KARACHI: A consortium of textile companies has formally withdrawn its public announcement of intention (PAI) to acquire a 68.89% majority stake in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The announcement was made by Arif Habib Limited (AHL), the manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. The consortium,…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) is evaluating the newly proposed Distribution Code 2024, a framework aimed at improving the reliability, safety, and efficiency of Pakistan’s electricity distribution network. Targeting Distribution Network Operators (DNOs), power generators, and bulk power consumers with loads exceeding 1 MW, the draft code supports market-based energy reforms and reflects the evolving regulatory and…
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BAKU: The COP29 climate summit in Baku stretched beyond its scheduled timeline on Friday as negotiations stalled over a contentious draft deal proposing $250 billion in annual climate finance by 2035. The proposal has sparked criticism from both developed and developing nations, deepening divisions. Late on Friday, the COP29 presidency unveiled what it hopes will be the final framework for…
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ISLAMABAD: The Power Division has reportedly declined to support Korean firms developing hydropower projects in Khyber Pakhtunkhwa (KPK), leaving multimillion-dollar investments in limbo due to their exclusion from the Indicative Generation Capacity Expansion Plan (IGCEP). Korean companies, including LSG Hydro Power Limited (LSG HPL) and Korea-South East Power Company (KOEN), have faced repeated hurdles despite making substantial progress. LSG HPL’s…
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ISLAMABAD: A report by Arzachel, titled “The Distributed Divide – How Solar Expansion Affects Non-Adopting Consumers and Utility Economics,” reveals that non-solar consumers in Pakistan bore an additional Rs200 billion burden in FY 2023-24 due to the rapid adoption of solar energy. This surge has led to a Rs2 per kilowatt-hour (kWh) increase in tariffs for grid-dependent users. The report…
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ISLAMABAD: A looming deadline to disconnect gas supplies to industrial power plants by January 31, 2025, has sparked a dispute between the Finance Ministry and the Petroleum Division, exposing cracks in the $7 billion International Monetary Fund (IMF) deal. The Petroleum Division accuses the Finance Ministry of accepting the IMF’s condition without adequately assessing its impact, warning of a potential…
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has scheduled a public hearing on November 26 to consider the federal government’s proposed winter incentive package aimed at boosting electricity demand during the low-consumption months. The subsidy-neutral package, approved by the Economic Coordination Committee (ECC) on November 19, is set to be implemented from December 1, 2024, to February 28, 2025.…
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A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is with reference to…
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SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose this week to their highest level of the year so far, tracking gains in European gas and amid colder temperatures in both regions. The average LNG price for January delivery into northeast Asia rose to $14.60 per million British thermal units (mmBtu), industry sources estimated. “This week’s further escalations between Russia…
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BAKU: Negotiators at the COP29 UN climate summit are racing against time to secure a breakthrough trillion-dollar deal to assist poorer nations in combating global warming after both developed and developing nations rejected an initial draft proposal. The summit, originally scheduled to conclude on Friday, is expected to extend into overtime as the Azerbaijani hosts scramble to revise the contentious…
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