The Sindh High Court on Monday extended its earlier order to restrain the K-Electric from collecting the Municipal Utility Charges and Taxes (MUCT) through electricity bill till Oct 26. A division bench headed by Justice Syed Hasan Azhar Rizvi also appointed two senior lawyers as amici curiae to assist the court on the subject issue. Karachi Administrator Murtaza Wahab was…
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National Electric Power Regulatory Authority (Nepra) is to protect interest of both net metering consumers, as well as, remaining non net metering 35 million consumers across the country. Well informed sources in Nepra told Business Recorder that the number of net metering consumers at present is around 28,000. The excess units delivered by net metering consumers in the grid in August 2022…
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The government and the opposition in the Senate Monday passed a rare unanimous resolution for abolition of monopoly in the power sector and evolving a mechanism to help generate and provide low-cost electricity to consumers. Both sides expressed deep concern over the continuously increasing power tariff and identified monopoly “mafias” as the main hurdle to going for cheaper technology for…
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To manage external financing requirements of $34 billion, Pakistan will explore options to secure debt rescheduling from bilateral non-Paris Club countries, and optimise programme loans and budgetary support from multilateral creditors during the current fiscal year. Besides, Islamabad will also request the IMF to provide upfront provisions for releasing tranches under the existing Extended Fund Facility (EFF). The bilateral donors…
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The industrial power tariff relief package for incremental consumption that was extended by the PTI government on August 16, 2021, has pushed some industrial units, installed much before 2019-20, to the verge of collapse. It is because these have become non-competitive because the same tariff i.e., Rs12.96 per unit, is being extended to new industrial units on their whole monthly…
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Saudi Aramco and Reliance Industries are abandoning a deal under which the Saudi oil giant was to buy a 20% stake in Reliance’s refining and chemical business, called Oil to Chemicals. The business has annual sales of about $43 billion, about a third of which is chemicals. In 2019, Aramco proposed to buy the stake for about $15 billion as…
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The OPEC+ organization’s decision this week to cut oil production despite stiff US opposition has further strained already tense relations between President Joe Biden’s White House and Saudi Arabia’s royal family, once one of Washington’s staunchest Middle East allies, according to interviews with about a dozen government officials and experts in Washington and the Gulf. The White House pushed hard to…
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The China-built 344-MW Kokhav Hayarden pumped storage hydropower plant, located near the city of Beit She’an and some 120 kilometers away from Tel Aviv, is expected to be the largest pumped storage power plant in Israel when it becomes operational in early 2023. It will also become the lowest power plant of its kind in the world, as the powerhouse lies 275 meters…
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In a bid to provide relief to the business community, Finance Minister Ishaq Dar Sunday announced that the pending payments of letters of credit (LCs) worth $50,000 will be cleared this week. Addressing a press conference, Dar revealed that the decision to provide relief has been taken after consultations with the State Bank of Pakistan (SBP) Governor Jameel Ahmed. The…
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Prime Minister Shehbaz Sharif on Saturday directed the authorities concerned that uninterrupted gas supply to consumers should be ensured in the winter season. He passed the directive while chaired a meeting in Lahore on Saturday regarding the supply of gas. Finance Minister Ishaq Dar, Minister for Petroleum Musadik Malik, Adviser to the PM Ahad Cheema and other officers attended the…
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