The National Electric Power Regulatory Authority (NEPRA) has issued its decision on K-Electric’s (KE) write-off petition, allowing partial claims of PKR 50 billion against the company’s claims worth PKR 76 billion pertaining to the Multi-Year Tariff (MYT) control period spanning FY17 – FY23.
According to K-Electric CEO Moonis Alvi, “With this decision, majority of items pending to the previous control period have come to a close. KE looks forward to the MYT for the control period spanning FY 24 to FY 30, committed to meeting its serviced territory’s energy needs.”
The decision was released after public hearings and extensive deliberations that allowed all stakeholders to voice their concerns that were addressed by KE management. The submissions to NEPRA underwent strict internal scrutiny as well as external verification by well-accredited and renowned audit firms as required by the NEPRA in line with KE MYT 2017-2023.
“These costs were part of the Multi-Year Tariff awarded to the utility for the period 2017-2023, and have been approved after stringent benchmarks, audits and fulfillment of conditions laid down by NEPRA in its tariff determination,” said Muhammad Aamir Ghaziani, Chief Financial Officer at KE.
ABOUT K-ELECTRIC:
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The majority shares (66.4%) of the Company are owned by KES Power, a consortium of investors including Al-Jomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a shareholder (24.36%) in the Company while the remaining are listed as free float shares.
