Headlines

NEPRA reserves determination on Rs 1.83 per unit hike in electrical energy tariff below FCA of August

Published

2 months ago

September 27, 2023

ISLAMABAD: Nationwide Electrical Energy Regulatory Authority (NEPRA) has reserved its determination on Rs 1.83 per unit improve within the energy tariff on account of gasoline prices adjustment (FCA) for the month of August 2023.

On Wednesday, NEPRA’s listening to was held on the applying of Central Energy Buying Company (CPPA) below the chairmanship of Waseem Mukhtar whereby NEPRA’s Members of Punjab, Sindh, Balochistan and Khyber Pakhtunkhwa additionally participated.

The officers of Central Energy Buying Company whereas giving a briefing to the authority (NEPRA) knowledgeable that 15 billion 47 crore models of electrical energy have been supplied to the DISCOs within the month of August, 2023. They stated that enhancements in electrical energy transmission programs might have elevated the output from wind energy crops whereas improved transmission might additionally improve the output of native coal-fired crops.

Talking on the event, officers of NTDC advised that transmission system has been dealing with issues for one and a half years attributable to which drawback being confronted in transmitting 3000MW of electrical energy from south to north.

Member NEPRA Maqsood Anwar Khan acknowledged that he has been listening to from two and a half years that there are issues within the energy transmission system. Why ought to we permit to gather cash when electrical energy can’t be transmitted, requested Member NEPRA Maqsood Anwar Khan?

“Why ought to we (NEPRA) permit the price of your incompetence to be charged to energy shoppers”?

Expressing displeasure over NTDC’s efficiency, Member NEPRA, Rafique Ahmed Shaikh acknowledged that the third-party audit of NTDC has been carried out and the third-party report didn’t go effectively in favor of NTDC. He requested inform me the place ought to energy prospects go. He additionally requested why furnace oil crops are wanted. He instructed NTDC officers to return ready within the upcoming NEPRA’s listening to.

NEPRA official acknowledged that violation of advantage order in August has resulted in an extra burden of Rs 59 crore on

NEPRA, in an announcement, stated that the authority (NEPRA) on Wednesday carried out a listening to and solely heard the petitioner and stakeholders. Nonetheless, the NEPRA has not taken any determination. The authority will challenge its detailed determination after additional scrutiny of the information, stated NEPRA.

Earlier, CPPA on behalf of energy distribution firms (DISCOs) besides Ok-Electrical has requested the Nationwide Electrical Energy Regulatory Authority (NEPRA) to approve 1.8290 per kilowatt hour (kWh) hike within the energy tariff on account of gasoline prices adjustment (FCA) for the month of August 2023.

The CPPA, in its software, has submitted that the full electrical energy generated with varied fuels within the month of August was recorded at 15,959 GWh, at a value of Rs8.2654 per unit. The overall value of vitality was Rs131,910 million.

The facility technology with hydel supply was 6,006GWh (giga watt per hour) constituting 37.63 per cent whereas energy manufacturing with coal-fired energy crops was 2,357 GWh (native + imported coal: 1,638+ 719GWh) which was 14.77 per cent of the full technology at a value of Rs20.1430 per unit and energy technology with RFO was 649 GWh 4.51 per cent of whole technology calculated at Rs33.3227 per unit.

Equally, the facility technology from gas-based energy crops was 1,214 GWh, 7.60 per cent of the full technology, totaling Rs13.2190 per unit and the technology from Re-gasified Liquefied Pure Gasoline (RLNG) was 2,741 GWh, which was 17.17 per cent of whole technology, at Rs23.7148 per unit.

Likewise, energy manufacturing from bagasse recorded at 38 GWh, the value of which has been calculated at Rs5.9822 per unit. The electrical energy generated from wind was recorded at 8.5 GWh, 5.05 per cent of whole technology and photo voltaic at 84 GWh, 0.53 per cent of the full technology in August 2023.

Furthermore, electrical energy technology from nuclear sources was 2,040GWh which got here out at Rs1.1725 per unit, 12.79 per cent of the full technology, and electrical energy imported from Iran was 26 GWh that amounted to Rs25.0981 per unit, 0.16 per cent of the full energy technology within the stated month.

It’s also learnt from the information submitted by the CCPA-G with NEPRA that web electrical energy delivered to DISCOs in August 2023 was 15,472 GWh (96.95pc) at a charge of Rs8.4746 per unit, whole value of which was Rs131,118 million.

The CPPA-G in its tariff adjustment request advocated that the reference gasoline prices for August 2023 have been fastened at Rs 6.6457 per unit whereas the precise gasoline prices have been recorded at Rs8.4747 per unit. So a rise of Rs 1.8290 per unit within the energy tariff must be made for the month of August below FCA mechanism.

Headlines

FBR freezes PIA’s financial institution accounts over Rs55bn unpaid federal excise responsibility

Published

5 hours ago

November 30, 2023

Pakistaneo.com

The Federal Board of Income (FBR) has taken motion to freeze all financial institution accounts of Pakistan Worldwide Airways (PIA) attributable to non-payment of federal excise responsibility, including to the airline’s ongoing monetary challenges.

FBR officers report that PIA’s excellent liabilities for federal excise responsibility have reached Rs55 billion as much as September 2023. Regardless of repeated notices, the airline has failed to handle these obligations. Moreover, the tax liabilities for October 2023 stay unresolved as tax returns for that month are but to be filed.

The Massive Taxpayers Unit (LTU) in Karachi, a subsidiary of FBR, executed the freezing of PIA’s accounts with the purpose of recovering the excellent tax liabilities. Already, an quantity of Rs1.5 billion has been recovered and deposited into the nationwide treasury. Banks have been instructed to promptly switch any funds obtained in PIA’s accounts to the FBR’s treasury accounts.

Latest reviews point out that PIA has not filed returns since February, and a tribunal’s order requires the airline to promptly pay Rs2.77 billion. The freezing of accounts occurred two days earlier than the top of the month, deviating from the same old follow of such actions happening on the month’s final day.

It’s pertinent to say right here that final month, PIA confronted operational disruptions, together with flight cancellations and delays, attributable to unpaid dues to the state’s oil advertising firm, Pakistan State Oil (PSO). Studies from Bloomberg spotlight that PIA’s liabilities stand at Rs743 billion (roughly $2.5 billion), surpassing its complete property by 5 instances.

PIA sought extra borrowing of over Rs7 billion from banks amid considerations about potential flight operation suspensions amidst a extreme monetary disaster. The airline has approached the Aviation Division for quick loans, together with a government-guaranteed possibility for securing Rs7.5 billion.

Headlines

Pakistan’s cotton exports see a big rise this season, transport 125,000 bales

Published

6 hours ago

November 30, 2023

Pakistaneo.com

Pakistan has efficiently exported a minimal of 125,000 cotton bales, with prospects indicating additional enchancment in export volumes.

Notably, all export offers have been secured by a singular cotton ginner from Sindh, Dr. Jasso Mal, with locations together with China, Vietnam, and Indonesia.

It’s anticipated {that a} comparable amount of cotton bales shall be exported within the remaining length of the season. The present season marks a possible document, contemplating that cotton exports haven’t surpassed six digits since 2017-18 when the determine reached 207,424 bales. In distinction, the nation exported solely 4,900 bales in 2022-23, 16,000 bales in 2021-22, and 70,200 bales in 2020-21.

Ginners attribute this upswing in exports to the superior high quality of lint and favorable worldwide markets, drawing international consumers to Pakistani cotton.

Based on Cotton Ginners Discussion board Chairman Ihsanul Haq, the absence of typical rains in most cotton-growing areas has positively influenced crop high quality. Moreover, a big issue has been the document devaluation of the rupee, making native cotton extra aggressive on the worldwide stage.

Haq acknowledges that the potential document in cotton exports may need been greater if not for a decline in lint yield in Punjab on account of a extreme whitefly assault. Environmental air pollution has additionally negatively impacted the business.

Headlines

Senate committee sad with SBP’s probe into Rs70bn photo voltaic panel rip-off

Published

7 hours ago

November 30, 2023

Pakistaneo.com

The Senate Standing Committee on Finance expressed its dissatisfaction with the State Financial institution of Pakistan (SBP) over its dealing with of the investigation into the trade-based cash laundering of over Rs70 billion by way of the import of photo voltaic panels.

The committee, chaired by Senator Saleem Mandviwalla, met on Wednesday to debate the problem for the third time, however discovered the newest report by the SBP to be insufficient and missing in new data or progress.

The committee members questioned why the SBP was not sharing the total particulars of the case, when the Federal Board of Income (FBR) had already established the proof of cash laundering by way of the duty-free imports of photo voltaic panels.

A consultant of the SBP advised the committee that the banks concerned within the case had been recognized and penalised, however didn’t disclose their names.

The committee members, together with PMLN’s Musadik Malik and Saadia Abbasi and PTI’s Mohsin Aziz, demanded that the SBP present the entire data and the names of the banks to the Senate panel.

Senators additionally identified that the cash laundering was a critical offence, particularly at a time when the nation was going through international change constraints and needed to limit important imports.

Mandviwalla mentioned he had been suggesting that the case ought to be referred to the Federal Investigation Company (FIA) for a radical probe, because the SBP was not giving a transparent image to the committee.

PMLN’s Malik mentioned the FBR and Customs authorities had revealed that 63 importers had laundered cash by way of over-invoicing of photo voltaic panels, however this was primarily based on an audit of solely 200 out of 450 importers. He mentioned the whole sum of money laundering could possibly be as excessive as $2.5 billion if all of the importers had been audited.

Customs officers reiterated their earlier stance that they’d began the investigation in October 2022 and located 63 importers concerned in over-invoicing of photo voltaic panels, which had been imported from China however funds had been routed to the UAE or Singapore. They mentioned the photo voltaic panels weren’t bodily examined by the customs as they had been duty-free objects and solely good declarations (GDs) had been introduced to the customs desks.

The FBR had reported that photo voltaic panels had emerged as a high-risk merchandise for over-invoicing and trade-based cash laundering as a consequence of their duty-free import standing and the absence of gross sales tax on native provide.

They mentioned the photo voltaic panels, which had been imported at Rs72.83 billion, had been bought within the home market at nearly half the value, i.e. Rs45.61 billion.

Customs officers mentioned they’d registered instances in opposition to the most important suspects, together with Rab Nawaz and his spouse of Shiny Star Firm, who had been now on bail. Senator Mohsin Aziz mentioned the Shiny Star had laundered round Rs40 billion by way of two banks.