ISLAMABAD: Pakistan and the Kingdom of Saudi Arabia (KSA) are still working to finalize key details regarding the 15% stake in the Reko Diq copper and gold project in Balochistan, sources told Business Recorder. The Reko Diq Mine is currently 50% owned by Barrick Gold, while the Government of Pakistan holds 25% through state-owned enterprises (GHCL, OGDCL, and PPL). The…
Read More
ISLAMABAD: The government has successfully renegotiated tariffs with 14 Independent Power Producers (IPPs), securing Rs813 billion in savings for consumers and addressing circular debt amounting to Rs329 billion. As part of the agreement, the IPPs have agreed to return Rs31 billion in excess profits, a reduction from the initial Rs55 billion claim. Additionally, the government has decided to close investigations…
Read More
ISLAMABAD: Electricity consumers are poised to receive a relief of Rs1.03 per unit under the fuel cost adjustment (FCA) for December 2024, pending approval by the National Electric Power Regulatory Authority (NEPRA). During a public hearing, the Central Power Purchasing Agency-Guarantee (CPPA-G) highlighted that seasonal adjustments had contributed to lower electricity prices. However, the prolonged shutdown of the 969MW Neelum-Jhelum…
Read More
ISLAMABAD: In an effort to absorb surplus electricity capacity and enhance industrial reliance on the national grid, the Power Division has directed all public and private electricity distribution companies to sign Service-Level Agreements (SLAs) with captive power plant (CPP) consumers. The initiative aims to ensure a stable, high-quality power supply to industries while holding distribution companies accountable for reliability standards.…
Read More
ISLAMABAD: The textile industry has urged the government to expedite the implementation of the Competitive Trading Bilateral Contract Market (CTBCM), ensuring a multi-seller, multi-buyer model with minimal wheeling charges of 1-1.5 cents per unit to boost industrial productivity. In a letter to Secretary Petroleum Momin Agha, the All Pakistan Textile Mills Association (APTMA) stressed that the CTBCM framework must exclude…
Read More
ISLAMABAD: The government is set to end free electricity perks for employees in the Power Division, including those in distribution and generation companies, as part of broader reforms to ease financial strain on the energy sector, Federal Energy Minister Owais Leghari announced on Wednesday. Currently, power sector employees receive free electricity worth an average of Rs6,000 per month, adding a…
Read More
Pakistan Targets $100 Billion Investment for Green Energy Revolution ISLAMABAD: Pakistan is set to attract $100 billion in investments to drive its ambitious green energy transition, aiming to expand renewable energy, cut carbon emissions, and build a sustainable energy future. Federal Minister for Power Awais Ahmad Khan Leghari, while briefing the Senate Standing Committee on Climate Change, outlined a roadmap…
Read More
KARACHI: On the joyous occasion of the Chinese Spring Festival and the Year of the Snake, Energy Update extends its heartfelt greetings to the people of China, President Xi Jinping, and the global solar industry, especially Chinese solar companies and partners who have been instrumental in driving the renewable energy revolution worldwide. China’s remarkable leadership in clean energy and solar…
Read More
ISLAMABAD: Pakistan’s maritime sector suffers an annual loss of nearly Rs5 trillion ($18 billion) due to underutilized ports, tax evasion, fraudulent practices, and inefficiencies in trade and value addition, according to a high-level task force report. The report, presented to the prime minister, highlights that: Underutilized ports account for a staggering Rs3.19 trillion loss.Tax evasion in the maritime sector costs…
Read More
ISLAMABAD: A key cabinet minister has raised concerns over the potential misuse of cheaper industrial gas for power generation, cautioning that captive power plant (CPP) owners might exploit loopholes or seek legal stay orders to avoid the recent price hike. Minister of State for Finance, Ali Pervaiz Malik, has urged the government to introduce a transparent mechanism to prevent industries…
Read More
