ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, underscored the government's commitment to overhauling Pakistan's power sector during a meeting on Tuesday.

The minister highlighted ongoing structural reforms aimed at enhancing efficiency and service delivery within the sector. Key among the reforms is the reconstitution of the Boards of Directors for distribution companies (Discos). The government is reducing the number of government nominees on these boards while increasing the presence of professionals from the private sector. This move is intended to inject new perspectives and operational efficiency into the boards, ultimately improving overall service delivery. Senator Aurangzeb made these comments during a session with the Chairman of the Board of Directors for K-Electric, Mark Skelton. The meeting was attended by several key figures from K-Electric, including Javed Kureishi, Mubasher H. Sheikh, Moonis Alvi, Imran Qureshi, and M. Aamir Ghaziani, alongside senior officials from the Finance Division. The discussions focused on K-Electric's strategy to address Karachi's growing energy demands and its transition towards renewable energy sources.

The K-Electric team outlined their plans to integrate renewable energy into their generation mix, aiming to reduce electricity costs for the city. They also shared updates on other initiatives designed to enhance service delivery for Karachi's residents. Senator Aurangzeb reiterated the government's resolve to facilitate private sector involvement in all government-owned discos and generation companies (gencos). He pointed out that the privatization process for three discos has already commenced, aligning with the Prime Minister's vision to empower the private sector in leading the country's economic growth. The Finance Minister expressed his appreciation for K-Electric's efforts in expanding its energy and distribution operations. He commended the company's plans to invest in renewable energy and assured that the government would provide full support for these initiatives. This includes facilitating the transition to renewable sources and ensuring the production of more affordable energy through the utilization of domestic resources. This meeting reflects the government's broader strategy to revamp the power sector, which has been plagued by inefficiencies and financial instability. By involving private sector expertise and focusing on renewable energy, the government aims to create a more sustainable and economically viable power sector.

The ongoing reforms and K-Electric's proactive measures are expected to play a crucial role in addressing Karachi's energy challenges and setting a precedent for the rest of the country. As Pakistan continues to grapple with energy demands and economic pressures, these steps are seen as essential for achieving long-term stability and growth in the power sector.