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Month: October 2024

Pakistan’s 93 IPPs Generating 22,671 MW Amid Efforts for Power Sector Reforms

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Power project

ISLAMABAD: Federal Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari informed the National Assembly that Pakistan currently operates 93 Independent Power Producers (IPPs) with a total power generation capacity of 22,671 MW. In response to MNA Muhammad Atif’s question, Minister Leghari outlined the breakdown, noting 50 IPPs are locally funded, 17 are foreign-funded, and 26 are funded through…

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SIFC Seeks Power Division’s 10 Investment-Ready Projects for Saudi Partnership

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Power-generation

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has requested that the Power Division present a list of ten investible projects by October 31, 2024, for potential investment from Saudi Arabia, following the recent visit of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih and a delegation of over 30 Saudi companies. Amid economic challenges like a high import bill and foreign…

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Oil Drops 5% as Middle East Tensions Ease

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russia-oil

HOUSTON: Oil prices plummeted by nearly 5% on Monday after Israel’s recent military action against Iran over the weekend spared oil and nuclear sites, maintaining energy supply stability. By 11:37 a.m. CDT (1637 GMT), Brent crude futures dropped $4.20, or 5.52%, to $71.83 a barrel, and U.S. West Texas Intermediate (WTI) crude slid $4.08, or 5.68%, to $67.70—a low unseen…

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Grid-based battery energy storage solutions

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grid based battery storage

The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have…

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Foreign Service Personnel Briefed on Economy at FPCCI

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New-FPCCI

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the apex body has briefed the group of personnel from Foreign Service of Pakistan (FSP) at its Head Office in Karachi – with the aim to orient them on macroeconomic issues & challenges; export promotion requirements of the business community; trade diplomacy and branding of a country’s export offerings on an…

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IPPs Seek PM’s Urgent Intervention Over Proposed Contract Termination

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Power-IPPS

ISLAMABAD: Ten Independent Power Producers (IPPs) operating under the 2002 Generation Policy have requested Prime Minister Shehbaz Sharif’s intervention over the government’s plan to terminate existing “Take or Pay” contracts in favor of a “Take and Pay” framework. This shift could lead to severe financial instability for the power producers, sources revealed. In a joint letter to the Prime Minister,…

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SNGPL’s Decision to Reinitiate Arbitration Raises Concerns for NPPMCL

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New-SNGPL

ISLAMABAD: National Power Parks Management Company (NPPMCL), the operator of two RLNG-based power plants in Punjab, has expressed serious concerns over Sui Northern Gas Pipeline Company Limited‘s (SNGPL) recent move to resume international arbitration on a previously resolved claim of Rs 15.5 billion, according to well-informed sources. The dispute traces back to 2018 when SNGPL drew Rs 10.38 billion from…

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World Bank Mission Arrives to Address CASA-1000 Project Bottlenecks in Pakistan

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world-bank

ISLAMABAD: A World Bank Implementation Support Mission will visit Islamabad and Lahore from October 28 to November 1, 2024, to address remaining obstacles in the CASA-1000 electricity Transmission and Trading Project, a $1.2 billion regional initiative connecting Kyrgyzstan, Tajikistan, Afghanistan, and Pakistan. The mission, led by Senior Energy Specialist Dmytro Glazkov and Pakistan Country Coordinator Ghulam Murtaza Uqaili, will collaborate…

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‘Pakistan Seeks Additional $1.4 Billion Loan from China Amid Ongoing Financial Challenges

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Aurangzeb-ipps

ISLAMABAD: In response to persistent external financing pressures, Pakistan has formally requested a 10 billion yuan ($1.4 billion) loan from China, following an extension of the existing $4.3 billion facility for three more years. Finance Minister Muhammad Aurangzeb made the request during a meeting with China’s Vice Minister of Finance, Liao Min, proposing to increase the Currency Swap Agreement (CSA)…

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