Finance Minister reiterates resolve to restructure power sector

Federal Minister for Finance and Revenue Muhammad Aurangzeb Tuesday reiterated the government’s commitment to structural reforms in the power sector in order to improve its efficacy and service delivery, according to a statement issued by the Finance Division.

The finance minister made the comment during a meeting with Mark Skelton, Chairman of the Board of Directors of K-Electric, to discuss the company’s plans for meeting Karachi’s rising energy demands and its move to renewable energy sources to provide port city residents with affordable and sustainable energy.

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Senior representatives from the Finance Division were present at the meeting, along with Javed Kureishi, Member Board of Directors KE, Mubasher H. Sheikh, Member Board of Directors KE, Moonis Alvi, CEO KE, Imran Qureshi, Chief Regulatory Affairs KE, and M. Aamir Ghaziani, CFO KE.

“The KE team briefed the minister regarding its plans to include renewable in its generation mix, with a view to lowering Karachi’s electricity costs,” the statement read.

The KE officials also briefed the minister on additional actions to enhance the quality of services provided to Karachi residents.

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Speaking at the meeting, the minister explained the structural adjustments being made to the power sector, like the reconstitution of Discos’ Boards of Directors, which entails reducing the number of government nominees and including professionals from the private sector in an attempt to improve overall service delivery and board efficiency.

He announced the start of the privatisation process for three discos, reiterating the government’s commitment to guaranteeing private sector participation in all government-owned gencos and discos.

The minister also commended K-Electric for taking the initiative to increase investment in and expand its energy and distribution operations, and he pledged full support for the company’s efforts to switch to renewable energy sources and provide more inexpensive, accessible electricity using domestic resources.