You are here

  • Home
  • Pakistan approves new energy market system allowing consumers to choose electricity suppliers

Pakistan approves new energy market system allowing consumers to choose electricity suppliers

Pakistan approves new energy market system allowing consumers to choose electricity suppliers
This file photo, taken on January 24, 2023, shows a power transmission tower in Karachi. (REUTERS/File)
Short Url

https://arab.news/998un

Updated 3 min 38 sec ago
Follow

Pakistan approves new energy market system allowing consumers to choose electricity suppliers

Pakistan approves new energy market system allowing consumers to choose electricity suppliers
  • Cabinet Committee on Energy has approved an independent entity to transition to multi-player electricity market
  • The initiative is expected to help address issues like circular debt, power theft and transmission losses in Pakistan
Updated 3 min 38 sec ago
Arab News Pakistan
Follow

ISLAMABAD: The Cabinet Committee on Energy on Wednesday approved the formation of an independent entity to reform Pakistan’s energy market by enabling consumers to purchase power from multiple suppliers, moving away from the current government-controlled system, where it is the sole buyer of electricity.
Pakistan’s energy sector has long struggled with financial strain due to circular debt, power theft and transmission losses, which have led to blackouts and high electricity costs.
The development of the independent market is viewed as a critical step toward addressing these issues by fostering competition, improving transparency and attracting foreign investment, ultimately easing the financial burden on the government and consumers alike.
The committee gave principal approval for the creation of the Independent System and Market Operator (ISMO) during a meeting chaired by Prime Minister Shehbaz Sharif, though the decision still requires endorsement by the federal cabinet for implementation.
“ISMO will gradually replace the government as the sole buyer of electricity and transition the energy market into a multi-player independent market,” the PM Office said in a statement issued after the meeting. “Consumers will be able to purchase electricity from suppliers other than just distribution companies under this system.”
“This initiative will help establish an efficient, transparent and competitive electricity market in Pakistan,” it added.
The creation of ISMO is also expected to reduce circular debt and stabilize electricity prices.
“The ISMO board will include experts from the energy sector to ensure smooth operations,” the statement informed.
Addressing the meeting, the prime minister emphasized the need to expedite efforts to reduce theft and losses in the electricity sector.
“We are taking priority-based measures to reform Pakistan’s energy sector,” Sharif added.

Topics: Pakistan electricity

Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year

Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year
Updated 09 October 2024
Follow

Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year

Saudi Arabia top contributor as Pakistan worker remittances grow 29% year-on-year
  • Highest inflow of $681.3 million was recorded from Saudi Arabia, followed by UAE, UK, US
  • Remittances bring billions of dollars annually from overseas Pakistanis and are vital to economy
Updated 09 October 2024
Hasaan Ali Khan

KARACHI: Pakistan recorded year-on-year growth of 29 percent in workers’ remittances with inflows of $2.8 billion in September, the central bank said on Wednesday, with the highest contributions from Saudi Arabia and the United Arab Emirates. 
Remittances bring billions of dollars annually from overseas Pakistanis and are vital to Pakistan’s struggling economy. These inflows bolster foreign exchange reserves, stabilize the balance of payments, and support the Pakistani currency. 
“Remittances inflows during September 2024 were mainly sourced from Saudi Arabia ($681.3 million), United Arab Emirates ($560.3 million), United Kingdom ($423.6 million) and United States of America ($274.9 million),” the central bank said.
In the first quarter of the fiscal year 2025 (Q1-FY25), Pakistan received $8.8 billion in remittances, representing a significant growth of 38.8 percent compared to the same quarter last year (Q1-FY24), central bank data showed. 
The State Bank of Pakistan (SBP) on Tuesday announced a three-time increase in monetary incentives for exchange companies to bring more remittances into the country. 
The bank increased incentives to Rs4 per US dollar for exchange companies on home remittances effective Oct. 1. According to the circular, ECs will be paid on a fixed component with a base rate of Rs2 for each US dollar of home remittances surrendered to SBP-designated banks. On the variable component, ECs will be paid Rs3 for each incremental US dollar surrendered to encourage growth in home remittances up to 5 percent or $25 million (whichever is lower) than the previous year. Further, Rs4 per US dollar will be paid against incremental remittances above 5 percent or over $25m, compared to the previous year.

Topics: Pakistan economy

Root surpasses Cook’s 12,472 test runs as England reaches 232-2 in first test against Pakistan

Root surpasses Cook’s 12,472 test runs as England reaches 232-2 in first test against Pakistan
Updated 09 October 2024
AP
Follow

Root surpasses Cook’s 12,472 test runs as England reaches 232-2 in first test against Pakistan

Root surpasses Cook’s 12,472 test runs as England reaches 232-2 in first test against Pakistan
  • Root is now fifth on the all-time list of test run-scorers behind Sachin Tendulkar’s leading 15,921
  • England lost Zak Crawley’s wicket in the first half-hour when he chipped a catch of Shaheen Afridi
Updated 09 October 2024
AP

MULTAN: Joe Root became England’s highest-run scorer in tests as the tourists continued to score at a rapid pace on the third day of the first test against Pakistan on Wednesday.
Root surpassed Alastair Cook’s 12,472 runs with a straight-driven boundary before lunch to reach 72 at the break and guided England to a brisk 232-2 in 45 overs.
Root is now fifth on the all-time list of test run-scorers behind Sachin Tendulkar’s leading 15,921.
Ben Duckett recovered from a thumb injury which denied him opening England’s first innings on Tuesday afternoon and was unbeaten on 80 off 67 balls as the tourists smashed 136 runs in the first session after resuming on 96-1.
England still trails Pakistan by 324 runs after the home team was bowled out for 556 on a placid wicket of Multan Cricket Stadium.
England lost the wicket of Zak Crawley (78) inside the first half-hour when he chipped a catch of Shaheen Shah Afridi (1-44) after adding 14 runs to his overnight score of 64. Jamal pounced on the opportunity on second attempt at short mid-wicket as Crawley tried to whip the fast bowler on the on-side.
But England continued to exhibit its ‘Bazball’ approach against both pace and spin on a benign wicket. Duckett and Root decoded the mystery spin of Abrar Ahmed with lot of aggression on an unresponsive wicket for the bowlers as the leg-spinner has so far conceded 79 runs off his 12 overs.
In an England-dominated session, Pakistan also lost two of its reviews when it went for a shocking caught behind referral against Duckett soon after the left-hander had completed his half century, but the television replays suggested the bat was nowhere near the ball.
Captain Shan Masood then went for a second referral against Root off the same bowler, but the TV replays showed the ball was missing the leg stump.

Topics: Pakistan vs England

Shehroze Kashif becomes youngest Pakistani to summit all 14 of the world’s tallest peaks

Shehroze Kashif becomes youngest Pakistani to summit all 14 of the world’s tallest peaks
Updated 09 October 2024
Follow

Shehroze Kashif becomes youngest Pakistani to summit all 14 of the world’s tallest peaks

Shehroze Kashif becomes youngest Pakistani to summit all 14 of the world’s tallest peaks
  • Kashif fulfilled his dream by summiting the 8,027-meter-high Shishapangma in Tibet on Wednesday
  • The 22-year-old climbed Broad Peak in Pakistan, his first 8,000-meter mountain, when he was just 14
Updated 09 October 2024
Nisar Ali

KHAPLU, Gilgit-Baltistan: Pakistan’s Shehroze Kashif has become the youngest high-altitude climber from his country to scale all 14 of the world’s tallest peaks following his successful ascent of Shishapangma in Tibet, the Alpine Club of Pakistan confirmed on Wednesday.
The 14 peaks, often referred to as the “eight-thousanders,” are over 8,000 meters high and are considered the ultimate test in mountain climbing.
The 22-year-old Pakistani mountaineer began his career at the age of 11 and summited Broad Peak in his own country, which stands at 8,047 meters, when he was barely 14.
“On October 9, 2024, at 3:30 am PST, Shehroze Kashif successfully reached the summit of Shishapangma (8,027 meters), completing his journey of climbing all 14 of the world’s 8,000-meter peaks,” Karrar Haidri, the general secretary of the Alpine Club of Pakistan, announced in a statement.
“This remarkable achievement makes him the youngest Pakistani to conquer these formidable summits,” he continued, adding: “Once again, Shehroze has proudly raised the Pakistani flag on one of the world’s highest peaks, marking a historic moment for him and the nation.”
Seven Summit Treks, a Nepalese tour company that arranged the expedition, also confirmed the achievement, listing Kashif in its list of summiteers.
“A team of international climbers and Sherpas (29 Total) from Seven Summit Treks reached the summit of Shisha Pangma today,” it said in a Facebook post. “This remarkable achievement marks a significant milestone for 12 climbers, completing their 14 Peaks challenge and entering the exclusive 8000ers club of mountaineers who have successfully climbed the world’s highest peaks.”
Speaking to Arab News, Salman Kashif, the father of the Pakistani mountaineer, said his family was celebrating the moment after his son successfully completed “Mission 14.”
“As a parent, Shehroze’s achievement is a huge, happy moment as today he has fulfilled his dream of summiting all 14 peaks above eight thousand meters,” he said over the phone.
“When he was stuck on Nanga Parbat last year, we thought he might give up climbing,” he continued. “However, his passion remained high since he had set himself a goal. That’s why he decided to climb the remaining peaks.”
Kashif’s father described his son as “a city boy who loved mountains” and started climbing at a young age.
“All of my family members were awake last night,” he added. “There is a celebratory atmosphere at our house now. People and relatives are visiting to congratulate us.”
He noted everyone at home was excited.
“We will warmly receive Shehroze and celebrate his achievement once he returns.”

Topics: Shehroze Kashif Pakistani mountaineer

Saudi delegation due in Pakistan today to finalize $2 billion investment proposals

Saudi delegation due in Pakistan today to finalize $2 billion investment proposals
Updated 53 min 35 sec ago
Follow

Saudi delegation due in Pakistan today to finalize $2 billion investment proposals

Saudi delegation due in Pakistan today to finalize $2 billion investment proposals
  • Saudi Arabia’s investment minister is scheduled to visit Pakistan from October 9 to 11 ahead of the SCO Summit
  • Pakistan’s deputy PM says Saudi Arabia has been ‘rock solid’ in helping Pakistan navigate economic challenges
Updated 53 min 35 sec ago
SAIMA SHABBIR

ISLAMABAD: A high-level Saudi delegation, led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih, will arrive in Pakistan today, Wednesday, for a three-day visit during which $2 billion in business-to-business investment proposals are expected to be finalized.
Pakistan’s foreign office confirmed Al-Falih’s visit from October 9 to 11 earlier this week, noting that he would be accompanied by a high-level delegation. The visit by the Saudi minister and his team comes ahead of the Shanghai Cooperation Organization (SCO) Summit next week and aims to enhance economic collaboration between the two countries.
Addressing his cabinet a day earlier, Prime Minister Shehbaz Sharif confirmed the anticipated signing of $2 billion worth of agreements with the incoming Saudi delegation. Deputy Prime Minister Ishaq Dar also spoke about it at a ceremony in the federal capital.
“The Saudi Minister for Investment will arrive on Wednesday to finalize various business-to-business (B2B) investment proposals, which are estimated to exceed $2 billion,” Dar said on Tuesday.
“In recent times, Saudi Arabia has remained rock solid in helping us navigate difficult economic challenges,” he continued, adding the Kingdom’s support had been critical in enabling Pakistan to stand on its own feet.
“The two countries are on a path to forge ever closer strategic cooperation between people of the two countries,” he said.
Dar emphasized the need for both countries to maintain the current momentum in their bilateral relations to achieve the vision of their leaders, where both nations grow together into stronger and more prosperous states.
“On behalf of the people and the government of Pakistan, I extend my deep and sincere gratitude to the Kingdom of Saudi Arabia for its continued support and assistance to Pakistan in good times as well as in difficult phases,” he said.
Pakistan and Saudi Arabia have been working closely in recent months to increase bilateral trade and investment deals, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
Pakistan has been seeking closer cooperation in trade, defense, energy and other sectors with regional allies as it aims to recover from a prolonged economic crisis that has drained its foreign exchange reserves and weakened its currency.

Topics: Pakistan Saudi Ties

Pakistan evacuates its nationals from Lebanon, sends humanitarian aid package

Pakistan evacuates its nationals from Lebanon, sends humanitarian aid package
Updated 16 min 34 sec ago
Follow

Pakistan evacuates its nationals from Lebanon, sends humanitarian aid package

Pakistan evacuates its nationals from Lebanon, sends humanitarian aid package
  • The conflict in Lebanon has escalated dramatically in recent weeks
  • Israel’s bombardment of Lebanon has killed more than 2,100 people
Updated 16 min 34 sec ago
NAIMAT KHAN

KARACHI: A special flight that evacuated 79 Pakistanis from Lebanon arrived at the Jinnah International Airport in Karachi on Wednesday, the prime minister’s office said, as Islamabad dispatched a humanitarian aid package for the Middle Eastern country. 
The conflict in Lebanon has escalated dramatically in recent weeks as Israel has carried out a string of assassinations of top Hezbollah leaders and launched ground operations into southern Lebanon that expanded further this week.
“On direction of Prime Minister, NDMA [National Disaster Management Authority] arranged a special flight for 79 stranded Pakistanis from Lebanon on 9th Oct 2024 which arrived at Jinnah International Airport, Karachi,” the PMO statement said.
The NDMA has also dispatched a consignment of 3 tons of medicines for Lebanon through the same chartered plane. 
“This humanitarian aid package was a collective effort involving NDMA, Pakistan Army, and [private] Al-Khidmat Foundation,” the statement added. “Pakistan remains committed to supporting the people of Lebanon during this difficult period, offering its solidarity, and seeking peaceful resolution.”
Israel’s bombardment of Lebanon has killed more than 2,100 people, most of them in the last two weeks, and forced 1.2 million people from their homes. 
US President Joe Biden is expected to speak today, Wednesday, with Israeli Prime Minister Benjamin Netanyahu, with talks set to include discussion of any plans to strike Iran.
The Middle East has been on edge awaiting Israel’s response to a missile attack from Iran last week that Tehran carried out in retaliation for Israel’s military escalation in Lebanon. Tehran has told Gulf Arab states it would be “unacceptable” if they allowed use of their airspace or military bases against Iran and warned that any such move would draw a response.

Topics: Israel-Lebanon War on Gaza

Latest updates

Turkiye moves to evacuate nationals from Lebanon
Turkiye moves to evacuate nationals from Lebanon
Egypt annual inflation rate slows to 26%
Egypt annual inflation rate slows to 26%
Saudi POS transactions surge 2.6% to $3.6 bn, driven by education sector growth
Saudi POS transactions surge 2.6% to $3.6 bn, driven by education sector growth
Saudi Arabia pays for naming rights to Atletico Madrid's stadium for 9 years
Saudi Arabia pays for naming rights to Atletico Madrid's stadium for 9 years
Italian media crew attacked in Lebanon, driver dies of heart attack
Italian media crew attacked in Lebanon, driver dies of heart attack

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.