Pakistan's electricity and broader energy sector is no longer merely under strain; it is steadily collapsing under the weight of its own contradictions. The latest official performance reports lay bare the unsustainable business model propped up by subsidies and riddled with inefficiencies.

In the last fiscal year, the power sector's equity turned negative by Rs800 billion, with total liabilities swelling to Rs9.2 trillion against assets of Rs8.4 trillion. This is not a temporary imbalance but a........

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