Karachi, February 14, 2024 – Hub Power Company Limited has revealed a robust financial performance, declaring a remarkable 15 percent growth in profit for the second quarter of fiscal year 2023-24 on a Year-on-Year (YoY) basis.
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JV formed for 330MW coal-fired power generation under CPEC
KARACHI: A joint venture (JV) has been formed for establishing a 330MW power generation from Thar Coal under China Pakistan Economic Corridor (CPEC).
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Hubco acquires Eni operations in Pakistan
KARACHI: The Hub Power Holding Limited on Monday announced to acquire all upstream operations of Eni in Pakistan.
In an information shared by the Pakistan Stock Exchange (PSX), the it said that the Hub Power Company Limited (HUBCO) together with ENI’s local employees (in a 50:50 joint venture) has executed definitive agreements to acquire all upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.
By way of background, Eni is global energy company, which has been operating in Pakistan since the year 2000 in the exploration and production sector.
The company said that the transactions is subject to requisite compliance with applicable legal and regulatory processes and approval from competent authorities.
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Hubco initiates agreement with Central Power Purchasing Agency
KARACHI: The Hub Power Company Limited (Hubco) on Tuesday said that it has initiated agreement with Central Power Purchasing Agency (Guarantee) Limited (power purchaser) in furtherance of the Memorandum of Understanding dated August 21, 2020.
In a communication sent to Pakistan Stock Exchange (PSX), the company said that under the agreement, the payment of overdue receivables is an integral part of the agreement and the payment mechanism envisaged is two instalments, with 40 percent of the overdue receivables payable within 30 business days of signing the Agreement (comprising 1/3rd cash and 2/3rd financial instruments of PIBs and Sukuks) and the remaining 60 percent payable 6 months thereafter through the same method as that of the first instalment.
In addition, payment of all invoices will be made in order of its submission so that invoices that have been outstanding the longest (in whole or in part) shall be paid first.
At the request of the Government of Pakistan, in the larger national interest and sectoral sustainability, the Parties have agreed to reduce the existing Fixed Operating Costs Element by 11 percent, whilst keeping the existing arrangement of indexations.
At the same time, the Parties have agreed to discontinue the US$ Exchange rate and US CPI indexation on the Project Company Equity and fix the same on National Bank of Pakistan’s TT/OD selling PKR/USD exchange rate prevailing as on August 21, 2020 and US CPI for the month of August 2020; till the current exchange rate reaches that of August 21, 2020 i.e. PKR 168.60/USD, the existing arrangement under Power Purchase Agreement (PPA) for the current half year shall apply for future billing.
The parties have also agreed to engage without delay, on signing of the Agreement, in good faith negotiations and discussion and use their best endeavors to achieve pre-mature termination of the PPA, which will be mutually beneficial, resulting in compensation to the Company, while saving GOP substantial sums in lieu of capacity payments till the expiry of the Power Purchase Agreement (PPA).
In parallel, the Parties have also agreed that certain outstanding dispute(s) shall be resolved through arbitration under the PPA. The terms of the Agreement are subject to approval of the Board of Directors of Hubco, the Federal Cabinet and execution of a final binding agreement.
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HUBCO declares 26pc fall in half year profit
KARACHI – Hub Power Company Limited (HUBCO) has announced a significant 26.6 percent decrease in profit after tax for the half-year ended December 31, 2018, according to the financial results submitted to the Pakistan Stock Exchange (PSX) on Thursday.
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