ISLAMABAD: The Power Division has assured the National Assembly Standing Committee on Power that it is prepared to terminate agreements with Independent Power Producers (IPPs) if the committee recommends such action. This statement came just before a meeting of the Senate Standing Committee on Power, which is primarily focused on IPPs. The Senate committee’s chairman believes that the coexistence of…
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has approved the federal government’s proposed uniform Schedule of Tariffs (SoTs) for distribution companies (Discos) and K-Electric (KE), leading to a uniform base tariff increase of up to Rs7.12 per unit. This adjustment raises the tariff from Rs29.78 per unit in FY 2023-24 to Rs35.50 per unit for 2024-25, aligning with the…
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ISLAMABAD: Finance Minister Muhammad Aurangzeb expressed optimism on Thursday about finalizing a $6 billion Extended Fund Facility (EFF) deal with the International Monetary Fund (IMF) within this month, having completed almost all prior actions ahead of time. Additionally, he mentioned reaching an agreement in principle with all provinces over the agricultural income tax. The government plans to request the IMF…
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Islamabad, July 11, 2024– In response to Pakistan’s increasing reliance on LPG due to natural gas shortages, bans on new connections, and soaring gas tariffs, the Oil and Gas Regulatory Authority (OGRA) has organised a national seminar on “Safe Use of LPG – ‘Zero’ Fatal Accident.” The event was held at OGRA’s head office in Islamabad to address the need…
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KARACHI: The country’s leading industrial chambers and associations have called for the urgent implementation of the Competitive Trading Bilateral Contract Market (CTBCM) regime, which would enable bulk power consumers to purchase electricity directly from generators, bypassing the government. The demand arose during a conference jointly organised on Tuesday by Renewables First and Pakistan Environment Trust, two prominent voices in Pakistan’s…
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ISLAMABAD: Pakistan is exploring options to finalize a multi-billion-dollar liquefied natural gas (LNG) pipeline deal with Russia, aiming to meet its urgent energy needs. This deal, however, hinges on Pakistan finding a way to avoid US sanctions. In a significant meeting at the recent SCO summit, Russian President Vladimir Putin proposed to Prime Minister Shehbaz Sharif the construction of an…
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KARACHI: Johar Qandhari, President of the Korangi Association of Trade and Industry (KATI), has raised concerns over the recent hikes in electricity and gas charges, emphasizing that these increases have made it financially untenable for industries to sustain production and business activities. Qandhari urged the government to reduce electricity rates to 9 cents per kilowatt-hour and to lower interest rates…
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FAISALABAD: Faisalabad Electric Supply Company (FESCO) is making concerted efforts to mitigate the impact of high electricity costs on consumers by providing top-notch services, minimizing line losses, and ensuring an uninterrupted power supply, according to Engineer Muhammad Aamir, CEO of FESCO. Addressing the industrialists and business community at the Faisalabad Chamber of Commerce and Industry (FCCI), Aamir emphasized FESCO’s commitment…
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ISLAMABAD: Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday highlighted significant reforms in Pakistan’s energy sector and state-owned enterprises (SOEs), including ongoing privatization efforts of state companies. During a meeting with a delegation from Standard & Poor’s (S&P) Global Ratings at the Finance Division, Aurangzeb emphasized the confidence multilateral institutions have shown through financing various projects in Pakistan. The…
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KARACHI: A recent study reveals that domestic households and businesses in Pakistan face unexpected hidden costs in their power tariffs, including US inflation and interest on circular debt. These factors significantly increase power prices for end-users, making electricity unaffordable and prompting calls for the government to renegotiate power purchase agreements (PPA) with power plant operators. Independent power producers (IPPs) charge…
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