ISLAMABAD: K-Electric (KE) said on Thursday that no “final warning” has been issued to it by the federal government.
Commenting on media reports, a spokesperson for KE said that “with respect to the media reports on the recent meeting of the Economic Coordination Committee (ECC), KE wishes to clarify that it has not received any intimation nor has any discussion been had with K-Electric’s Senior Leadership confirming the veracity of these statements.
"We understand that a four-member committee has been constituted comprising senior representation from the Federal Government to advance the conversation. KE will await the committee’s decision.
“In the greater interest of Karachi’s consumers and the goodwill that exists between KE and the Government of Pakistan, such damaging speculation can and must be avoided.
"The matter of KE’s payables and receivables with the Federal Government and subordinate entities is already in the public domain and has been under discussion with all stakeholders for an amicable and expeditious resolution, with positive progress thus far.
"Historically, KE has already been following the net-off mechanism in the purchase of 650 MW from the National Grid. It was designed specifically to bring transparency and efficiency in the process of reconciling payables and receivables, and reduces the financial burden on the Federal Government as well as KE. Proper implementation of the mechanism can assist in preventing further accumulation of circular debt which is a key priority for the Federal Government.
"To the best of our knowledge no 'final warning' or any such comment has been issued from any level of the Federal Government to KE,” spokesperson concluded.—PR
Copyright Business Recorder, 2021
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