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Business Recorder
5 days ago
- Business
- Business Recorder
K-Electric write-offs: NEPRA allows Rs50 billion as ‘full and final claim'
The National Electric Power Regulatory Authority (NEPRA) on Thursday issued its decision on K-Electric's (KE) write-off petition, allowing Rs50 billion as 'full and final claim' against the company's claims worth Rs76 billion pertaining to the Multi-Year Tariff (MYT) control period spanning FY17–FY23. The authority had reserved the decision on KE's plea last month. 'The authority hereby approves Rs50,013 million on account of write-offs pertaining to the billing of MYT 2017-2023 for K-Electric as full and final claim in line with the write off criteria stipulated in the final determination against write-off claims of Rs76,033 million,' the NEPRA said in its order. Source: NEPRA 'The authority, while allowing the write-offs is conscious of the fact that all possible efforts have already been made by K-Electric, as confirmed by the auditors. 'However, in the interests of the consumers, KE is directed to continue to actively pursue the recovery of the maximum possible amount. In case a written off amount is subsequently recovered by KE, the benefit of such amount shall be passed on to the consumers in the immediate quarterly adjustments and KE shall be required to separately disclose this amount,' the order read. KE CEO draws criticism at NA committee meeting The NEPRA further said KE shall also be required to submit certificate from its auditors each year, clearly mentioning the recovery of written off amounts, if any, pertaining to MYT 2017-2023. '….out of the requested write-offs of Rs76,033 million, approximately Rs24,337 million pertains to the previous MYT period before July 1, 2016. The previous MYT was performance based and losses were to be borne by KE and gains, if any, beyond allowed limits were subject to claw back mechanism. 'The write-off mechanism in no way allow KE to claim write-off of the previous MYT. Allowing write-offs of the previous MYT will be a clear duplication of cost. Therefore, there is no justification to allow write-offs of Rs24,337 million pertaining to the previous MYT period and the same is being set aside and disallowed,' the order read. According to KE, additional claims between FY17 and FY23 were related to unrecoverable dues against chronic defaulters filed by the utility. KE is allowed to claim these costs in the Multi-Year Tariff awarded to the utility, which is independent of the rates of electricity charged to customers in monthly bills under the uniform tariff policy. 'With this decision, majority of items pending to the previous control period have come to a close. KE looks forward to the MYT for the control period spanning FY 24 to FY 30, committed to meeting its serviced territory's energy needs,' KE CEO Moonis Alvi said. During the hearings on the KE's plea, majority of the stakeholders had objected the additional and pending write-off claims. The representative of Jamaat-e-Islami (JI) had raised the issue of 'bogus bills' which they said had been subsequently claimed as write-off. Representatives of the city's business communities had also raised concerns similar concerns. Net-metering in Pakistan: A solution for clean energy or a grid crisis? K-Electric filed its integrated MYT petition on March 31, 2016, requesting determination of MYT for a period of ten years commencing from July 01, 2016 to June 30, 2026. The said petition was decided by the authority, vide determination dated 20.03.2017, allowing KE a MYT for a period of seven years from July 2016 to June 2023. Privatised in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The approval of the claims had been termed critical by the utility for its financial sustainability. Last month, the NEPRA approved KE's new MYT for transmission and distribution (T&D) network segments for FY2024 to FY2030 (MYT Period). Later, the authority also approved the utility's new MYT for the supply segment for the same period.
Zawya
11-04-2025
- Business
- Zawya
Saudi economy records highest liquidity in history, crossing $800bln by February 2025
RIYADH — Liquidity levels in the Saudi economy recorded robust growth, reaching their highest levels in history by the end of February 2025, with an annual increase of SR277.49 billion, representing a growth rate of 10.1 percent. Total liquidity crossed SR3 trillion (SR3,033,684 million), compared to SR2,756,193 million during the same period in 2024. This reflects the strong growth performance of the broad money supply (M3), according to data in the monthly statistical bulletin released by the Saudi Central Bank (SAMA). Liquidity levels witnessed a monthly growth of SR67,543 million, representing 2.3 percent, compared to SR2,966,140 million at the end of January this year. These levels of liquidity are a driving force behind and supportive of the economic and commercial system, contributing to positive economic development. Reviewing the four components of money supply (M3) in its broad and comprehensive sense, demand deposits accounted for the largest contribution to the total, accounting for 48.5 percent, with a value of SR1,470,383 million by the end of February. Time and savings deposits accounted for SR1,031,712 million, representing the second largest share to total money supply, accounting for 34 percent. Quasi-cash deposits accounted for SR293,683 million, representing a 9.7 percent contribution to total money supply, making them the third largest contributor. Currency in circulation outside banks came in the fourth place, accounting for SR237,905 million, representing approximately 7.8 percent of total money supply. It is noteworthy that quasi-cash deposits consist of residents' deposits in foreign currencies, deposits secured by letters of credit, ongoing transfers, and repurchase (repo) operations carried out by banks with the private sector. Domestic liquidity comprises (M1), which includes currency in circulation outside banks, in addition to demand deposits exclusively. M2 consisting of M1 plus time and savings deposits, and broad money M3 encompassing M2 along with other quasi-cash deposits.$ © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Gulf Insider
10-04-2025
- Business
- Gulf Insider
Saudi Economy Records Highest Liquidity In History, Crossing SR3 Trillion By February 2025
Liquidity levels in the Saudi economy recorded robust growth, reaching their highest levels in history by the end of February 2025, with an annual increase of SR277.49 billion, representing a growth rate of 10.1 percent. Total liquidity crossed SR3 trillion (SR3,033,684 million), compared to SR2,756,193 million during the same period in 2024. This reflects the strong growth performance of the broad money supply (M3), according to data in the monthly statistical bulletin released by the Saudi Central Bank (SAMA). Liquidity levels witnessed a monthly growth of SR67,543 million, representing 2.3 percent, compared to SR2,966,140 million at the end of January this year. These levels of liquidity are a driving force behind and supportive of the economic and commercial system, contributing to positive economic development. Reviewing the four components of money supply (M3) in its broad and comprehensive sense, demand deposits accounted for the largest contribution to the total, accounting for 48.5 percent, with a value of SR1,470,383 million by the end of February. Time and savings deposits accounted for SR1,031,712 million, representing the second largest share to total money supply, accounting for 34 percent. Quasi-cash deposits accounted for SR293,683 million, representing a 9.7 percent contribution to total money supply, making them the third largest contributor. Currency in circulation outside banks came in the fourth place, accounting for SR237,905 million, representing approximately 7.8 percent of total money supply. It is noteworthy that quasi-cash deposits consist of residents' deposits in foreign currencies, deposits secured by letters of credit, ongoing transfers, and repurchase (repo) operations carried out by banks with the private sector. Domestic liquidity comprises (M1), which includes currency in circulation outside banks, in addition to demand deposits exclusively. M2 consisting of M1 plus time and savings deposits, and broad money M3 encompassing M2 along with other quasi-cash deposits.
Saudi Gazette
10-04-2025
- Business
- Saudi Gazette
Saudi economy records highest liquidity in history, crossing SR3 trillion by February 2025
Saudi Gazette report RIYADH — Liquidity levels in the Saudi economy recorded robust growth, reaching their highest levels in history by the end of February 2025, with an annual increase of SR277.49 billion, representing a growth rate of 10.1 percent. Total liquidity crossed SR3 trillion (SR3,033,684 million), compared to SR2,756,193 million during the same period in 2024. This reflects the strong growth performance of the broad money supply (M3), according to data in the monthly statistical bulletin released by the Saudi Central Bank (SAMA). Liquidity levels witnessed a monthly growth of SR67,543 million, representing 2.3 percent, compared to SR2,966,140 million at the end of January this year. These levels of liquidity are a driving force behind and supportive of the economic and commercial system, contributing to positive economic development. Reviewing the four components of money supply (M3) in its broad and comprehensive sense, demand deposits accounted for the largest contribution to the total, accounting for 48.5 percent, with a value of SR1,470,383 million by the end of February. Time and savings deposits accounted for SR1,031,712 million, representing the second largest share to total money supply, accounting for 34 percent. Quasi-cash deposits accounted for SR293,683 million, representing a 9.7 percent contribution to total money supply, making them the third largest contributor. Currency in circulation outside banks came in the fourth place, accounting for SR237,905 million, representing approximately 7.8 percent of total money supply. It is noteworthy that quasi-cash deposits consist of residents' deposits in foreign currencies, deposits secured by letters of credit , ongoing transfers, and repurchase (repo) operations carried out by banks with the private sector. Domestic liquidity comprises (M1), which includes currency in circulation outside banks, in addition to demand deposits exclusively . M2 consisting of M1 plus time and savings deposits, and broad money M3 encompassing M2 along with other quasi-cash deposits.
Gulf Today
06-03-2025
- Business
- Gulf Today
Dubai court orders woman to pay Dhs300,000 compensation to a real estate firm for breaching deal
The Real Estate Court in Dubai has ruled to terminate a sales and purchase agreement for a residential unit between a real estate development company and a European woman. The court ordered the removal of the unit from the records of the Department of Land and Property and its re-registration in the name of the company, and obliged the woman to pay compensation of Dhs300,000 to the company, with a 5% interest from the date of the final ruling. According to the details of the case, a European woman contracted with the company in March 2022 to purchase a residential unit in Marina area of Dubai for Dhs4,308,000, in addition to the real estate registration fees amounting to 5% of the value of the unit. It was agreed that the price of the unit would be paid in eight installments, with the last to be paid in February 2024. The contract also stated that the unit would be delivered after the full payment of its value, as it was fully constructed. The company clarified that it had complied with the terms of the agreement, registering the unit with the Department of Land and Property in Dubai, but the buyer breached her obligations by only paying Dhs1,033,000, distributed as Dhs861,560 as a contract deposit and Dhs172,360 as registration fees, while refusing to pay the remaining installments due. In the lawsuit, the company demanded the termination of the contract and the payment of the remaining amount of the unit's price, as well as compensation for the damages incurred due to the delay in paying the due installments.
