KARACHI: Karachi Electric Supply Company KESC's present management injected around US$1.5billion in equity and debt including $300 million fresh equity that is part of $361 million investment, agreed and committed by KESC management.
Clarifying reports in a section of press, KESC said it was only due to credibility and professionalism of its management, that IFC, ADB, OeKB, local and foreign banks shown confidence and provided KESC funding for many completed and on-going projects.
It was due to huge, unprecedented investment that KESC was able to add fresh generation capacity of 1000MW in short span of time, overhaul old plants, transmission lines, significantly enhance distribution capacity, considerably improve its technical, service capability. The $450 million, flagship gas-fired 560MW power plant at Bin Qasim is already functional and its combined cycle efficiency is one of best in the region.
KESC chalked out load shedding policy which differentiates between low loss, medium loss, high loss, very high loss areas. Load shedding is determined on basis of loss profile of feeder, i.e. low loss (Zero hours), medium loss (3 hours), high and very high loss feeders (4.5 to 7.5 hours). KESC recognizes importance of industrial and strategic consumers and as a result instilled a zero load shedding policy for these customer types for last 3 years.
KESC undertaken number of steps to reduce dependence on gas, achieve fuel diversification, signed $200 Million JDA with a Hong Kong-based firm, BEEGL for converting FO-based units at BQPS-1 to coal.
Starting with Phase I (2 units of 210MW) and recently signed MoU with same firm for setting up fast track coal projects of up to 1000MW in Karachi. It is also working to develop waste to energy project which will convert cattle manure from Landhi Cattle Colony and organic food waste to produce electricity and bio-fertilizer.
KESC also plans to set up 300MW coal fired power plant at Thar. A Joint Development Agreement between KESC and Oracle Coalfields has been signed. KESC, after privatization, not received a single rupee from government to subsidize its operations, press release said.
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