Pakistan is turning off lights in homes and businesses. Here is why
Pakistan-power-cut
Irrespective of whether it is Imran Khan's 'Naya Pakistan' or Shehbaz Sharif's 'Purana Pakistan', the Islamic Republic of Pakistan is always cash-strapped.
Pakistan is turning off the lights in homes and businesses because it can no longer afford to acquire coal or natural gas from other countries to run its electricity plants.
The South Asian country is having difficulty obtaining fuel on the spot market after liquefied natural gas (LNG) and coal prices hit all-time highs last month as supply shortages were worsened by the conflict in Ukraine.
According to a Bloomberg report, Pakistan's energy prices more than doubled from a year ago to $15 billion in the nine months ending in February, and the country can't afford to spend more on new imports.
According to a tweet by Miftah Ismail, who has been named finance minister by new Prime Minister Shehbaz Sharif, almost 3,500 megawatts of electrical capacity had been shut down owing to fuel shortages as of April 13.
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According to an expert, the more than 7,000 megawatts equals about a fifth of overall generation capacity.
Due to fuel shortages and technical difficulties, Pakistan is experiencing a 6,000 megawatt (MW) electricity shortfall against a production of 15,500MW and a demand of 21,500 MW, according to local media.
According to Ministry of Energy sources, out of a total capacity of 33,000MW, hydel power plants produced 1,000MW, private sector power plants produced 12,000MW, and thermal power plants produced 2,500MW, resulting in a daily loss of around Rs10 billion.