ISLAMABAD/NEW YORK, 31 May 2024 – A new UNICEF study highlights that investing in resilient energy for health facilities in Pakistan could prevent over 175,000 deaths by 2030 and contribute $296 million to the economy by 2044 through reduced maternal, adult, and infant mortality, and a lower disease burden. Resilient energy, defined as a reliable and flexible power supply capable…
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DUBAI: Saudi Arabia‘s sale of shares in oil giant Aramco saw overwhelming demand within hours of its launch on Sunday, with the deal potentially raising up to $13.1 billion. This significant transaction will test the international market’s appetite for the kingdom’s assets. Institutional orders for the shares will be accepted through Thursday, with the shares priced the following day. Trading…
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ISLAMABAD: Karot Power Company Limited (KPCL) has approached the National Electric Power Regulatory Authority (NEPRA) for the approval of its indexations for the first and second quarters of 2024. The company has been unable to issue invoices totaling Rs 20 billion and faces a fifth debt payment of $100 million due in October 2024. In a letter to NEPRA Chairman…
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ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit China on Tuesday, aiming to enhance economic and trade relations between the two nations. Invited by President Xi Jinping and Premier Li Qiang, the visit is anticipated to foster collaboration in the energy and IT sectors through various memorandums of understanding (MoUs) and agreements. During his visit, PM Sharif will engage…
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KARACHI: Despite the increasing influx of smuggled Iranian oil, oil marketing companies (OMCs) in Pakistan are expanding their retail networks. Pakistan State Oil (PSO) has added 37 new retail outlets in the first nine months of FY24, bringing its total to 3,555. However, PSO’s 9MFY24 report did not address the issue of fuel smuggling, which has impacted diesel and other…
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As those trends ripple through the industry, growth in oil investment shows signs of peaking in non-OPEC countries, while investment in liquified natural gas (LNG) is expected to increase more than 50% by 2029, according to Goldman Sachs Research. The industry had 73 major projects under development worldwide last year, 30% more than at the beginning of the decade but still 32% below the level in 2014, according to Top Projects, GS Research’s 21st annual analysis of the energy sector. Underscoring this shift, Goldman Sachs Research projects the global gas market will grow 50% during the next five years.
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In a significant move to amend the existing net metering rules, Pakistan’s Power Division has begun working on changes aimed at balancing the benefits for solar energy users with the financial burden on other electricity consumers. The proposed amendments, which are set to be submitted to the National Electric Power Regulatory Authority (NEPRA) in July, include sending net metering power…
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The federal government is likely to establish a high-level committee to find a political solution for the electricity rates, water usage charges (WUC), and control of grid stations in Azad Jammu & Kashmir (AJK). This decision comes after public sector stakeholders failed to reach an amicable solution, informed sources told Business Recorder. A meeting was held on May 22, 2024,…
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The National Electric Power Regulatory Authority (Nepra) has approved an additional financial burden of Rs46.613 billion on consumers of distribution companies (Discos) and K-Electric (KE) under the Quarterly Tariff Adjustment (QTA) for the third quarter (January-March) of the current fiscal year. Of the total approved adjustment, Rs28.515 billion is attributed to capacity charges. An additional Rs10.284 billion will be recovered…
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Chairman of the National Electric Power Regulatory Authority (Nepra), Waseem Mukhtar, has expressed support for over Rs60 billion in write-offs for K-Electric (KE). During a meeting at the Special Investment Facilitation Council (SIFC) aimed at resolving KE’s longstanding issues, Mukhtar noted that losses for government-owned distribution companies (Discos) are typically absorbed into the circular debt or recovered through consumer surcharges.…
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