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Month: May 2024

PM Sacks Boards of Eight DISCOs Over Rs589 Billion Losses, Enlists Military for Governance

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power-subsidy

ISLAMABAD: Prime Minister Shehbaz Sharif has dismissed the boards of eight power distribution companies (DISCOs) constituted by the previous Pakistan Democratic Movement (PDM) government. The decision follows allegations of massive financial losses amounting to Rs589 billion for the fiscal year. To address these issues, the PML-N government plans to enhance governance in these companies by involving military and intelligence agencies,…

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Power Companies Propose Rs2.48 per Unit Tariff Increase; KE Targets 1,282 MW of Renewable Energy by 2030

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NEPRA-KE

ISLAMABAD: Electricity consumers may face another price hike as power distribution companies have requested a tariff increase of up to Rs2.48 per unit. The companies, through the Central Power Purchasing Agency (CPPA), have petitioned the National Electric Power Regulatory Authority (NEPRA) to collect an additional Rs3.488 per unit from consumers under the fuel charges adjustment (FCA) for April 2024. NEPRA…

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SDPI, Energy Update joint seminar on Solar Net metering

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clean-energy

Experts stress Net metering regime should assist Pakistan in rapidly achieving its clean energy transition goals The experts at a roundtable on solar net metering challenge on Friday demanded a holistic revamp of existing policy as an urgent measure for promoting solar energy as the cheapest power resource amid growing energy demand. The Sustainable Development Policy Institute and Energy Update…

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RAILBUS: A Game-Changer for Karachi’s Urban Transportation

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karachi-urban-transportation

Karachi, Pakistan – As Karachi grapples with escalating traffic congestion and pollution, the introduction of RAILBUS services promises a significant improvement in the city’s urban transportation system. This innovative solution is set to transform the mobility, environment, and economy of Pakistan’s largest metropolis. Easing Traffic Congestion Traffic congestion is a daily ordeal for Karachiites, with overburdened roads leading to frequent…

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Government’s Effort to Implement WACOG Formula for Gas Tariffs Faces Opposition

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oil-discovery

ISLAMABAD: The government’s efforts to implement the Weighted Average Cost of Gas (WACOG) formula for biannual gas tariff determination, which blends local and imported RLNG prices, have encountered significant opposition. Sindh Chief Minister has strongly opposed the formula, arguing that it violates Article 158 of the Constitution, which stipulates that the province producing the gas has the first right to…

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Sinosure to Implement Key Hydropower Projects in Pakistan

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Karot-Hydropower

ISLAMABAD: China’s state-owned insurance company, Sinosure, has shown a willingness to implement two major hydropower projects in Pakistan—the 700-MW Azad Pattan Hydropower Project and the 1124-MW Kohala Hydropower Project—following guidance from Beijing, well-informed sources told Business Recorder. Successive Pakistani governments have struggled to commence these vital hydropower projects due to Sinosure’s reluctance, primarily driven by payment issues with existing companies…

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Circular Debt Soars to Over Rs2.6 Trillion, Exceeding Government Targets

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Pakistan-Debt

ISLAMABAD: The circular debt in Pakistan’s power sector has surged to Rs2.636 trillion by the end of January 2024, surpassing the government’s commitment to keep it within Rs2.31 trillion for the fiscal year. According to data from the Power Division of the Ministry of Energy, the circular debt rose by Rs84 billion in January alone, reaching Rs2.636 trillion compared to…

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Iranian President Ebrahim Raisi Confirmed Dead in Helicopter Crash

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Ebrahim-Raisi

TEHRAN: Iranian President Ebrahim Raisi, a prominent hardliner and potential successor to Supreme Leader Ayatollah Ali Khamenei, was confirmed dead in a helicopter crash near the Azerbaijan border, officials and state media reported on Monday. The helicopter, which crashed on Sunday, was carrying Raisi and Foreign Minister Hossein Amirabdollahian. The charred wreckage was discovered early Monday after an overnight search…

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No Plans to Scrap Solar Net Metering Policy: Energy Minister

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Energy-Minister

LAHORE: Federal Minister for Energy Awais Ahmad Khan Leghari reaffirmed on Sunday that the government has no intention of ending the solar net-metering policy. Addressing media reports that suggested a shift to a gross-metering mechanism, Minister Leghari clarified that the net metering policy, which allows consumers to sell excess electricity generated by their solar systems back to the grid, would…

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IMF Pressures Pakistan on Power Rates Amid Expected Rupee Devaluation

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New-IMF

ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistan to base the next increase in power tariffs on an anticipated further devaluation of the rupee rather than assuming the current stable value of the local currency. This recommendation could exacerbate the already significant burden on electricity consumers, as the government had previously planned a rate hike of up to Rs7…

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