LAHORE: The Lahore Electric Supply Company (Lesco) Board of Directors (BOD) has approved procurement of 487,000 single phase and 30,500 three phase electricity meters.

The approval was accorded by the Board in its 257th meeting held at the Lesco headquarters on Friday with Mian Muhammad Nauman in the chair. Other board members were also present on the occasion. Chief Executive Officer (CEO) Lesco Ch Muhammad Amin also attended the meeting.

The Board also approved relief package of Rs330 million for the families of those employees dying on duty while performing their official tasks. It has also approved supplementary budget under the head of development budget of the company.

Furthermore, the Board extended approval for multi-year tariff petition from 2023-24 to 2027-28 before the National Electric Power Regulatory Authority (Nepra).

It also accorded approval to the application for the license under the new competitive market strategy of Nepra. The market operators would be taken as partners of the company under the strategy while the Board also approved registration of all the service providers.

The Chairman of the Board said the objective of Competitive Trading Bilateral Contract Market (CTBCM) of Nepra is to shape up an effective, comprehensive and transparent wholesale electricity market in the country and the Lesco is all set to spearhead the initiative.

Copyright Business Recorder, 2023