ISLAMABAD: The poor performance of electricity distribution companies in the fiscal year 2023-24 led to losses exceeding Rs660 billion for the national exchequer, according to the annual performance report by the National Electric Power Regulatory Authority (NEPRA). The report highlighted systemic inefficiencies, including high transmission and distribution (T&D) losses and low recovery rates. These inefficiencies, coupled with the operational shortcomings of both private and public power plants, imposed significant financial burdens on taxpayers and consumers. T&D Losses and Circular DebtT&D losses emerged as a critical issue, with no distribution company…
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KE’s write-off claims to serve as crushing blow to Karachi’s consumers, industries
By Rehan Jawed Karachi is Pakistan’s economic hub, contributing 50% of the nation’s total tax revenue and producing 50% of the country’s exports. Yet, its consumers and industries bear the highest electricity costs in the country, making it increasingly difficult for them to sustain operations. Costs of Write-Off claims must not be imposed on Karachi’s consumers. If K-Electric’s financial sustainability is a priority, the federal or provincial government and NEPRA must resolve this issue without burdening Karachi’s already over paying consumers. We fail to understand why this write-off claim was…
Read MoreChina Nov crude oil imports up 14% to 48.52mn metric tons
SINGAPORE: China’s November crude oil imports rose 14.3% from a year earlier to 48.52 million metric tons, customs data showed on Tuesday. Oil prices rise on Chinese data China’s January-November crude oil imports were down 1.9% at 506 million metric tons, according to the General Administration of Customs data.
Read MoreUS President-elect Donald Trump has outlined sweeping plans for his first term in office, promising to implement significant changes starting January 20, 2025.
He reiterated his commitment to mass deportations of undocumented immigrants, including millions over the next four years, beginning with convicted criminals. Trump also emphasized his intent to end birthright citizenship, a move he plans to pursue through executive action. He vowed pardons for individuals convicted in the January 6 at*ack, describing their prison conditions as h@rsh. Trump also intends to extend tax cuts, address healthcare, and consider raising the federal minimum wage. Despite maintaining his claims of election fr@ud, he expressed a desire to focus on the future rather than…
Read MorePakistan Seeks IsDB Financing, Revival of Saudi Oil Facility
ISLAMABAD: Pakistan is actively pursuing two financial avenues to address its energy needs: securing syndicate financing from the Islamic Development Bank (IsDB) and attempting to revive the Saudi Oil Facility (SOF), which has faced delays despite extensive diplomatic efforts. Prime Minister Shehbaz Sharif has made several visits to Saudi Arabia since taking office, yet the SOF remains unfinalized. Pakistan hopes to convince Riyadh to extend the SOF for 12 months, beginning in January or February 2025. Simultaneously, Islamabad plans to formally request the International Islamic Trade Finance Corporation (ITFC), a…
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