Finance Minister vows to restructure power sector

ISLAMABAD: Federal Minister for Finance, Senator Muhammad Aurangzeb, reviewed the ongoing structural reforms in the power sector aimed at improving efficiency and service delivery.

During the meeting, the finance minister highlighted that the reforms include reorganizing the boards of directors of distribution companies (Discos) by bringing in private sector specialists and reducing the number of government-appointed members. This, he explained, would enhance the effectiveness of the boards and improve the overall quality of services provided.

These remarks were made during a meeting with K-Electric (KE) Chairman of the Board, Mark Skelton, along with other KE officials, including Javed Kureishi, Mubasher H. Sheikh, CEO Moonis Alvi, and Chief Regulatory Affairs Imran Qureshi. Senior officials from the Finance Division were also in attendance.

The meeting focused on K-Electric’s plans to meet Karachi’s growing energy demands and the company’s shift towards renewable energy sources to provide affordable and sustainable energy to the city.

The KE team updated the minister on their renewable energy initiatives aimed at lowering electricity costs for Karachi, along with other steps to improve service delivery for the city's residents.

The finance minister reaffirmed the government’s commitment to encouraging private sector participation in all government-owned Discos and Gencos, noting the initiation of the privatization process for three Discos in line with the Prime Minister’s vision of enabling the private sector to drive economic growth.

He also praised K-Electric’s ongoing investment and expansion efforts and assured full support for its transition to renewable energy and the production of cheaper, sustainable electricity using domestic resources.