Circular debt also hits CPEC projects
Government unable to clear payment of energy projects worth Rs188b
The outstanding amount is only 18.4% of the total billed amount of Rs1.02 trillion, which is not a very large sum, said the PM’s aide. PHOTO: FILE
ISLAMABAD:
The China Pakistan Economic Corridor (CPEC) power projects are also hit by the circular debt and the government has not been able to clear Rs188 billion due payments in breach of a bilateral energy framework agreement.
Although, the outstanding payments are only 18.4% of the billed amount, it has started affecting the financing models of the Chinese sponsors of the Independent Power Producers (IPPs), set up under the CPEC agreement.
Stocks rallied in the week pinning hopes on finance minister’s resolve to focus on economic growth, amid signs the uptrend may endure after the weeklong holidays, dealers said.Week-on-week.
Stocks roll ahead on Tarin cues
Business
May 7, 2021
Stocks stayed the gaining course on Thursday cheering the finance ministerâs assurance the government would not increase power tariff and impose new taxes in the upcoming budget, dealers said.
Pakistan Stock Exchangeâs (PSX) KSE-100 Shares Index gained 0.51 percent or 231.06 points to close at 45,174.67 points.
Topline Securities in its daily market review said the index continued its momentum drawing strength from Finance Minister Shaukat Tarinâs statement that Pakistan would request IMF there was no room to increase power tariff and taxes and reiterated his stance on focus toward growth. Major contribution to the index came from LUCK, TRG, BAFL, PAKT and KAPCO, as they cumulatively added 162 points to the index, the brokerage said.
Meralco power rates up in May
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Metro Manila (CNN Philippines, May 7) Customers of Meralco may expect higher electric bills this month as the power distributor announced a rate hike for this May.
In a statement, the power distributor said its overall rate shall go up by ₱0.1853 per kilowatt-hour (kWh) during the month to ₱8.5920 per kWh. This means a typical household consuming 200 kWh a month may expect to be charged around ₱37 more in its total bill.
The recent hike is a “result of the completion of the refund of over-recovery in pass-through charges,” it said. Meralco has already finished the process as approved by the Energy Regulatory Commission, which ordered the firm to refund over-recoveries in transmission and other charges.
BusinessWorld
May 7, 2021 | 7:29 pm
PHILIPPINE STAR/MICHAEL VARCAS
POWER rates in the Manila Electric Co. (Meralco) service area are expected to rise in May with the typical household expected to pay an additional P37 on its monthly bill, the first to not include the refunds for over-recoveries in transmission and other charges, Meralco said.
Meralco said in a statement Friday that the overall power rate for May is P8.5920 per kilowatt-hour (kWh), against P8.4067 per kWh in April.
The May rate is also lower than the year-earlier level of P8.7468 per kWh.
The typical household is defined as one that consumes 200 kWh.