Reading FY2025’s Generation Mix: Hydro, Nuclear, and Coal Shares

Credit analyses published around Thar operators’ FY2025 performance sketched a national generation picture that deserves wider attention. Pakistan’s power sector generated 127,160 GWh in FY25, about six per cent below the reference target, against installed capacity reported at 45,888 MW. Missing the reference target while carrying tens of gigawatts of installed capacity is the signature of Pakistan’s surplus-and-shortage paradox. First, further imported-coal contracting looks harder to justify when local coal and hydro-nuclear already supply large shares and when dollar scarcity persists.

Nuclear’s near one-fifth share is a quiet success of firm low-carbon energy. Industrial users reading these shares want one thing: a lower, more predictable bill. September is a good month for an annual mix briefing that joins NEPRA, ISMO, and CPPA-G data into one reconciliation.