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The cost of electricity is expected to decrease by Rs20 per unit.

Published

2 months ago

Farwa

According to official estimates, electricity prices can be lowered by up to twenty rupees per unit. By revising agreements with Independent Power Producers (IPPs), the federal government has devised a formula to lower electricity prices by Rs20 per unit, with a potential reduction of Rs9.70 per unit.

Negotiations with 14 IPPs have been concluded, according to the working document, while agreements with six will be cancelled. All IPP agreements will be revised, which will lower power costs by Rs9.70 per unit.

In order to implement the “Electricity for Payments” strategy, the government intends to persuade commercial power plants. Next Monday, the Cabinet is anticipated to get a summary of these IPPs.

Convincing IPPs to implement the “Electricity for Payments” strategy will reduce capacity payments by half, the documents claim. At the moment, capacity payments from customers are Rs1,916 billion per year. The revised agreement will lower this sum to Rs967 billion.

Eight separate taxes that are applied to electricity bills are also being eliminated by the Ministry of Energy. Every year, these taxes cost consumers Rs. 954 billion. Prices for power might drop by an extra Rs. 9 per unit if these taxes are eliminated.

Additionally, according to the working paper, converting coal-fired power facilities from imported to domestic coal will result in an additional Rs. 2 per unit reduction in electricity costs.

During yesterday’s federal cabinet meeting, the prime minister said the country’s economy is stabilising and that the government intends to ask the IMF to lower electricity prices.

He underlined that lowering electricity costs is necessary for the expansion of exports, businesses, and agriculture.

In order to speed up the process, the PM indicated that more meetings would be conducted this week and that talks are still going on with possibilities to reduce electricity bills.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

2 days ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Latest News

PTI Encouraged Chaos and Sabotage: Rana Tanveer

Published

2 days ago

Farwa

According to Rana Tanveer Hussain, the federal minister for food security, PTI encouraged violence, disorder, vandalism, and derogatory language in the nation’s politics.

The Minister told the reporters at Muridke that the founder PTI’s anti-nationalism and sabotage tactics are clear.

After Eid, he claimed, there won’t be any opposition movement since their leaders are still considering

According to the Minister, PTI is a tale of the past with a bleak future.

Additionally, he stated that the PTI has a history of flinging insults on one side and pleading on the other.

Rana Tanveer Hussain stated that the courts, not Trump, ought to determine what the PTI founder done to the nation.

Farmers would profit from the deregulation of commodity prices, especially those of wheat, according to the minister.

Latest News

DPM Restates Abundant Support for the Palestinian Cause

Published

2 days ago

Farwa

Senator Muhammad Ishaq Dar, the country’s foreign minister and deputy prime minister, has reiterated Pakistan’s steadfast support for the Palestinian cause.

He made the statement while meeting with his Palestinian counterpart, Dr. Mohammed Mustafa, on the fringes of the Organization of Islamic Cooperation’s Extraordinary Council of Foreign Ministers meeting in Jeddah, Saudi Arabia.

Ishaq Dar reaffirmed Pakistan’s support for the creation of a viable, contiguous Palestinian state with Jerusalem as its capital, based on pre-1967 lines.