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World Bank holds release of $400m
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Flood Repairs at Victorian Coal Mine to Cost Millions
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Why Microgrids Are the Key to Our Carbon-Neutral Future
As we continue to work toward a more sustainable future globally, demand for renewable energy integration is increasing. This requires more flexibility in grid infrastructure and the ability to add more types of distributed energy resources (DERs), including wind and solar. There is also a strong drive to move beyond a centralized grid to a more distributed one in order to reduce large-scale outages and deliver electricity to remote areas. Declining technology costs for key DER assets such as solar PV and advanced energy storage systems as well as business models linked to long-term financing offers are driving accelerated adoption of smaller, smarter, and cleaner energy systems.
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Sumo Power to pay $1.2 million for misleading electricity plans
The Federal Court has declared by consent that Sumo Power Pty Ltd (Sumo) made false or misleading representations in selling electricity plans to Victorian consumers and ordered it to pay $1.2 million in penalties, and to pay consumer redress to affected consumers.
Sumo admitted that between June and December 2018, it had misled consumers about how much they would pay for their electricity if they switched to Sumo, in breach of the Australian Consumer Law.
The Court declared by consent that Sumo had offered cheap rates and high ‘pay on time’ discounts to entice consumers to sign up to certain electricity plans, when in fact Sumo planned to, and did, materially increase the rates paid by customers who had received one to three monthly bills.
World Bank approves $800m loan
Funds will help government finance budget deficit
The World Bank board approved $400 million PACE loan only after the government accepted at least six prior conditions. PHOTO: AFP
ISLAMABAD:
The World Bank has approved $800 million in loans to finance Pakistan’s budget deficit after the government accepted conditions like increasing electricity prices to reduce circular debt and giving targeted subsidies - measures the lender said would increase poverty in the country.
The board of directors of the World Bank approved financing for two programmes - Pakistan Programme for Affordable and Clean Energy (PACE) and the second Securing Human Investments to Foster Transformation (SHIFT-II), totalling $800 million, stated the World Bank.
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