Karachi: Officials of Privatisation Commission said that K-Electric has become profitable company.

It was revealed in meeting of Senate Standing Committee on Power which was chaired by Senator Saifullah Abru, in which briefing was given on affairs of K-Electric by Privatisation Commission.

Privatisation Commission officials said that K-Electric has become profitable company which was privatized for Rs 15 billion, on which Chairman Committee Saifullah Abru said that assets of K-Electric were very high. Commission officials said that K-Electric was privatised with losses and 4 companies participated in bidding. Chairman committee said that there is buzz on social media that K-Electric spent 478 billion rupees. K-Electric did neither give details to committee nor did it return revolving loan to government.

Senate Standing Committee, while asking for details of K-Electric’s investment of 478 billion rupees, directed company to end campaign of spending 478 billion rupees on social media.

Officials of Power Division said government committee is working on Terms of Reference (TOR) for renegotiation with K-Electric and this contract with K-Electric is in final stages.

Chairman Committee said that price of electricity has increased by 50 percent during one year, while officials of the Power Division said that capacity charges of Rs 10 per unit are imposed on consumers. Average tariff per unit became about Rs 30 in March 2023.

Chairman said that capacity charges should be frozen. Electricity bills have gone beyond reach of people. IPPs should be stopped from collecting capacity charges.

Published in The Daily National Courier, April, 06 2023

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