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Month: September 2024

Liberty Power Proposes Renegotiation of Power Contract to Ease Electricity Costs

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Power-sector

KARACHI: In response to growing public and business sector demands to reduce high electricity costs and eliminate excessive capacity payments, Liberty Power, an independent power producer (IPP), has announced plans to renegotiate its contract with the federal government. Shaharyar Chisti, Chairman of Pak Asia Investment, Liberty Power’s parent company, revealed during a press conference on Wednesday that the company is…

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Sindh Energy Ministry Extends Full Support to IEEEP Fair: A Hub for Innovation and Industry Collaboration

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IEEEP-2024

KARACHI: Sindh Minister for Energy, Syed Nasir Hussain Shah, expressed his department’s unwavering support for the 13th edition of the International Electrical Engineering and Electronics Products (IEEEP) Fair at the Karachi Expo Centre, during the inauguration ceremony on September 10. Organized by the IEEEP (Karachi Centre) in collaboration with Badar Expo Solutions, the three-day event, running from September 10-12, showcases…

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Govt Faces Solar Challenge: Public Generating 3,000 MW Annually, Threatens Grid Reliance

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Solar-Project

ISLAMABAD: The government is facing a growing challenge as it has been revealed that the public is generating 250 MW of solar power each month, amounting to 3,000 MW annually, through off-grid solar installations. This trend could significantly reduce the reliance on the national grid, which supplies increasingly unaffordable electricity. As the shift towards independent solar energy continues, it is…

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Inauguration of Suki Kinari Hydropower Project Likely to Be Postponed Until COD

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Suki-Kinari

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has recommended postponing the inauguration of the 884 MW Suki Kinari Hydropower Project until the achievement of its Commercial Operation Date (COD), sources told Business Recorder. The project company reported that the Reliability Run Test (RRT), required under the Power Purchase Agreement, began on August 30, 2024. However, after nearly completing the…

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Punjab Withdraws Rs14 Power Subsidy for Islamabad, IMF Pressure Cited

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IMF-board

ISLAMABAD: The Punjab government has withdrawn the Rs14 per unit electricity subsidy for consumers in the Islamabad Capital Territory (ICT), effective immediately. The decision, reportedly influenced by International Monetary Fund (IMF) pressure, will result in higher electricity bills for residents of Islamabad and surrounding areas. The Islamabad Electricity Supply Company (IESCO) issued a notification confirming the discontinuation of the subsidy…

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US to Assist Pakistan in Tackling Climate Change Impact, Says Ambassador Blome

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climate-change

ISLAMABAD: United States Ambassador Donald Blome inaugurated the “Recharge Pakistan” initiative, a landmark climate project focused on enhancing flood resilience and water security in Pakistan’s most vulnerable regions. Speaking at the Pakistan Institute for Parliamentary Services, Ambassador Blome highlighted the US commitment to strengthening its partnership with Pakistan to protect climate-vulnerable communities and build a sustainable, climate-resilient future. The initiative,…

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KE Staff Attacked Amid Anti-Theft Operation, Held Hostage by Protesters

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circular-debt-K-electric-ceo

KARACHI: K-Electric (KE) staff faced violent resistance during an anti-electricity theft operation in Karachi’s Gizri and Punjab Colony areas on Tuesday. KE spokesperson Imran Rana reported that power thieves attacked and held some staff members hostage at gunpoint while attempting to forcibly restore illegal connections. The operation sparked protests, with demonstrators blocking major roads across the city, causing severe traffic…

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Pakistan Faces $30bn Loss After Devastating Floods, Urges Swift Action on Reconstruction

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New-Project

ISLAMABAD: Federal Minister for Planning, Development & Special Initiatives, Ahsan Iqbal, chaired a high-level meeting to review the progress of post-flood reconstruction projects under the Resilient, Rehabilitation, and Reconstruction Framework (4RF). The meeting, attended by senior government officials and international representatives from the World Bank, ADB, UN, and EU, focused on assessing ongoing projects and the status of global financial…

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CCP Approves 11.9% Share Acquisition in SECMC by IEPWR

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New-SECMC

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for International Electric Power (Pvt) Ltd (IEPWR) to acquire 11.9% of the paid-up ordinary share capital of Sindh Engro Coal Mining Company (SECMC) Ltd under a Share Purchase Agreement (SPA). IEPWR, formed in March specifically for this transaction, is jointly owned by Liberty Power Holding, Soorty Enterprises, and Procon Engineering.…

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Unplanned Power Subsidies Threaten Pakistan’s $7bn IMF Bailout

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New-IMF

ISLAMABAD: Punjab’s unexpected power subsidies have become a key obstacle in securing Pakistan’s $7 billion bailout from the International Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a 37-month, $7bn Extended Fund Facility, but the deal is pending approval from the IMF Executive Board, which has yet to schedule a meeting. Dr. Abid Suleri, Executive Director…

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