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DISCO losses drain Rs397b in FY25 | The Express Tribune
NEPRA report reveals fiscal fixes cut circular debt, but utility performance remains poor
ISLAMABAD:
Pakistan’s public-sector power distribution companies continued to miss key performance benchmarks in FY2024-25, as excessive transmission and distribution (T&D) losses and recovery shortfalls remained the main sources of financial stress in the electricity supply chain, according to the National Electric Power Regulatory Authority’s (NEPRA) State of Industry Report 2025.
NEPRA data showed that DISCOs recorded average T&D losses of 17.55% during the year, far higher than the allowed limit of 11.43%. The excess losses created an unrecovered financial impact estimated at Rs265 billion. Despite repeated targets and regulatory oversight, most utilities failed to narrow the gap. The report pointed to persistent inefficiencies, outdated infrastructure and weak enforcement against theft and losses.
Recovery performance also remained below benchmarks. DISCOs achieved an overall recovery rate of 96.62% against the allowed 100%. This resulted in a recovery shortfall of about Rs132.46 billion. Several utilities posted significantly lower recovery ratios, with some falling below 40%. The data highlighted long-standing weaknesses in billing accuracy, collection systems and governance structures.
NEPRA attributed the shortfalls to widespread practices such as incorrect meter readings, excessive detection billing and the issuance of bills to inactive and government accounts that are unlikely to be settled. These practices inflated receivables without generating actual cash recoveries, increasing financial pressure across the sector.
The continued underperformance of public-sector DISCOs remained a key driver of circular debt accumulation. Although the overall stock of circular debt declined in FY2024-25 after exceeding Rs2.39 trillion a year earlier, NEPRA observed that the reduction was largely the result of fiscal measures rather than operational improvements. Public-sector distribution companies remained the dominant contributors.
By contrast, K-Electric (KE), the country’s only privatised distribution utility, did not add to circular debt during the period under review. NEPRA noted that KE absorbed the financial impact of higher losses and lower recoveries internally instead of passing them on to the wider power market. However, KE consumers continued to pay the Debt Servicing Surcharge (DSS), under which Rs35.76 billion was collected on behalf of the federal government.
Operational challenges also extended to workplace safety. Fatal accidents across DISCOs and KE totalled 123 during FY2024-25, compared with 146 in the previous year. NEPRA said each fatality reflected serious deficiencies in safety practices and organisational culture, particularly in public-sector utilities.
Consumer service performance also remained under strain. NEPRA received more than 96,000 consumer complaints through its head office, regional offices and digital platforms during the year. Public-sector DISCOs accounted for most unresolved cases, particularly those related to billing disputes, delayed connections and service quality.
In its assessment of sector reforms, NEPRA noted that nearly three decades after unbundling, most DISCOs remain government-owned, administratively managed and commercially fragile. The regulator concluded that without meaningful structural reforms, circular debt will continue to be passed on to consumers through higher tariffs and fiscal support.
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Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial
Intellia Therapeutics, building exterior and company sign, Cambridge, Massachusetts, USA.
Spencer Grant | Universal Images Group | Getty Images
Intellia Therapeutics said its Crispr-based treatment for a rare swelling condition met its goals in a late-stage trial, marking a milestone for the field of gene editing and putting the company on track to seek approval from the U.S. Food and Drug Administration.
The company’s treatment uses Nobel Prize-winning technology Crispr to edit DNA and turn off the gene that controls production of a peptide that’s overactive in people with hereditary angioedema, causing them to experience potentially life-threatening swelling attacks. Intellia’s treatment is administered once through an hourslong infusion, making the edits directly in the liver.
Intellia said the one-time treatment reduced attacks by 87% compared with a placebo, meeting the study’s main goal. Six months after treatment, 62% of patients were free from attacks and weren’t using other therapies, Intellia said.
The company described the safety and tolerability of the treatment as “favorable,” reporting the most common side effects were infusion-related reactions, headaches and fatigue. Analysts were closely watching safety in the trial since a patient in a separate trial of a different treatment from Intellia died. That patient developed a liver injury and ultimately died from septic shock following an ulcer, according to the company.
“When you think about where we started with Crispr, just 12 years ago with some of the fundamental insights, I think there was a lot of talk about what might be possible, and we’ve had reports along the way in terms of milestones, but this is the first Phase 3 data in any indication with in vivo Crispr where you’re actually changing a gene that causes disease,” said Intellia CEO John Leonard.
The only FDA-approved Crispr-based medicine comes from Vertex Pharmaceuticals. Called Casgevy, the gene editing is done outside the body, or ex vivo. The process requires collecting a person’s blood cells, making the edits outside the body, then reinfusing them back into a patient. Intellia’s treatment, meanwhile, makes the edits inside the body, or in vivo.
Intellia said it has started a rolling application with the FDA and plans to complete the filing in the second half of this year. The company expects to launch the treatment in the U.S. in the first half of next year, if it’s approved.
If approved, Intellia’s treatment, lonvoguran ziclumeran, will compete with about a dozen other chronic drugs for HAE. Despite the allure of a one-time treatment, genetic medicines haven’t always been a commercial successes. BioMarin withdrew its gene therapy for Hemophilia A because of weak sales, for example.
Leonard said there are important differences between the two, like the fact that BioMarin’s therapy faced questions about how long the effects would last. In contrast, he said Intellia hasn’t seen a single case in almost six years where the effects diminished over time.
Despite the results, he’s reluctant to call Intellia’s treatment a functional cure.
“I think this is a tipping point for the disease and tipping point for Crispr-based in vivo therapy where you can make a change [and] it’s permanent,” Leonard said. “And, as far as we can tell, we don’t have a single patient in this program or other program where there’s been any waning of the effect of what we did to the gene or the effect of what we’ve seen with the clinical aspects of the disease itself. So it’s pretty exciting.”
Clarification: This story has been updated to clarify that a patient in a separate trial of a different treatment from Intellia developed acute liver injury and ultimately died from septic shock following an ulcer.
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