K-Electric’s transformation from an under-utilized strategic asset before 2009 to a leading energy player today represents one of the global power industry’s most well-recognized operational turnaround stories and it is well positioned to build on its existing success, backed by competent management and leadership teams, said the Chief Executive Officer (CEO) of K-Electric (KE) Moonis Abdullah Alvi at the third Financial Reform for Economic Development (FRED III) Forum held in Karachi on Monday.
The event was jointly organized by the World Bank and the Confederation of Asian and Pacific Accountants (CAPA) and hosted by the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan).
Alvi, while addressing the ceremony, said that the KE remains fully committed to further improve the availability and reliability of power supply to customers across its network and to ensure the growth of economy of Karachi and Pakistan.
In response to a question regarding the challenges to attract and involve the private sector, Alvi stated that attracting the investors is not a big challenge for Pakistan since its higher growth rates and growing population makes it quite appealing for investors; the real challenge is to ensure that the investment is materialized through dependable commitments, simple processes and an investment-friendly regulatory framework.
He shared that over US 2 billion dollars have been invested since 2009 in Karachi’s power infrastructure which has substantially improved the services for consumers and businesses. Amongst other initiatives, the company added 1,057 MW of generation, reduced line losses and exempted over 70% of Karachi from load-shed including all industrial zones and strategic installations. Alvi further said that the continuous stream of investment from KE has further strengthened the power infrastructure and “reinforced its long-term commitment to serve the people of Karachi”.
During his concluding remarks he stated that the greater investment in the energy sector can be encouraged through policies that are consistent over a longer-term and the policies should be both consumer and investor friendly.
Published in Daily Times, September 26th 2018.
