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Month: February 2024

PPIB Ready to Facilitate ACWA for 1200 MWp Solar Projects in South Punjab

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SOLAR-POWER

The Private Power & Infrastructure Board (PPIB) has expressed its readiness to assist Saudi company M/s ACWA in establishing solar projects totaling 1200 MWp in South Punjab. According to sources, PPIB Managing Director Shah Jahan Mirza informed the Special Secretary SIFC that the draft Inter-Governmental Framework Agreement (IGFA) between the Governments of Saudi Arabia and Pakistan for cooperation and development…

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Regulator Calls for Urgent Reforms as Power Firms’ Performance Lags

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Chinese-power

The National Electric Power Regulatory Authority (Nepra) has highlighted the poor performance of all power distribution companies (Discos), including K-Electric, during the fiscal year 2022-23. Nepra’s performance evaluation reports (PERs) revealed significant underperformance against set targets, resulting in cumulative financial losses of approximately Rs1 trillion annually and exacerbating the circular debt by over Rs350 billion. The evaluations, based on data…

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Nepra Approves Record Fuel Cost Adjustment Amid Government Pressure

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Nepra

In a significant development, the National Electric Power Regulatory Authority (Nepra) has greenlit a record fuel cost adjustment (FCA) despite initially announcing an investigation into the demand made by distribution companies (Discos). The approved hike will impose an additional burden of Rs55 billion on electricity consumers. Initially, the Discos had requested an FCA of Rs7.13 per unit, prompting Nepra to…

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Bahria Town Faces Power Disconnection Due to Unpaid Dues Worth Rs762 Million

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bahria-town

Lahore Electric Supply Company (Lesco) has disconnected power supply to Bahria Town due to outstanding dues amounting to over Rs762 million. The decision to cut off power was made by Lesco’s Raiwind division executive engineer after repeated reminders to Bahria Town administration went unheeded. The dues, pertaining to fuel price adjustments and quarterly tariff adjustments, had been pending for some…

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Trina Solar Sees Growing Market for Solar in Pakistan

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Trina-Solar2

(Lahore, Pakistan) Monday, 26 February, 2024 – Pakistan’s increasing demand for solar energy is on the rise as both residences and businesses increasingly recognize solar power as a reliable and cost-efficient source of electricity. According to Bloomberg New Energy Finance (BloombergNEF), Pakistan imported USD$1.11 billion worth of solar products from January to September 2023, equivalent to an estimated 4GW of…

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Pakistan Petroleum Limited (PPL) Reports Impressive 44% Surge in Half-Year Profits

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PPL-achieves

Pakistan Petroleum Limited (PPL), a prominent natural gas supplier in the country, has announced a significant uptick in its profit-after-tax (PAT) for the half-year ended December 31, 2023. The company’s PAT surged by nearly 44%, reaching Rs69.78 billion compared to Rs48.49 billion in the corresponding period last year. The boost in profits was attributed to increased sales and substantial improvements…

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Pakistan Eyes $8 Billion IMF Loan, Explores Climate Finance Augmentation

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imf-1

Amidst financial challenges, Pakistani authorities are actively considering options to enhance the upcoming IMF bailout package from $7.5 billion to potentially $8 billion. One avenue being explored involves leveraging Climate Finance in conjunction with the Extended Fund Facility (EFF). Official sources have disclosed to The News on Sunday that discussions regarding augmentation of the program’s size took place during the…

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SIFC Urges Nepra and PPIB to Resolve Jhimpir Wind Project Issues

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wind-energy

The Special Investment Facilitation Council (SIFC) Secretariat has intensified efforts to address bureaucratic hurdles faced by M/s TAEL in its Jhimpir wind power project. Sources reveal that SIFC has urged the National Electric Power Regulatory Authority (Nepra) and the Private Power and Infrastructure Board (PPIB) to swiftly resolve key issues hindering the project’s progress. During a meeting held on February…

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Qatar to Bolster Gas Production Despite Global Price Slump: Plans Expansion Amidst Fierce Competition

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New-RLNG

Despite a significant decline in global gas prices, Qatar remains steadfast in its commitment to increase gas production, setting forth plans for further expansion amidst intense competition, notably from the United States. Saad al-Kaabi, the chief of QatarEnergy, announced a new phase of expansion in liquefied natural gas (LNG) production, aiming to add an additional 16 million tonnes per annum…

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Energy Prices Must Be Rationalized for Trade & Industry to SurviveSMEs Definition Should Be Enhanced to 800 Million- FPCCI

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fpcci

Karachi: Saquib Fayyaz Magoon, Acting President FPCCI, has echoed the collective concerns of the entire business, industry and trade community of Pakistan that electricity and gas prices must be rationalized with immediate effect in accordance with ground realities in a way that businesses can continue to operate profitably and sustainably. It was pertinent to note that he was delivering his…

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