The Senate Standing Committee on Power recently reported that Rs474 billion has been invested in K-Electric since it went private in 2005.
The Senate Committee, chaired by Saifullah Abro, was also informed that K-Electric owes Rs475 billion to federal and provincial domains.
Since the firm’s privatization, the government has sold approximately 72.3% of its shares and turned it into a private company, according to K-Electric CEO Monis Alvi.
The government now owns 24.6% of its shares, and there are 13 directors in total, with three from the government and ten from the private sector, according to the statement.
However, the Senate recommended that the CEO provide a detailed in-camera briefing on the status of the renewal of the agreement between the government and K-Electric, which includes the process of privatization, performance and working, and a status update on distribution and generation. While outstanding issues will be addressed at the next meeting of both parties.
The Committee also discussed the details of electricity provided to Balochistan, including agricultural tuebwells, as well as its recovery and revenue, as well as the subsidies received by the governments of Pakistan and Balochistan from the beginning to the present.
The Committee recommended that a team of 2-3 members visit Balochistan and verify the number of metres installed on the 1434 agricultural tubewells for which K-Electric provided electricity.
To read our blog on “Instructions To Minimize The Risk Of Mis-operations In Your Bulk Electric Systems,” click here