Surprise Solar Uptake in Pakistan Cushions Mideast Energy Shock
Summarize this article with:
ba9nfu53gsn3d38vcl8945r[_media_dl_1.png Ember, China GACArticle content(Bloomberg) — Pakistan’s rapid adoption of solar power in the past few years is helping cushion the impact of a surge in fossil fuel prices due to the Middle East war.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe South Asian nation — vulnerable to energy shocks because of its dependence on imports — will save at least $6.3 billion this year by using its solar instead of buying oil and gas at elevated prices, according to analysis by Renewables First and the Centre for Research on Energy and Clean Air.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentPakistan imports almost all of its crude oil, refined petroleum products and liquefied natural gas from Persian Gulf nations, where production and exports have been upended by hostilities between the US and Iran. Islamabad last week introduced a slate of measures to save fuel and lower public spending in response to the energy crisis, including suspending ministers’ salaries and a move to a four-day work week.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentEarlier this month, the government hiked fuel costs by 55 rupees (20 cents), the highest ever increase, with Petroleum Minister Ali Pervaiz Malik warning that prices could be adjusted on a weekly basis.Article contentThe pain from higher fuel prices would have been even more acute without the country’s unexpected surge in solar adoption, which was triggered by the spike in LNG prices following Russia’s 2022 invasion of Ukraine, according to the report published on Tuesday.Article content“That solar uptick in the country has limited the electricity demand requirement from the national grid,” said Rabia Babar, a data manager at Renewables First, a think tank that focuses on energy and the environment. Without solar, “Pakistanis would have been more vulnerable to these price shocks,” she said.Article contentArticle contentMillions of factories, farmers, and households have switched to cheap solar panels from China, driving a 40% drop in Pakistan’s fossil fuel imports between 2022 and 2024, the researchers found. Additionally, the country is estimated to have saved $12 billion through reduced LNG imports in the past five years as cumulative imports of Chinese photovoltaics soared past 50 gigawatts, the report said.Article contentTo gauge Pakistan’s savings, researchers estimated the nation’s installed solar capacity and assumed a 15% capacity factor. Off-grid solar was assumed to replace diesel and on-grid solar to replace LNG. Article content—With assistance from Faseeh Mangi.Article contentTrending Subscriber only.
The United States is losing its grip on Canada's steel market Subscriber only Commodities Posthaste: Even Americans are getting fed up with Donald Trump's tariffs News Bank of Canada expected to hold interest rates as nation faces trade uncertainty, global conflict Economy Saint John's port is booming as Ontario shippers seek to dodge U.S. tariffs Economy Xanadu teams up with Telus to build Canadian quantum computing infrastructure Innovation Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Subscriber only.
The United States is losing its grip on Canada's steel market Subscriber only Commodities Posthaste: Even Americans are getting fed up with Donald Trump's tariffs News Bank of Canada expected to hold interest rates as nation faces trade uncertainty, global conflict Economy Saint John's port is booming as Ontario shippers seek to dodge U.S. tariffs Economy Xanadu teams up with Telus to build Canadian quantum computing infrastructure Innovation