HUBCO decides to acquire Sindh Engro Coal Mining Company, informs PSX and shareholders

ISLAMABAD: The Board of Directors of The Hub Power Company Limited (PSX: HUBC) has authorized the company to enter into negotiations and execute definitive agreements for the proposed acquisition of shares of Sindh Engro Coal Mining Company Limited held by a potential seller.

This information was disseminated by HUBC through its filing on the local bourse today.

The completion of this proposed transaction is subject to the necessary corporate and regulatory approvals and consents, and execution of definitive documents, it said.

CPPA seeks further raise in power tariff

Meanwhile, Adding to the challenges faced by the poverty-stricken population grappling with power outages, the Central Power Purchasing Agency (CPPA) has submitted an application to the National Electric Power Regulatory Authority (NEPRA), seeking a substantial increase in the fuel cost adjustment for December.

If approved, this proposal would result in a significant Rs5.62 per unit surge in electricity tariffs, imposing a hefty burden exceeding Rs49 billion on consumers.

The CPPA’s request is rooted in the generation of 7.418 billion units of electricity in December, leading to additional expenses for fuel procurement.

This development comes as unwelcome news for the millions already contending with the persistent challenges of electricity load shedding in the country.

NEPRA has slated a public hearing on the CPPA’s application for January 31, and consumers eagerly await the authority’s decision, hoping for relief from the proposed tariff hike.

Nevertheless, considering the escalating fuel costs and the strain on the power sector, the approval of the adjustment by NEPRA remains a possibility.