Lahore Electric Supply Company (Lesco) has disconnected power supply to Bahria Town due to outstanding dues amounting to over Rs762 million. The decision to cut off power was made by Lesco’s Raiwind division executive engineer after repeated reminders to Bahria Town administration went unheeded. The dues, pertaining to fuel price adjustments and quarterly tariff adjustments, had been pending for some…
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(Lahore, Pakistan) Monday, 26 February, 2024 – Pakistan’s increasing demand for solar energy is on the rise as both residences and businesses increasingly recognize solar power as a reliable and cost-efficient source of electricity. According to Bloomberg New Energy Finance (BloombergNEF), Pakistan imported USD$1.11 billion worth of solar products from January to September 2023, equivalent to an estimated 4GW of…
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Pakistan Petroleum Limited (PPL), a prominent natural gas supplier in the country, has announced a significant uptick in its profit-after-tax (PAT) for the half-year ended December 31, 2023. The company’s PAT surged by nearly 44%, reaching Rs69.78 billion compared to Rs48.49 billion in the corresponding period last year. The boost in profits was attributed to increased sales and substantial improvements…
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Amidst financial challenges, Pakistani authorities are actively considering options to enhance the upcoming IMF bailout package from $7.5 billion to potentially $8 billion. One avenue being explored involves leveraging Climate Finance in conjunction with the Extended Fund Facility (EFF). Official sources have disclosed to The News on Sunday that discussions regarding augmentation of the program’s size took place during the…
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The Special Investment Facilitation Council (SIFC) Secretariat has intensified efforts to address bureaucratic hurdles faced by M/s TAEL in its Jhimpir wind power project. Sources reveal that SIFC has urged the National Electric Power Regulatory Authority (Nepra) and the Private Power and Infrastructure Board (PPIB) to swiftly resolve key issues hindering the project’s progress. During a meeting held on February…
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Despite a significant decline in global gas prices, Qatar remains steadfast in its commitment to increase gas production, setting forth plans for further expansion amidst intense competition, notably from the United States. Saad al-Kaabi, the chief of QatarEnergy, announced a new phase of expansion in liquefied natural gas (LNG) production, aiming to add an additional 16 million tonnes per annum…
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Karachi: Saquib Fayyaz Magoon, Acting President FPCCI, has echoed the collective concerns of the entire business, industry and trade community of Pakistan that electricity and gas prices must be rationalized with immediate effect in accordance with ground realities in a way that businesses can continue to operate profitably and sustainably. It was pertinent to note that he was delivering his…
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KARACHI: Cnergyico Ltd. aims to resolve a prolonged dispute over unpaid Rs47.5 billion petroleum levy (PL) on petroleum products while embarking on a massive overhaul of its refinery, investing over $1 billion. The move aligns with the new Oil Refining Policy, aimed at modernizing Pakistan’s oil refining sector, the company announced on Friday. Amidst challenges, including pending receivable claims of…
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ISLAMABAD: Pakistan’s outstanding dues to Chinese-backed power projects under the China-Pakistan Economic Corridor (CPEC) have surged to a record Rs493 billion or $1.8 billion as of last month, marking a staggering increase of 77% within seven months. The significant rise in dues during the caretaker government’s tenure poses a serious challenge for Pakistan’s economic ties with Beijing. Sources revealed to…
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ISLAMABAD: Despite confirming significant over-billing by power distribution companies (Discos) during July-August 2023, the National Electric Power Regulatory Authority (Nepra) opted for a lenient approach on Friday, refraining from issuing show-cause notices to the errant companies. Instead, Nepra directed the Discos to compensate consumers for the excess charges through upcoming bills. In December, Nepra’s investigation revealed that all Discos, including…
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