Connect with us

Business

Electricity transmission restored across country: Power Division

Published

on

  • An accidental fault had triggered an almost day-long power outage in the Southern parts of Pakistan.
  • The fault could not be fixed despite passing of more than 24 hours since it was detected.  
  • Power Division says only routine power load-shedding is being carried out in country.

LAHORE/ISLAMABAD: After an almost day-long outage, the Power Division on Friday said that electricity transmission and generation have been restored across the country adding that only routine power load-shedding is being carried.

“Electricity transmission and generation have been restored across Pakistan including restoration of full supply from national grid to Karachi,” the division said in a statement.

Power outage yet to be controlled

Earlier today, sources within the National Transmission and Despatch Company (NTDC) had said that the countrywide power crisis, caused due to an “accidental fault” in the national grid, had not been controlled yet. 

Sources in the NTDC said that it was a major breakdown and could not be controlled even after 24 hours as the authorities have yet to identify the fault.  

The sources added that cities have been facing four hours of loadshedding while rural areas are suffering from a 12-hour-long power outage.

Meanwhile, power plants have not been fully energised and the country still faces a 4,500MW power shortfall while the frequency fluctuation is making things more complex.

The electricity is being restored from the power plants slowly to the system, said the sources. They added that this is the 16th breakdown in the last 10 years. 

Large parts of the country were in dark for more than 12 hours on Thursday after a fault was detected in the national grid’s southern transmission system.

Energy Minister Khurram Dastagir said that an “accidental fault” triggered the breakdown and announced the establishment of a committee to probe the matter and submit a report within four days.

‘Power supply will improve’

Meanwhile, the Islamabad Electric Supply Company (IESCO) spokesperson said that the electricity demand in the region is 1,280MW while the national grid is supplying 1,080MW.

Once the electricity supply is back to normal, the situation will improve, said the spokesperson. 

‘Power supply stabilised in Karachi’

In a statement, K-Electric said that the supply of electricity in Karachi was restored in a phase-wise manner. 

KE began phase-wise restoration efforts with first priority on strategic installations such as KWSB pumping stations, airports, and hospitals, said the power utility. 

Later, the supply was diverted to residential areas including but not limited to PECHS, Orangi, Lyari, Ibrahim Hyderi, Nazimabad, and Defence Housing Authority.

The technical constraints at the national grid may persist over the next 48 hours and to manage the constraints, KE may temporarily curtail power supply to industrial zones during nighttime hours to facilitate residential areas.

The power supply company said it may also have to conduct loadshedding.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

on

By

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Continue Reading

Business

Despite economic gains, PSX remains strong.

Published

on

By

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Continue Reading

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

on

By

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

Continue Reading

Trending