It has also been considered to hold a study to explore the availability of lithium in Pakistan and joint investment in Afghanistan. The…
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