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KESCKarachi Electric Supply Company Ltd. (Ministry of Water and Power; Pakistan)
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Khawaja Asif said that the KESC was privatized during Musharraf era while agreement was re-negotiated in the regime of Pakistan People Party (PPP).
However, in his remarks, Vice Chairman NEPRA Khawaja Naeem said KESC was deliberately generating less electricity, acquiring low cost power from NTDC and selling at higher prices to its consumers, which was a blatant violation of the agreement.
KESC said that the Honorable Sindh High Court through its order of Feb 28 this year permitted KESC to disconnect the power supply to the KWSB in case it failed to pay its current bills.
KESC Kicks Off Implementation on 560MW New Generation Plant For Karachi
KESC was put on the chopping block and the usual motley crowd of investors grabbed it at a price that may be called "peanuts".
Conversion of a portion of the total debt extended by the International Finance Corporation (IFC) and Asian Development Bank (ADB) into equity also reflected confidence of stakeholders in KESC, the rating company pronounced.
Having limited resources, KESC cannot bear the burden of Rs 600 million to 650 million every month.
While revealing the relevant fiscal and power receiving data, KESC made it clear that there had been no dispute of payment with NTDC as wrongly claimed by the Minister.
Objectives and Scope The project outcome will be that the satisfied consumers of electricity in Karachi have access to reliable supply of power at reasonable cost from a financially sustainable KESC, which is able to create value for its stakeholders.
He said that open session with KESC MD was held in Karachi on July 9 which was attended by people from cross-segment of the society and the press.
The KWSB authorities said that KESC should put an end to the misery as the citizens are suffering due to water shortage while the latter alleged that KWSB is neither following the court's order nor realizes the difficulties faced by the citizens.
Rs28 billion is the total amount which is payable by KESC to SSGC, clarified the official.