June 15, 2023 – Business Observer

June 15, 2023

Hitachi Energy wins order for first subsea electricity interconnection between France and Spain

HVDC link improves the security and quality of power in the region, advancing the integration of emission-free energy

Zurich, Switzerland, June 15, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, today announced it won an order from Electricity Interconnection France-Spain (Inelfe), the joint venture bringing together operators of the Spanish (Red Eléctrica) and French (RTE) electricity transmission networks, in charge of the construction and commissioning of all cross-border connections between both countries, to supply four high-voltage direct current (HVDC) converter stations to interconnect France and Spain via a subsea cable across the Biscay Gulf.

The Biscay Gulf interconnection, labeled as project of common interest (PCI) at the European level, will consist of two HVDC links, with a converter station at each end of both systems. Combined, the links will efficiently supply a total of 2,000 megawatts (MW) of electricity at 400 kilovolts (kV) over 400 kilometers (km). Providing the equivalent of the power consumption of more than two million households¹, the links will improve the safety, stability, and quality of the electricity supply between the two countries. It will advance the integration of emission-free electricity and create a more efficient system to generate savings that benefit consumers and the rest of Europe.² Most of the link will be underwater, but a short section of the link cable route will return to land to avoid the deep Capbreton Canyon.

“Cross border, and often subsea, interconnections are vital to Europe’s increasingly interconnected grid,” said Niklas Persson, Managing Director at Hitachi Energy’s Grid Integration business. “Through our pioneering HVDC technology, we enable Inelfe to accelerate the two countries’ sustainability goals, improving the safety, stability, and quality of electricity supply between France and Spain and the rest of Europe.”

Inelfe (Interconexión Eléctrica Francia-España or Electricity Interconnection France-Spain) was set up following the 2008 Zaragoza Agreement, between the governments of Spain and France, with the mission to enhance the exchange of electricity between the two countries. The resulting infrastructure doubled the interconnection capacity between France and Spain from 1,400 MW to 2,800 MW today. With the Biscay Gulf interconnection, the capacity to exchange power will soon reach 5,000 MW.³

In line with its Purpose to champion the urgency of a clean energy transition through innovation and collaboration, Hitachi Energy is collaborating with VINCI, an industry leader in energy and construction. Together the two companies will provide an advanced solution for the Biscay Gulf project by delivering the engineering and power technologies and the construction of the converter stations. The collaboration with VINCI will leverage the core competencies of the two companies to deliver a best-in-class solution for the project.

Note to editors:
Hitachi Energy’s HVDC solution combines world-leading expertise in HVDC converter valves; the MACH digital control platform⁴, converter power transformers and high-voltage switchgear; as well as system studies, design and engineering, supply, installation supervision and commissioning.

HVDC Light^® is a voltage source converter technology developed by Hitachi Energy, which was launched over 25 years ago. It is the preferred technology for many grid applications, including interconnecting countries, integrating renewables and “power-from-shore” connections to offshore production facilities. HVDC Light’s defining features include uniquely compact converter stations and exceptionally low electrical losses.

Hitachi Energy pioneered commercial HVDC technology almost 70 years ago and has delivered more than half of the world’s HVDC projects.

1 https://www.odyssee-mure.eu/publications/efficiency-by-sector/households/electricity-consumption-dwelling.html
2 https://www.inelfe.eu/en/projects/bay-biscay
3 https://www.inelfe.eu/en/about-inelfe
4 Modular Advanced Control for HVDC (MACH)

HVDC website:
https://www.hitachienergy.com/offering/product-and-system/hvdc

About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

Attachments

Jocelyn Chang
Hitachi Energy
jocelyn.chang@hitachienergy.com

GlobeNewswire Distribution ID 8858785

June 15, 2023

Rupee Rises Against US Dollar, Euro, Saudi Riyal After Late Bid to Revive IMF Deal

The Pakistani rupee rebounded against the US Dollar during intraday trade today after opening trade at 287.5 in the interbank market, pushing higher by over Rs. 4 in a matter of hours.

The Pakistani rupee was bullish all day with the interbank rate rising as high as 283.425 and staying at that level. Open market rates across multiple currency counters (undocumented) still remained above 300 to as high as 309 while a few channels managed 311.

Pertinently, a few documented channels managed as high as 295 against the greenback.

At today’s close, the PKR appreciated by 0.28 percent and closed at 287.18 after gaining 79 paisas today.

PKR gains were somewhat welcomed by traders saying that despite the massive gap, open and interbank rates were gradually converging. “Demand for the US Dollar in the market has dropped for the first time since Hajj fever. Despite this, expect the exchange rate to be under pressure tomorrow. We made a substantial payment on maturity to China, and central bank reserves have dropped below $3 billion without near-term security on external inflows from creditors who are refusing assistance without the IMF’s say-so. Continuing engagement with the IMF would encourage financing from bilateral partners,” one of them commented.

Pertinently, authorities successfully paid off a Chinese commercial loan of $1 billion on Monday. A top-level harbinger working in Islamabad confirmed that the government is working to get another rollover and Chinese authorities have signaled intent in its favor.

Only 17 days remain till the IMF’s current program expires, and the government has made one final attempt to acquire $1.2 billion from the remaining $2.6 billion in loans. The entire cost of the program is $6.5 billion, with $3.9 billion already dealt with.

Another trader said, “FY24 will be a roller-coaster. Money players see businesses gasping for air till the October-December quarter, but look forward to making capital and the rupee back in recovery mode. The tricky part would be settling $23 billion in external debt payments during the period. Things could go south very easily”.

Overall, the rupee is down nearly Rs. 61 since January 2023. Since April 2022, it is down over Rs. 109 against the greenback. As per the exchange rate movements witnessed today, the PKR has gained 79 paisas against the dollar today.

The PKR was bullish against most of the other major currencies in the interbank market today. It gained 21 paisas against the Saudi Riyal (SAR), 21 paisas against the UAE Dirham (AED), 34 paisas against the Australian Dollar (AUD), and Rs. 1.02 against the Euro (EUR).

Source: Pro Pakistani

June 15, 2023

No Respite As Rupee Again Falls Against US Dollar

The Pakistani rupee reversed gains against the US Dollar during intraday trade today after opening trade at 287.225 in the interbank market, initially pushing higher by over Rs. 5 in a matter of hours.

The Pakistani rupee was bullish earlier today with the interbank rate rising as high as 282.86 and staying at that level. However, open market rates across multiple currency counters (undocumented) still remained above 300 to as high as 310 while a few channels managed 312.

A few documented channels managed as high as 297 against the greenback.

At today’s close, the PKR depreciated by 0.07 percent and closed at 287.37 after losing 19 paisas today.

PKR losses were expected by traders who recalled yesterday’s forecast of bears fighting back against the exchange rate. “Government liquidity and external vulnerability pressures are once again pulling the rug from below. The IMF has issued its clearest response to Pakistan on issues with the budget for FY24, which prompted additional projections of unlikely access to market financing at cheap rates. Banks won’t help; our bonds are uncertain. Sentiments are painting a red canvas and the PKR will continue to get splashes unless macros improve,” one of them commented.

Pertinently, the IMF on Wednesday raised serious objections to the federal budget for fiscal year 2023-24.

“The new tax amnesty runs against the program’s conditionality and governance agenda and creates a damaging precedent. Measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy. The IMF team stands ready to work with the government in refining this Budget ahead of its passage,” the lender’s resident rep in Pakistan Esther Perez Ruiz said in a statement.

Another trader said, “Rating agencies are ringing up default bells while Ishaq Dar continues to deny the possibility. A default event would, if hidden, could permanently damage the PKR”.

The PKR was bearish against most of the other major currencies in the interbank market today. It lost four paisas against the UAE Dirham (AED), five paisas against the Saudi Riyal (SAR), 96 paisas against the Pound Sterling (GBP), Rs. 1.03 against the Euro (EUR), and Rs. 1.11 against the Australian Dollar (AUD).

Conversely, it gained 43 paisas against the Canadian Dollar (CAD) in today’s interbank currency market.

Source: Pro Pakistani

June 15, 2023

Usage of 4G Phones and Data Increased in FY23

Pakistan has achieved 54.1 percent broadband penetration over the past 8 years.

According to a document available with ProPakistani, out of the total, 52.8 percent constitutes mobile broadband and 1.3 percent fixed broadband penetration.

The document added that with the expansion of broadband penetration usage of smartphones increased. Usage of 4G phones increased from 32 percent in 2019 to 53 percent in 2023.

The usage of 3G decreased from 13 percent in 2019 to 3 percent in 2023 whereas the usage of 2G decreased from 56 percent to 44 percent in the last 5 years.

Increased penetration of broadband services has resulted in an increase in data usage over the past few years. In FY22, mobile data usage of 8,970 petabytes was reported, indicating a 31 percent increase from the previous year. Based on the figures from the last few months of the current financial year, it is expected that mobile data usage will reach 10,633 petabytes during FY23.

During FY21, the data usage was 6,855 petabytes whereas in FY20 data usage was 4,510 petabytes. During FY19, the data usage was 2,493 and in FY17 data usage was 1,262 petabytes.

According to the document, during FY22, mobile subscriptions registered a healthy annual growth of 6 percent. The cellular mobile segment was the main contributor toward overall growth in subscribers and tele density.

At the end of March 2023, the total telecom subscriptions (mobile and fixed) were 197 million and total teledensity in the country reached 83.2 percent.

Due to the economic slowdown a slight decline in cellular mobile subscribers and teledensity has been witnessed during July-March FY23.

Source: Pro Pakistani

June 15, 2023

SBP Reserves Cross $4 Billion Mark After Increase of $107 Million

After declining for six straight weeks, the foreign exchange reserves held by the central bank increased by 2.7 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 9, the foreign currency reserves held by the SBP were recorded at $4.019 billion, up $107 million compared to $3.912 billion on June 2.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $9.378 billion, up $43 million over the previous week. The net reserves held by banks stood at $5.360 billion, registering a decrease of $63 million during the week.

The increase means that the country’s import cover has improved marginally. According to Arif Habib Limited, despite the increase, the reserves are not enough to cover one-month imports.

It is pertinent to mention here that according to a report in Express Tribune, a $1 billion payment to China was made on Monday (June 12), which has pushed reserves below $3 billion.

Source: Pro Pakistani

June 15, 2023

Jubilee Life Insurance Sends-Off Pakistan Contingent to Special Olympics World Games at Berlin

Jubilee Life Insurance, Pakistan’s largest private sector insurance company, proudly supported the send-off event for the Special Olympics Pakistan contingent participating in the prestigious Special Olympics World Games, Berlin, 2023.

The reception, organized and hosted by Ronak Lakhani, Chairperson of Special Olympics Pakistan, was held in Karachi to honor the athletes and showcase the spirit of inclusivity.

Jubilee Life Insurance recognizes the importance of promoting sports and embracing diversity across all segments of society. As a responsible corporate social entity, Jubilee Life Insurance is committed to supporting initiatives that foster inclusivity and provide equal opportunities for special individuals.

Farhan Akhtar Faridi, Group Head – Retail Operations, Marketing, and Administration, Jubilee Life Insurance, expressed his enthusiasm about supporting the Special Olympics Pakistan contingent, “At Jubilee Life Insurance, we firmly believe in the power of sports to bring people together and include everyone from different segments of the society.

It is an honor for us to contribute to the success of the Special Olympics Pakistan team, and we wish them the very best in their endeavors at the Special Olympics World Games.”

The send-off reception brought together a diverse gathering of athletes, coaches, parents of the participants, Special Olympics Pakistan’s Brand Ambassador, Yasmin Haider, renowned actress Sarwat Gilani, and other esteemed dignitaries.

The event served as a platform to celebrate the exceptional achievements of the Special Olympics Pakistan contingent, who will be representing the nation with pride at the Special Olympics World Games.

The Special Olympics World Games, scheduled from June 17 to 25, is a remarkable international event that showcases the extraordinary talents and abilities of athletes with intellectual disabilities.

Pakistan is sending a strong contingent comprising 87 athletes and 30 coaches, who have undergone rigorous training and demonstrated exceptional skills to secure their place in this prestigious competition.

Jubilee Life Insurance remains dedicated to its vision of serving the community and creating a positive impact on society. Through its support of different initiatives, the company continues to demonstrate its commitment to building a more inclusive and accepting society.

Source: Pro Pakistani