Business

Sigh of relief for Karachiites as NEPRA approves electricity price cut

Published

2 years ago

Farwa

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.

Business

Donald Lu visits Finance Minister Aurangzeb at the World Bank headquarters.

Published

21 hours ago

Farwa

Wednesday saw Minister for Finance and Revenue Muhammad Aurangzeb meet US Assistant Secretary of State for South and Central Asian Affairs Donald Lu and Principal Deputy Assistant Secretary Elizabeth Horst.

The finance minister briefed US officials on Pakistan’s reform plan at the World Bank. Meeting both delegations decided to improve bilateral ties.

Meeting topics included alternative energy, agriculture, climate, and tech industry. Boosting the Pakistan-US economic partnership was another finance ministry priority.

With US officials, Pakistan’s Finance Minister Muhammad Aurangzeb addressed IT, agriculture, and other business potential.

Pakistan would collaborate with the US International Development Finance Corporation and Exim Bank, according to Muhammad Aurangzeb.

His name is Donald Lu.
Over 30 years of US government service for Lu as a foreign service officer.

What Pakistan calls the “cipher” dispute involves the American official. The Pakistan Tehreek-e-Insaf (PTI) founder claimed that a supposed official letter between Washington and Islamabad proved his ousting as PM was a US conspiracy.

Washington has strongly refuted Khan’s allegations.

The State Department’s top South and Central Asia diplomat is Donald Lu, assistant secretary of state.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

2 days ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

2 days ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.