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Author: Admin

Pakistan to Implement Turkish Model for DISCOs Management, Eyeing Efficiency and Investment

Admin
power-sector

In Islamabad, Pakistan is set to emulate the successful Turkish model by outsourcing the management of its power distribution companies (DISCOs) in a bid to curtail losses, enhance efficiency, and attract investment. Following an agreement with the International Monetary Fund (IMF), Pakistan aims to engage a transaction adviser for long-term concessions by April 2024. The World Bank has offered grant-based…

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Energy Minister Credits Painful Gas Price Hikes Amidst Challenges

Admin
Gas-Prices

In Islamabad, Outgoing caretaker Minister for Power and Petroleum, Muhammad Ali, reflected on recent “painful” gas pricing reforms as one of the administration’s significant accomplishments, despite acknowledging the hardship it brought to consumers. During his departure address, he also conceded the government’s inability to negotiate debt relief with foreign independent power producers (IPPs), particularly those from China, throughout the caretaker…

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OGDCL ANNOUNCES FINANCIAL RESULTS FOR THE HALF YEAR ENDED DECEMBER 31, 2023

Admin
ogdcl

Islamabad, February 27, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on February 27, 2024, at OGDCL Head Office, Islamabad announced the financial results for the half year ended on December 31, 2023, of the fiscal year 2023-24. Net sales revenue clocked at Rs.235.375 billion translating to Profit after tax of…

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“Sunova Solar Unveils Groundbreaking Solar Innovations, Pioneering Transformative Shift in Pakistan’s Energy Sector”

Admin
New-Project

In a historic event held in Lahore, Pakistan, Sunova Solar, a leading global provider of renewable energy solutions, unveiled groundbreaking Tier-1 Solar products, signaling a transformative shift in the nation’s energy landscape. With over 260 distinguished guests in attendance, including industry luminaries such as Mr. Tauseef, former chairman of NEPRA, and visionary Usama Khalid Malik, Director of Strategic Projects, the…

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KCCI slams NEPRA’s decision to allow Rs7.052 per kWh adjustment in fuel charges for Jan

Admin
KCCI-Import

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh has strongly condemned NEPRA’s decision to allow an increase of Rs7.0562 per kWh as adjustment in fuel charges component for the month of January 2024 which was totally unacceptable as it would not only raise the cost of doing business but also intensify hardships for common man who…

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Government to Increase Petroleum Prices Amid Power Tariff Surge

Admin
Petrol-price

In response to a recent surge in power tariffs, the federal government of Pakistan is poised to raise petroleum prices, effective from February 29. Sources indicate that preparations have been finalized for the implementation of these price adjustments. It is anticipated that petrol prices will climb by Rs4.50 per liter, while diesel may witness a Rs2.50 increase. Additionally, Kerosene oil…

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Pakistan Makes Progress in Resolving Operational Issues for Karachi Electric Stake Sale: Al-Jomaih Official

Admin
circular-debt-K-electric-ceo

In a significant development, Saudi investors leading the consortium owning majority shares of Karachi Electric (KE) have expressed satisfaction with the progress made in resolving operational issues hindering the sale of the utility to Shanghai Electric Power (SEP), a prominent Chinese entity. The Pakistani government, through a committee established to address regulatory hurdles and payables issues, has successfully resolved three…

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PPIB Ready to Facilitate ACWA for 1200 MWp Solar Projects in South Punjab

Admin
SOLAR-POWER

The Private Power & Infrastructure Board (PPIB) has expressed its readiness to assist Saudi company M/s ACWA in establishing solar projects totaling 1200 MWp in South Punjab. According to sources, PPIB Managing Director Shah Jahan Mirza informed the Special Secretary SIFC that the draft Inter-Governmental Framework Agreement (IGFA) between the Governments of Saudi Arabia and Pakistan for cooperation and development…

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Regulator Calls for Urgent Reforms as Power Firms’ Performance Lags

Admin
Chinese-power

The National Electric Power Regulatory Authority (Nepra) has highlighted the poor performance of all power distribution companies (Discos), including K-Electric, during the fiscal year 2022-23. Nepra’s performance evaluation reports (PERs) revealed significant underperformance against set targets, resulting in cumulative financial losses of approximately Rs1 trillion annually and exacerbating the circular debt by over Rs350 billion. The evaluations, based on data…

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Nepra Approves Record Fuel Cost Adjustment Amid Government Pressure

Admin
Nepra

In a significant development, the National Electric Power Regulatory Authority (Nepra) has greenlit a record fuel cost adjustment (FCA) despite initially announcing an investigation into the demand made by distribution companies (Discos). The approved hike will impose an additional burden of Rs55 billion on electricity consumers. Initially, the Discos had requested an FCA of Rs7.13 per unit, prompting Nepra to…

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