HUBC finalizes settlement agreement for early expiry of power contracts

News Image

MG News | October 10, 2024 at 01:07 PM GMT+05:00

0:00

October 10, 2024 (MLN): The Directors of Hub Power Company Limited (PSX: HUBC), in the greater national interest, have decided to initiate a Negotiated Settlement Agreement with regard to the accelerated expiry on October 1, 2024.

These agreements were originally scheduled to expire in March 2027 and relate to the company's 1292 MW power generation project located at Mouza Kund, Post Office Gaddani, District Lasbella, Baluchistan.

To recall, this project achieved COD in 1996.

According to the terms of the Agreement, GOP and CPPAG have agreed to settle the company's outstanding receivables up till October 1, 2024.

The Board has agreed to the terms of the settlement and authorized the execution of a definitive agreement in respect thereof.

The aforementioned resolution follows discussions initiated by a Task Force constituted under the Prime Minister's Office, along with other Independent Power Producers (IPPs).

It is worth noting that HUBC called for an emergent board meeting yesterday to discuss the premature termination of some critical contracts.

The contracts reviewed include the Implementation Agreement, Power Purchase Agreement, Fuel Supply Agreement, and related Guarantee.

An early termination of these contracts reflects a strategic shift related to power generation, payments, or fuel supply.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 163,806.22
500.44M
-0.39%
-638.50
ALLSHR 99,845.79
1,977.49M
-0.42%
-417.42
KSE30 50,123.85
153.24M
-0.68%
-343.31
KMI30 238,530.50
71.49M
-0.36%
-850.63
KMIALLSHR 65,898.10
543.80M
-0.37%
-245.35
BKTi 46,380.96
92.15M
-0.49%
-229.01
OGTi 31,857.40
12.33M
-1.20%
-387.93
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,220.00 109,470.00
103,745.00
-1225.00
-1.13%
BRENT CRUDE 61.34 61.47
60.14
0.28
0.46%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-1.00
-1.23%
ROTTERDAM COAL MONTHLY 93.20 93.50
93.20
0.05
0.05%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 57.25 57.32
56.15
0.26
0.46%
SUGAR #11 WORLD 15.53 15.88
15.45
-0.27
-1.71%

Chart of the Day


Latest News
October 18, 2025 at 01:59 PM GMT+05:00

SBP Revokes License of Exchange Company


October 18, 2025 at 01:36 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


October 17, 2025 at 05:29 PM GMT+05:00

MLCF profit doubles in Q3FY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg