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Month: November 2024

ECC Approves Discounted Winter Power Package to Boost Consumption

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Power Users to Receive Refund

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a subsidy-neutral initiative offering discounted electricity rates for incremental consumption during the winter months (December to February). The package, targeting residential, commercial, and industrial consumers, aims to boost electricity demand amid high tariffs and economic challenges. The initiative is expected to increase consumption by up to 16%, aligning with International Monetary Fund…

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Oil prices up nearly 3pc

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Oil-prices

NEW YORK: Oil prices gained about $2 a barrel on Monday after news of halted crude production at Norway’s Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war. Brent crude futures were up $2, or 2.8%, to $73.04 a barrel at 11:55 a.m. EST (1655 GMT), while US West Texas Intermediate crude futures were…

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AI and Battery Storage Innovations Key to Reducing Electricity Costs: German Ambassador

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Battery-Storage

Islamabad, November 19, 2024: German Ambassador Alfred Grannas met with Federal Minister for Power, Sardar Awais Ahmed Khan Leghari, to explore the role of artificial intelligence (AI) and battery storage in addressing Pakistan’s energy challenges. Ambassador Grannas highlighted how innovations in AI and battery storage technologies are significantly reducing electricity costs, aiding in Pakistan’s transition to more sustainable energy solutions.…

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Pakistan Requires $191.8 Billion for Low-Carbon Transition by 2050: ADB Report

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Asian-bank

ISLAMABAD: Pakistan will need an additional $191.8 billion by 2050 to transition to a low-carbon energy system and achieve its climate goals, according to a recent report by the Asian Development Bank (ADB). The report outlines a comprehensive pathway for reducing greenhouse gas (GHG) emissions while sustaining economic growth. It contrasts a low-carbon scenario with a business-as-usual (BAU) approach, emphasizing…

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Pakistan Seeks Chinese Investments in Renewable Energy to Reduce Fuel Dependence

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Power-IPP

ISLAMABAD: Pakistan has invited Chinese companies to invest in its renewable energy and offshore wind sectors as part of efforts to address its energy crisis and reduce reliance on costly fuel imports, state media reported on Monday. Speaking at the High-Quality Development of Offshore Wind Power Supply Chain seminar in Fuzhou, China, Pakistan’s Ambassador to China, Khalil Hashmi, highlighted the…

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Pakistan’s Power Generation Grows 7% YoY in October Amid Rising Costs

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Power-Plants

KARACHI: Pakistan’s power generation increased by 7% year-on-year (YoY) in October 2024, reaching 10,262 GWh compared to 9,572 GWh in October 2023, driven primarily by a surge in coal-based generation. However, electricity generation costs also rose by 10% due to higher expenses associated with coal and nuclear power. Month-on-month, power generation fell by 17.8% from 12,487 GWh in September 2024.…

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KE Urges PPIB to Expedite NTDC Feedback on Cat-III Wind Projects

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power-subsidy

ISLAMABAD: K-Electric (KE) has called on the Private Power and Infrastructure Board (PPIB) to obtain feedback from the National Transmission and Distribution Company (NTDC) regarding the status of Category-III (Cat-III) wind projects, including the submission of the Request for Proposal (RFP) to the National Electric Power Regulatory Authority (Nepra). In a letter to PPIB Managing Director Shah Jahan Mirza, KE’s…

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World Bank Recommends Transferring DISCOs to President Before Privatisation

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world-bank

ISLAMABAD: The World Bank has proposed transferring ownership of 10 power distribution companies (DISCOs) to the president of Pakistan as part of a privatisation strategy aimed at mitigating the sector’s burden on the national exchequer. The recommendation is among nine key prior actions outlined by the World Bank to ensure successful privatisation. These include cleaning up DISCOs’ balance sheets, notifying…

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Pakistan Approves Sale of 35% Newly Discovered Gas Reserves to Private Sector

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Gas-OGDCL

ISLAMABAD: After nearly a year of deliberation, a high-level committee, chaired by Deputy Prime Minister Ishaq Dar, has approved the sale of 35% of newly discovered gas reserves to private entities through a competitive bidding process. The decision, aimed at addressing liquidity challenges faced by exploration and production (E&P) companies, is expected to attract $4-5 billion in new investment for…

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