KE Makes another Payment to SSGC; Meets With the Provincial Minister of Energy to Apprise About Constraints

KE Makes another Payment to SSGC; Meets With the Provincial Minister of Energy to Apprise About Constraints

“As the shortfall is persisting round the clock, the utility is compelled to conduct load-shedding even during the night hours”, KE Spokesperson

Wednesday, 29 June, Karachi: Despite facing financial constraints, KE has made another payment of PKR 500 million to SSGC on 29 June 2022, bringing the total payout to over PKR 6 billion during the month.

Commenting on this KE Spokesperson said, “Despite ongoing financial challenges, KE continues to make payments to its fuel suppliers. We have made another payment of PKR 500 million to the SSGC on Wednesday, June 29, 2022.”

The leadership of K-Electric, including its CEO Mr. Moonis Abdullah Alvi, also met with the Provincial Minister of Energy Imtiaz Ahmed Shaikh and other representatives of political parties on Wednesday. The KE senior officials apprised them of the challenges being faced by the utility including the delay in the release of Tariff Differential Subsidies (TDS) claims and the rising cost of fuels for power production.

Commenting upon the development, the KE Spokesperson further said, “KE continues to face severe cash flow constraints amid the rising cost of fuel and delays in the release of TDS from the Federal Government which was also highlighted in the meetings with the Provincial Minister of Energy and the representatives of Political Parties. The honorable minister and political parties’ representatives were also apprised of the rising demand and supply gap owing to the surge in temperature as well as because of the shortage of imported fuel for power production. They were further briefed that due to the non-supply of indigenous gas, two power plants in KE’s fleet capable of 200 Megawatts remained non-operational for the past many months. As the shortfall is persisting round the clock, the utility is compelled to conduct load-shedding even during the night hours.”

While putting light on the power supply situation in the city, the spokesperson further added, “During last 24 hours, the average power supply to Karachi was 2850 Megawatts, including an average supply of 1000 Megawatts from the National Grid.”

About K-Electric

K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005 KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 km2 territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.