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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Power generation in Pakistan stood at 10,262 GWh (13,793 MW) in October 2024, an increase of over 7% YoY compared to the same period of the previous year. In the first four months of FY25 (July-October), power generation fell by 5% YoY to 50,808 GWh compared to 53,709 GWh in the SPLY. Analysts have voiced concerns over the decline in…
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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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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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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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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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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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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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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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ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the acquisition of a 50% shareholding in Total Parco Pakistan Ltd (TPPL) by Aquashore SA, a subsidiary of Switzerland-based Gunvor Group. The stake will be transferred from TotalEnergies Marketing Services under the terms of the sale and purchase agreement. This strategic move is the latest in a series of…
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