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Site update: September 18 2020, at 18:00 PKST
Stock update: September 18 2020.

Recent Financial News in the 'power-gen-dist' category

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Friday, September 18 2020

Business Power consumers to get Rs231b relief
ISLAMABAD: The government is set to pass a relief of Rs231 billion to power consumers during the reform process over the next three years following a reduction in the rate of return for state-owned power plants and a change in the structure of liquefied natural gas (LNG)-based power plants. Sources told The Express Tribune that the government had worked out an impact of Rs100 billion for the next three years on account of reduction in the return for government-owned independent power producers (IPPs), Water and Power Development Authority (Wapda) projects and Gencos. Separately, an impact of over Rs131 billion due to reduction in fuel cost has been calculated in the end-consumer tariff due to change in the structure of LNG-based power plants. Minister for Planning, Development and Special Initiatives Asad Umar informed Prime Minister Imran Khan and cabinet members about the issue in a recent meeting of the cabinet.
Related news categories: business economic-indicators misc power-gen-dist

Thursday, September 17 2020

K-Electric seeks Rs144b increase in capital expenditure
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has raised questions over the performance of K-Electric while conducting a hearing on the mid-term review of the company’s investment plan. Initially, K-Electric had sought a tariff increase of Rs1.64 per unit and after adjustment it proposed a hike of Rs1.26 per unit. K-Electric had requested for allowing an increase of Rs144 billion in its capital expenditure (capex) compared to expenditure of Rs299 billion allowed by Nepra - the power sector regulator. Nepra conducted a public hearing in that regard on Wednesday. The objective of the mid-term review was to look at the investment made and planned by K-Electric.
Related news categories: business economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Tuesday, September 15 2020

Row over hiring of arbitrator remains
ISLAMABAD: The federal government has stepped up efforts for the transfer of K-Electric shares to Shanghai Electric Power of China but differences have not been resolved over the appointment of an arbitrator that will deal with the issue of receivables and payables. An application seeking the national security certificate for the transfer of 66.4% K-Electric shares to Shanghai Electric Power was submitted to the Privatisation Commission in November 2016. Subsequently, stakeholder meetings were held at different forums. The Cabinet Committee on Privatisation, when it met in March 2018, agreed that the national security certificate would be issued but K-Electric would bear all its existing financial liabilities.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Distribution companies overbilling consumers to cover up losses: Nepra
ISLAMABAD: Concerned over the poor performance of the power sector, the regulator has blamed the distribution companies (Discos) for overbilling consumers to cover up their inefficiencies and high system losses as the government struggles to put in place an improvement roadmap. In its “State of Industry Report 2019” cleared by the federal cabinet last week, the National Electric Power Regulatory Authority (Nepra) warns that continuation of existing policy of loadshedding in ‘high loss’ areas stifles sales growth and increases energy costs. “Backtracking from the reform agenda and not following it in letter and spirit would leave the power sector in complete tatters and the negative drag of public sector resulting from poor governance would not only bring the sector down but also result in further slow-down of the overall economy of the country,” Nepra warns.
Related news categories: business economic-indicators misc power-gen-dist

Thursday, September 10 2020

ECC okays subsidised power for export sectors
ISLAMABAD: The Economic Coordination Com­mittee (ECC) of the Cabinet on Wednesday approved subsidised electricity and gas rates for export-oriented sectors and rejected a move to impose a ban on export of potatoes. The meeting, presided over by Adviser to PM on Finance and Revenue Dr Abdul Hafeez Shaikh also constituted a committee on next generation cellular services spectrum and made changes to terms of subsidy for the Naya Pakistan Housing Authority. The meeting took up a recent understanding of an inter-ministerial committee with export sectors and approved the continuation of concessionary rates of electricity and RLNG for export-oriented sectors (erstwhile zero-rated sectors).
Related news categories: business economic-indicators misc power-gen-dist

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