New privatisation plan unveiled for K Electric

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New privatisation plan unveiled for K Electric

*ISLAMABAD: The government has decided to unveil a new plan to make the privatization of the K-electric viable.*

The government has directed the KE to submit its record upto the June 30th, 2018 to concerned authorities, according to the sources.

The power utility will also submit the record of receivables, recovery and payments, sources said.

According to sources, the K-electric would also submit its record of arrears and recoveries against Sui Southern Gas Company. The company will also present its record of recovery and outstanding amount against the government departments and state entities.

The company has been directed against keeping any of its record secret, sources further said.

All record of the company will be submitted to court and it will be the court’s discretion to take any decision itself or appoint an adjudicator to decide the matter, sources said.

According to the sources, 33 percent shares of K-electric will be sold to Shanghai Electric Power under the new plan.

It is to be mentioned here that the Senate Standing Committee on Power Division was informed recently that liabilities were causing impediments in the privatization of K-Electric to Shanghai Electric Power.

Power Division Secretary Irfan Ali briefed the Senate panel that public departments and companies, including SSGC and the National Transmission and Despatch Company (NTDC) owed Rs 125bn to the power utility.

He said that KE owed Rs 90bn to Sui Southern Gas Company and Rs 35bn to NTDC.