Karachi: In a significant development for Karachi’s energy sector, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb convened a meeting with Mr. Mark Skelton, Chairman of the Board of Directors at K-Electric, to discuss the utility company’s future plans in addressing the city’s increasing energy requirements and its shift towards renewable energy sources. The meeting aimed at exploring strategies for ensuring affordable and sustainable energy solutions for Karachi’s residents.
According to Ministry of Finance announcement issued on 10 September 2024, the discussions also included other senior officials and members from K-Electric’s Board of Directors such as Mr. Javed Kureishi, Mr. Mubasher H. Sheikh, Mr. Moonis Alvi, CEO of K-Electric, Mr. Imran Qureshi, Chief Regulatory Affairs, and Mr. Aamir Ghaziani, CFO of K-Electric. The team from K-Electric presented their initiatives for incorporating renewable energy into their generation mix, which is expected to reduce the electricity costs for the city. They also briefed the Minister on various other measures being undertaken to enhance service delivery to Karachi’s populace.
During the meeting, Minister Aurangzeb highlighted the ongoing structural reforms within the broader power sector, including the reconstitution of Boards of Directors for Distribution Companies (Discos) by recruiting professionals from the private sector and decreasing the number of government nominees. These reforms aim to boost efficiency and improve service delivery across the board.
The Minister reiterated the government’s commitment to foster private sector involvement in all state-owned distribution and generation companies (discos and gencos) and mentioned the initiation of the privatization process for three discos, reflecting the Prime Minister’s vision to empower the private sector to spearhead economic growth.
Additionally, the Minister commended K-Electric for its efforts towards further investment and expansion in energy and distribution operations. He assured full support from the government for K-Electric’s endeavors to transition to renewable energy sources and to produce cost-effective and affordable energy utilizing domestic resources.