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Sigh of relief for Karachiites as NEPRA approves electricity price cut

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2 years ago

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  • NEPRA orders KE to make efforts for low-cost power generation for Karachi.
  • KE files petition for electricity price cut of Rs4.21 per unit.
  • NEPRA observes that KE generates power at higher cost at its end.

The National Electric Power Regulatory Authority (NEPRA) has approved an electricity price cut of Rs4.87 per unit under fuel charges adjustment for the month of August, it emerged Thursday. 

The approval given during the hearing of a case for fuel charges adjustment requisitions came as a sigh of relief for Karachiites who have been bearing the burden of heavy electricity bills despite continuous power cuts in the name of load-shedding.

During the hearing, NEPRA Chairman Tauseef H Farooqi was informed that the KE has filed a petition for an electricity price cut of Rs4.21 per unit.

At this, NEPRA’s KP member Engineer Maqsood Anwer said that the company takes electricity from the national grid on a low price but is generating electricity on its own at a high cost.

This drew a remark from Farooqi that the KE is purchasing electricity from the national grid for Rs13.61 per unit and generating its own electricity at a rate of more than Rs37 per unit

“KE is generating power for an additional Rs24 per unit as compared to the national grid,” he said, asking how a company can expect a price cut in this condition.

Meanwhile, Anwer said that consumers will get a relief of Rs6 per unit of electricity if KE lowered the cost of power generation at its end.

At this, the NEPRA chair directed the KE officials to make efforts for electricity generation at a lower cost.

Moreover, Farooqi expressed the intention to hear the issues of Karachi consumers in an open court.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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