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Year: 2023

Economic Coordination Committee okays roadmap to settle issues with KE

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free-power

ISLAMABAD: With over Rs400 billion in government claims and Rs210bn in counterclaims from K-Electric, the Economic Coordination Committee (ECC) of the Cabinet approved a roadmap for settling long-standing issues with Karachi-based integrated private utility, including additional power supply from the national grid, 10-year future generation commitments by KE, and financial settlements through mediation. The single-point meeting of the ECC, presided…

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Investments must reflect COP28 outcome: International Energy Agency

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Cop28-23

PARIS: Energy investments should be informed by the COP28 agreement to accelerate the move away from fossil fuels this decade, the head of the International Energy Agency (IEA) said on Friday. “After COP28, governments, companies, investors, need to tell the people around the world what actions they are taking to move the world away from fossil fuels,” Executive Director Fatih…

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Hubco asks CPPA-G to pay Rs13.4bn dues

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Hubco

ISLAMABAD: M/s Hub Power Company (Hubo) has demanded Central Power Purchasing Agency –Guaranteed (CPPA-G) to pay Rs 13.47 billion which includes interest matured through arbitration. In a letter to Chief Executive Officer (CEO) CPPA-G Rihan Akhtar, Chief Executive Officer (CEO) Hub Power Company, Kamran Kamal referred to the award approved by former Chief Justice Nasir ul Mulk in arbitration proceedings…

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Govt working towards reducing electricity cost: minister

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power-tariff

ISLAMABAD: Caretaker Minister for Power and Petroleum Muhammad Ali has said that the government is working on revising electricity tariff structure to reduce the cost of electricity as export industry cannot compete with regional competitors that are supplying electricity at 9 Cents/ kWh. Testifying before the reconstituted Senate Standing Committee on Power, now headed by Senator Azam Nazir Tarar, the…

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Latest Petrol Prices in Pakistan – 16 December 2023

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Petroleum-prices

The caretaker Government has reduced the Petrol Prices in Pakistan for the next fortnight from 16 December 2023 till 31 December 2023. According to the details, the Government has reduced the Price of Petrol, High-Speed Diesel (HSD), Kerosene Oil and Light Diesel Oil (LDO) has seen a minor reduction. According to the announcement, the Petrol Price has been reduced by Rs. 14.00 per…

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MCB Bank and AE Power Join Hands for Clean Energy

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MCB-AE

In a significant move toward sustainable energy solutions, MCB Bank and AE Power have recently signed an agreement for the delivery of cutting-edge Huawei inverters. This strategic partnership promises to revolutionize the landscape of energy efficiency in the region.The signing ceremony, graced with the presence of key representatives from both MCB Bank and AE Power, marks the beginning of a…

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Jhal Magsi South Field: ECC approves special incentives

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OGDCL

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved special incentives for Jhal Magsi South Field, which, according to third party, was not economically viable under current policy prices, well-informed sources told Business Recorder. Petroleum Division briefed the ECC that Pakistan was facing challenges in meeting ever-growing energy needs due to expanding population, natural depletion of major oil/gas fields,…

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Govt-KE draft agreements need revision: Nepra

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nepra

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has proposed revision in draft agreements between the Government of Pakistan (GoP) and K-Electric to align with the provisions of amended Nepra Act 2018, National Electric Policy 2021 (NE Policy), National Electricity Plan 2023 (NE Plan), new Market Commercial Code 2022(MCC) of CPPA as Market Operator, new Grid Code 2023 of NTDC as…

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Over Rs13 per litre cut in petrol price likely

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pso

Projection based on global oil price fall, rupee strengthening ISLAMABAD: Prices of petrol and high-speed diesel are expected to decline up to Rs13.66 per litre effective from December 16, 2023, which is in line with the fall in international markets and appreciation of Pakistani rupee. In case the caretaker government does not allow exchange rate adjustment to Pakistan State Oil…

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Final Year Design Project Financing ceremony held in Faisalabad under aegis of PEC’s Pakistan Development Committee

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Pakistan-Development-Committee

The second phase ceremony of the Final Year Design Project Financing 2023-24 of the Pakistan Engineering Council (PEC) was held at Iqbal Auditorium, University of Agriculture (UAF) Faisalabad, by PEC’s Pakistan Development Committee (PPDC). PEC Chairman Engr. Muhammad Najeeb Haroon was the chief guest at the ceremony. As many as 102 universities participated in the event and 92 universities physically…

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