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Hamilton Spectator
27-06-2025
- Business
- Hamilton Spectator
North Glengarry BESS construction proceeding as planned
Construction of the North Glengarry Battery Energy Storage System (BESS) began in early May and is progressing on schedule. The Compass Greenfield Development (CGD) project at the St-Isidore Transformer Station at Skye Road drew attention from local residents concerned about potential environmental impacts and the adequacy of emergency response plans. CGD Project Manager Elijah Grant told The Review that the project is progressing well and remains on track to achieve commercial operations in the last quarter of 2025. Grant also emphasized that the company has taken additional steps to help assure concerned residents about the BESS' safe operations and environmental safeguards. 'At our community meeting in April 2025, we had many constructive conversations and were glad to address a number of outstanding questions posed by attendees,' Grant said. 'Since then, we've received limited follow-up, with only a few members of the broader community reaching out directly.' At the April meeting, residents requested CGD representatives add nearby residents as additional insured parties on the company's insurance policy, meaning they would be covered in the event of certain incidents determined by the insurer. 'In response,' Grant explained, 'we will be contacting neighbours within a one-kilometre radius in the near future to offer them this opportunity.' The North Glengarry BESS website states that the project should be completely installed, connected to the electrical grid, and operational between the end of 2025 and early 2026. CGD will conduct remote monitoring and annual maintenance during the BESS' operational life, expected to last until approximately 2047. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Business Recorder
25-04-2025
- Business
- Business Recorder
FSR for CY24 unveiled: SBP says financial system's resilience remains intact
KARACHI: Pakistan's financial sector continued to maintain its resilience and managed to grow at a decent pace of 17.8 percent in CY24. In addition, macroeconomic conditions showed marked improvement during CY24, with easing inflation, monetary relaxation, fiscal consolidation, stable exchange rates and a stronger external account The State Bank of Pakistan (SBP) has issued its annual flagship publication Financial Stability Review (FSR) for the year 2024 on Thursday. The Review is prepared and published in terms of requirements prescribed in Section 39(3) of the State Bank of Pakistan Act, 1956. The FSR presents the performance and risk assessment of various segments of the financial sector including banks, microfinance banks (MFBs), development finance institutions (DFIs), non-bank financial institutions (NBFIs), insurance, financial markets and financial market infrastructures (FMIs). It also assesses the financial soundness of non-financial corporate sector, which is a major private sector user of bank credit. 'The Review' of SBP: Timely realization of IMF lending to help revive inflows The Review highlights thatoverall macroeconomic conditions improved considerably during CY24, as reflected by receding inflationary pressures and consequent significant monetary easing, fiscal consolidation, stable rupee-dollar parity, pick-up in economic activity, and improved external account balance. In this backdrop, financial sector-growing by a decent pace of 17.8 percent, maintained its operational and financial resilience during CY24. Amid turnaround in macroeconomic environment, volatility in financial markets subsided. The banking sector exhibited steady performance and maintained its financial soundness. The balance sheet of the banks expanded by 15.8 percent in CY24. The expansion in assets was driven by both investments as well advances. Private sector advances witnessed a strong rebound, due to revival in economic activity, easing in monetary policy, and advances-to-deposit ratio (ADR) linked tax policy for income from government securities. This tax policy also dampened the deposit mobilization, which further increased the banks' reliance on borrowings. While revival of economic activity is expected to improve the repayment capacity of the borrowers, the current level of credit risk of the banking sector also remained within a comfortable range as non-performing loans (NPLs) to gross loans ratio fell to 6.3 percent in December 2024 from 7.6 percent in December 2023. The provisioning coverage further improved amid implementation of IFRS-9, with allowances and provisions held for loan losses exceeding the stock of outstanding NPLs, indicating a minimal net credit risk to solvency. The earning volume remained steady, while key profitability indicators witnessed moderation over the year. The capital adequacy ratio, however, improved to 20.6 percent by end December 2024 and remained well above the minimum regulatory requirements. Copyright Business Recorder, 2025
