Year: 2024

Record Drop in Prices of Solar Panels and Batteries Amid Declining Demand

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Solar-Panels

LAHORE: The prices of solar panels and batteries have seen a significant reduction in Pakistan due to a notable decline in demand. Market sources report that the cost of lithium solar batteries has dropped by up to 20%, with a battery previously priced at PKR 450,000 now available for PKR 380,000. Similarly, batteries that were sold for PKR 300,000 to PKR 400,000 are now being offered at a reduced price of PKR 200,000 to PKR 250,000. This price reduction is attributed to the entry of new companies into the lithium…

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Petroleum Policy Crisis Deepens Amid Leadership RiftAdditional Secretary Seeks Reassignment Following Conflict with Petroleum Minister

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petroleum-imports

ISLAMABAD: The Petroleum Division is grappling with a deepening crisis as internal discord over gas allocation policies and other pressing issues escalates. A rift between Petroleum Minister Musadik Malik and senior officials has resulted in the resignation of Additional Secretary Petroleum Zafar Abbas, further complicating matters. The tensions arose following a decision by a high-level committee led by Deputy Prime Minister Ishaq Dar to allocate 35% of gas to third parties with a cap of 100 million cubic feet per day (MMscfd). This policy was lauded by the oil and…

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Bridging Climate Finance Gaps: Pakistan’s Role in Global Carbon Markets

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Climate-Finance

ISLAMABAD: The 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, brought together 200 countries to address the critical issues of climate finance and adaptation challenges. Central to the discussions were the New Collective Quantified Goal (NCQG) and Article 6, both offering transformative potential for achieving global climate and development objectives. Building on the 2009 commitment of mobilizing $100 billion annually—a goal only met in 2022—the NCQG aims to unlock climate financing at a scale necessary to support vulnerable nations. Reports suggest that developed countries anticipate a trillion-dollar target to…

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WWEA Advocates for 100% Renewable Energy Strategy Beyond Tripling Targets at COP29

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Cop-29-3

Bonn/Baku— The World Wind Energy Association (WWEA) delivered a powerful call to action at the UN Climate Change Conference COP29 in Baku, urging nations to transition to a fully renewable energy future. Hosting the official side event Renewable Energy Transformation: From Tripling to 100% Renewable Energy, WWEA, in collaboration with the World Bioenergy Association (WBA) and the Confederation of Indian Industry (CII), emphasized the need for strategies surpassing the goal of tripling renewable energy capacities by 2030. WWEA highlighted the economic and societal benefits of transitioning to 100% renewable energy,…

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GoodWe Launches Global Partner Summit at New Suzhou Headquarters to Propel Clean Energy Innovation

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Goodwe-0001

Suzhou, China — GoodWe, a global leader in solar inverters and energy solutions, has inaugurated its first Global Partner Summit at its newly established global headquarters in Suzhou, China. Under the theme Empowering the Future of Energy Together: Opportunities, Challenges, and Collaborations, the summit brought together 500 industry leaders from across the globe to foster collaboration, share insights on industry trends, and showcase GoodWe’s latest advancements in renewable energy technologies. In his keynote address, Daniel Huang, Founder and CEO of GoodWe, highlighted the company’s commitment to collaborative growth: “Our partners…

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Cnergyico Approved to Export 30,000 Tonnes of Furnace Oil Amid Declining Local Demand

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Engro Powergen Qadirpu

KARACHI: A consortium of textile companies has formally withdrawn its public announcement of intention (PAI) to acquire a 68.89% majority stake in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The announcement was made by Arif Habib Limited (AHL), the manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. The consortium, comprising Liberty Mills Limited, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited (a Master Group subsidiary), and individual investors, had initially expressed interest in February 2024. The PAI was extended…

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Nepra Reviews Draft Distribution Code 2024 to Modernize Power Grid

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Power Division

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) is evaluating the newly proposed Distribution Code 2024, a framework aimed at improving the reliability, safety, and efficiency of Pakistan’s electricity distribution network. Targeting Distribution Network Operators (DNOs), power generators, and bulk power consumers with loads exceeding 1 MW, the draft code supports market-based energy reforms and reflects the evolving regulatory and technological landscape. The draft, submitted by ex-Wapda distribution companies (XW-Discos), aligns with Nepra Licensing (Distribution) Regulations 2022 and the Competitive Trading Bilateral Contract Market (CTBCM) model. It incorporates enhanced operational…

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COP29 Summit Extends as $250 Billion Climate Finance Proposal Faces Pushback

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COP29

BAKU: The COP29 climate summit in Baku stretched beyond its scheduled timeline on Friday as negotiations stalled over a contentious draft deal proposing $250 billion in annual climate finance by 2035. The proposal has sparked criticism from both developed and developing nations, deepening divisions. Late on Friday, the COP29 presidency unveiled what it hopes will be the final framework for carbon market regulations, marking some progress. However, discussions over the ambitious funding plan continued into the night, reflecting sharp disagreements. Developing nations have dismissed the $250 billion figure as insufficient,…

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Korean Hydropower Projects in KPK Stalled Amid Regulatory Challenges

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korean hydropower projesct

ISLAMABAD: The Power Division has reportedly declined to support Korean firms developing hydropower projects in Khyber Pakhtunkhwa (KPK), leaving multimillion-dollar investments in limbo due to their exclusion from the Indicative Generation Capacity Expansion Plan (IGCEP). Korean companies, including LSG Hydro Power Limited (LSG HPL) and Korea-South East Power Company (KOEN), have faced repeated hurdles despite making substantial progress. LSG HPL’s 470MW hydropower project, developed in partnership with the KPK government under the 2015 Power Policy, has completed key milestones, including a bankable feasibility study and obtaining regulatory approvals. However, the…

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Rapid Solar Growth Shifts Rs200 Billion Burden to Non-Solar Consumers

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soalr energy

ISLAMABAD: A report by Arzachel, titled “The Distributed Divide – How Solar Expansion Affects Non-Adopting Consumers and Utility Economics,” reveals that non-solar consumers in Pakistan bore an additional Rs200 billion burden in FY 2023-24 due to the rapid adoption of solar energy. This surge has led to a Rs2 per kilowatt-hour (kWh) increase in tariffs for grid-dependent users. The report warns that without regulatory intervention, the financial impact on non-solar consumers will worsen, with costs projected to rise by Rs131 billion for every 5% reduction in grid demand due to…

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