Pakistan energy crisis deepens as outages continue
Mercury has touched 50C in several towns in Sindh and Punjab
Karachi: Pakistan suffered severe and prolonged power outages on Tuesday as the energy crisis deepened while mercury reached 50C in several towns in Sindh and south of Punjab province.
The electricity shortfall reached to 6000 megawatts compared to a routine demand and supply deficit of over 3000 megawatt. The load shedding duration reached to 16 hours in many cities including Lahore of the Punjab province, whereas in villages and towns the power outage was for over 20 hours.
Sources said that the circular debt, the outstanding dues among one dozen energy sector companies in the country, reached to Rs600 billion (Dh22 billion). The caretaker Prime Minister Hazar Khan Khoso ordered the ministry of finance to pay off Rs22 billion to the power companies to provide them some fiscal space.
However, sources said the amount was nothing compared to the formidable size of the outstanding amount.
The load shedding added to the miseries of the people already braving hot summer spells as most of the country’s plateaus remained under the grip of dry weather. In Larkana and Dadu districts in Sindh the temperature hovered around 50C.
Nawaz Sharif, the chief of Pakistan Muslim League, who is going to make a history to become Pakistan’s prime minister thrice, Monday addressing the elected members of his party, told them that resolving the energy sector crisis was on the top of his priority.
Sharif gave no deadline for eliminating the power crisis but he had already engaged his financial wizards to device a financial and technical strategy to end the menace that has upset the textile sector, and many other industries in the country.
Foreign investment has flown amid aggressive rallies at Karachi Stock Exchange as investors are pinning hopes with the new government that would ultimately resolve the energy sector crisis. In the past 18 days the portfolio investment at the stocks reached $155 million (Dh569 million).
In the last fiscal $169 million flew out of country’s bourses.
