ISLAMABAD, July 3, 2024 /PRNewswire/ --
REFORMING THE POWER SECTOR IN PAKISTAN
The power sector in Pakistan faces a myriad of serious and complex issues, ranging from bad governance to delays in decision-making and lack of economic growth. These challenges have led to inefficiencies that are embedded in the price of electricity, impacting household incomes and making export-oriented businesses uncompetitive.
Addressing Inefficiencies and Rising Costs
The continuous rise in electricity prices fuels inflation and becomes a political issue, especially during high consumption months from June to August. The government has initiated policies to decrease costs by using local fuel instead of imported fuel, which has helped reduce the electricity generation cost over the years.
Tariff Rebasing and Social Protection
Rebasing of the tariff, which takes place every June, determines the expected tariff for the next fiscal year. This year, after the new tariff determination, for the 16.8 million protected consumers (58% of all domestic consumers), the expected increase is less than 2% month-on-month. For non-protected consumers, the increase is an average of 9%. Importantly, as the economy improves, electricity tariffs are expected to decrease. By January 2025, an average reduction of 3% is anticipated compared to June 2024.
Industrial Growth and Efficiency
The government has reduced industrial tariffs to encourage increased production and employment. This support is crucial for catalyzing economic growth. The Ministry of Power is also working with the World Bank to privatize Distribution Companies (DISCOS) to improve operational efficiencies, reduce losses, and counter electricity theft. This privatization is expected to bring in investment and expertise, enhancing the power sector's performance.
Improving the Energy Mix and Reducing Costs
Pakistan's energy mix includes more than half of its electricity generation from low-carbon sources such as hydel, nuclear, and renewables. The cost of generating electricity from these sources is significantly lower than from imported fuels. For instance, the fuel cost of electricity generation is Rs 10.9 per kWh, which reduces to Rs 9 per kWh during summer due to hydel power. However, capacity costs have increased to Rs 18.4 per kWh due to the addition of new capacity, which supports future growth.
Transmission and Distribution Improvements
The government is addressing transmission and distribution inefficiencies through infrastructure investments. Building infrastructure to bridge the North-South transmission constraint is a priority, as cheaper power produced in the South cannot be used due to these constraints, causing significant losses. A decentralized tubewell solarization program is also being implemented to reduce agricultural losses and improve the country's carbon footprint.
Market-Oriented Reforms and Sustainable Growth
The government is committed to market-oriented pricing mechanisms and reducing the carbon footprint. The solar strategy aims to incentivize widespread adoption of solar energy without compromising grid stability. The power sector's reform agenda includes eliminating inefficiencies, encouraging productivity gains, and fostering industrial growth.
Future Outlook
The government's focus is on creating a sustainable energy sector that supports economic growth. By addressing inefficiencies, improving infrastructure, and implementing market-oriented reforms, the power sector can become a catalyst for Pakistan's industrial growth and economic stability.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
REFORMING THE POWER SECTOR IN PAKISTAN
Presenting an Authentic and Immersive Macau Experience to Visitors Under One Roof
KUALA LUMPUR, Malaysia, July 5, 2024 /PRNewswire/ -- Galaxy Macauâ„¢, The World Class Integrated Resort ("Galaxy Macau"), has been actively supporting and participating in Macau SAR Government's promotional activities, and continuously working with the government and industry partners to expand international visitor sources. The "Experience Macao Malaysia Roadshow", organised by the Macao Government Tourism Office, was officially launched on 5 July 2024 in Kuala Lumpur at Sunway Pyramid Shopping Mall. The four-day event (5 to 8 July) aims to showcase the diverse tourism products in Macau to international tourists, attracting travellers to choose Macau as a travel destination. Galaxy Macau is also shining with its exciting tourism products by presenting its unparalleled luxury offerings and its one-stop luxury resort experience as Asia's leading destination for leisure, entertainment, dining, events and conferences.
Galaxy Macau proudly supports and aligns with the Macao SAR government's efforts to extend Macau's reach into the Southeast Asian market. The world-class integrated resort's iconic booth at the Malaysia Roadshow, showcasing the grand landscape of the integrated resort. Visitors to the booth can not only enjoy the interaction and photo moment with the adorable GalaxyKidz mascot "Wavey" the Peacock at the photobooth, but also experience the unique charm of Macao's "tourism+" offerings, reflecting Galaxy Macau's commitment to promoting Macau as a World Centre of Tourism and Leisure.
There are also daily lucky draws during the roadshow where visitors can stand a chance to win prizes sponsored by Galaxy Macau.
Starting from MYR271++ per night, Galaxy Macau is offering roadshow-exclusive offers for stays between 12 July to 30 November 2024 from a selection of world class hotels – Andaz Macau, Broadway Hotel, Galaxy Hotel™, Hotel Okura Macau or Banyan Tree Macau. Booking period opens from 5 to 19 July 2024. Applicable to all five hotels, the offer includes free access to the Grand Resort Deck and free minibar, immersing guests in a comprehensive one-stop integrated resort experience.
A Macao Travel Trade Seminar & Minimart was also conducted at the Sunway Resort Hotel Ballroom on 4 July 2024 in conjunction with the "Experience Macao" Malaysia Roadshow, where guests were presented with the latest hotel information on Andaz Macau, Broadway Hotel, Galaxy Hotelâ„¢, Hotel Okura Macau, Banyan Tree Macau, and Galaxy International Convention Centre (GICC).
Remaining the top integrated resort globally with the most Forbes five-star hotel honors under one roof – Galaxy Macau spans over 1.1 million square-meters and is renowned for its unparalleled mix of entertainment and leisure attractions that are unmatched in Macau. With 8 award-winning world-class luxury hotels to choose from, guests are spoilt for choice. Water sports enthusiasts can make a splash at the 75,000-square-meter Grand Resort Deck – the world's leading skytop oasis. Foodies meanwhile can indulge in a selection of over 120 dining options, ranging from Michelin-starred establishments to local street food legends; a delectable selection that has earned Galaxy Macau the distinction of being Asia's premier dining destination. For an authentic Asian street food adventure, guests can cross the link bridge to explore vibrant local and Asian cuisines at Broadway Food Street. Fashionistas will adore Galaxy Promenade, an award-winning shopping destination spread over 100,000 square-meters. Luxury flagship stores, designer boutiques and high-street labels contribute to over 200 world-renowned luxury fashion and lifestyle brands. For live performances and events, the 2,500-seat Broadway Theatre plays host to a diverse range of live shows, events and cultural activities from around the world with up-close and personal experiences. Galaxy Macau opened two world-class hotels – Raffles at Galaxy Macau and Andaz Macau, with GICC as its latest addition to the Group's ever-expanding integrated resort precinct, ushering a new era for the MICE industry in Macau. GICC is a world-class event venue featuring 40,000 square-meters of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau. In April 2024, Galaxy Macau also announced the launch of Capella at Galaxy Macau, further solidifying the destination's undisputed reputation as Macau's Ultimate Luxury Integrated Resort.
Galaxy Macau has always adhered to its "World Class, Asian Heart" service philosophy to offer exceptional experiences for guests from all around the world. As the city gears up for a continuing wave of international tourism, Galaxy Macau looks forward to welcoming visitors with award-winning accommodations, unforgettable leisure experiences, and unparalleled shopping, dining and entertainment all under one roof. In the future, Galaxy Macau will continue to launch more world-class events to enhance Macau's positioning as a World Centre of Tourism and Leisure.
More high-res images of the Experience Macao Malaysia Roadshow can be found in the virtual media kit.
About Galaxy Macau Integrated Resort
Galaxy Macauâ„¢, The World-class Luxury Integrated Resort delivers the "Most Spectacular Entertainment and Leisure Destination in the World". Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotelâ„¢, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau, Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meters Grand Resort Deck features the world's longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz- Carlton Spa, Macau help guests relax and rejuvenate.
As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meters, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind deluxe lounge that evokes the glitz and glamor of Shanghai's golden era with entertainment in luxury and style; and Foot Hub presents the traditional art of reflexology to make you feel more relaxed and revitalized. For Authentic Macau Flavours & Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at its Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also well looked after with a portfolio of unique venues in Galaxy Macau and a professional service staff.
Galaxy International Convention Center (GICC) is the latest addition to the Group's ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world- class event venue featuring 40,000-square-meter of total flexible MICE, and a 16,000-seat Galaxy Arena – the largest indoor arena in Macau.
For more details, please visit www.galaxymacau.com, www.broadwaymacau.com.mo and www.galaxyicc.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
Galaxy Macau, The World Class Integrated Resort, Brings the "Experience Macao Malaysia Roadshow" to Kuala Lumpur
