Despite a significant 79% power generation from cost-effective local sources, power sector entities are requesting an additional Rs23 billion through fuel cost adjustment (FCA) for electricity consumed in March. The Central Power Purchasing Agency (CPPA) is seeking approval from the National Electric Power Regulatory Authority (Nepra) to impose an extra Rs2.94 per unit in fuel costs on consumers for the…
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At the recent annual strategy meeting of the IRENA Coalition for Action, WWEA (World Wind Energy Association) assumed key positions to drive global renewable energy initiatives forward. WWEA Secretary General Stefan Gsänger has been elected as the chair of the new “Empowering People and Communities” working group, focusing on the socioeconomic and environmental benefits of an inclusive energy transformation. Alongside…
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Engro Fertilizers Limited (EFERT) announced Ali Rathore’s appointment as its new Chief Executive Officer (CEO), effective April 26, 2024, for an 11-month term. The decision was approved by the company’s Board of Directors and shared in a notice to the Pakistan Stock Exchange (PSX). Ali Rathore, who currently serves as the Chief Financial Officer (CFO) of Engro Fertilizers Limited, brings…
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Karachi (PR): Mr. Atif Ikram Sheikh, President FPCCI, has maintained that the government should have kept the petroleum prices unchanged – given the slide in international oil prices by $1 per barrel on the back of relative calm in West Asian region after Iran – Israel conflict did not go out of hand as expected; and, the demand destruction due…
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The federal government has approved Pakistan State Oil (PSO) to make a per litre exchange rate adjustment of Rs1.34 on petrol and 26 paisa on high-speed diesel (HSD) for the fortnight starting April 16, 2024. According to documents obtained by Business Recorder, this adjustment marks an increase of Rs1.01 per litre for petrol compared to the previous fortnight, while HSD…
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The National Transmission and Despatch Company (NTDC) has asserted its right to Liquidated Damages (LDs) exceeding $13 million from Siddiqsons Energy Limited (SEL) due to delays in achieving Commercial Operation Date (COD). Sources familiar with the matter revealed that NTDC is entitled to LDs as per the Power Purchase Agreement (PPA) and a decision by the Cabinet Committee on Energy…
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The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at…
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Pakistan is actively engaging with the International Monetary Fund (IMF) for a new multi-billion dollar loan agreement to support its economic reform agenda. Finance Minister Muhammad Aurangzeb has indicated that Pakistan will request a three-year programme during discussions with the IMF. Aurangzeb, currently in Washington for the IMF and World Bank spring meetings, highlighted the country’s need for structural reforms…
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• Her Highness Sheikh Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of the UAE’s Independent Climate Change Accelerators, warns “action cannot take place if we work in silos”• IRENA’s latest capacity data shows the world is falling short of 1,100GW annual renewable power requirement, despite 2023 marking the largest surge of renewable power generation to date Abu…
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LAHORE: Interior Minister Mohsin Naqvi announced on Monday that the government is intensifying efforts to combat power theft and overbilling in power distribution companies (Discos). Speaking at a press conference in Lahore, Minister Naqvi revealed that a staggering overbilling of 830 million electricity units has been identified in Lahore Electric Supply Company (LESCO) alone. This overbilling affected government offices, industries,…
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