External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Utilities / Thematic (Sector/Industry)

<ul><li>Pakistan’s power generation recorded at 127,159 GWh during FY25 flattish YoY. The overall year can be divided into 2 parts, in first 9MFY25, the power generation fell by 2% to 90,147 GWh, while in 4QFY25 the overall generation increased by 7% to 37,012 GWh. The recovery in latter part of the year helped rescuing full year loss in power generation.</li><li>The uptick in 4QFY25 power generation was led by diversion of captives to grid after government imposed off grid levy on captive users w.e.f. Feb 2025. Furthermore, the government also announced reduction in overall unit cost in Apr-Jun 2025 after using savings from negotiations with IPPs and relocation of PDL amount.</li><li>The average fuel generation cost was down by 2% YoY to Rs8.6/KWh in FY25 compared to Rs8.8/KWh in FY24.</li></ul>

Pakistan’s power generation recorded at 127,159 GWh during FY25 flattish YoY. The overall year can be divided into 2 parts, in first 9MFY25, the power generation fell by 2% to 90,147 GWh, while in 4QFY25 the overall generation increased by 7% to 37,012 GWh. The recovery in latter part of the year helped rescuing full year loss in power generation.The uptick in 4QFY25 power generation was led by diversion of captives to grid after government imposed off grid levy on captive users w.e.f. Feb 2025. Furthermore, the government also announced reduction in overall unit cost in Apr-Jun 2025 after using savings from negotiations with IPPs and relocation of PDL amount.The average fuel generation cost was down by 2% YoY to Rs8.6/KWh in FY25 compared to Rs8.8/KWh in FY24.

Pakistan Power - Generation Stabilizes After A Two-Year Fall; Generation Cost Down To Rs8.6/Unit In FY25