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MarketScreener Homepage  >  Equities  >  The Pakistan Stock Exchange  >  K-Electric Limited    KEL   PK0000501012

K-ELECTRIC LIMITED

(KEL)
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K Electric : In public hearing KE chief says power utility cannot be blamed for Karachi loadshedding

07/12/2020 | 10:32am EST

K-Electric chief executive Moonis Alvi has refused to accept responsibility for the power utilitys role in the persistent loadshedding issues faced by Karachi saying "KE cannot be blamed" and has instead faulted the federal government for delaying approval for import of oil.

A public hearing to discuss the longstanding loadshedding issues in Karachi which have taken a turn for the worse this year was held by the National Electric Power Regulatory Authority (Nepra) in Islamabad on Friday.

A number of public representatives technical experts representatives of different entities members of business community journalists and the consumers of Karachi participated.

Nepra Chairman Tauseef H Farooqui presided over the hearing and members of Nepra from all four provinces also participated.

'We have gathered here today to discuss the issue of loadshedding in Karachi' said Nepra Vice Chairman Saifullah Chatha. 'The authority will listen to all stakeholders present today.'

K-Electric chief executive Moonis Alvi told Nepra that loadshedding in Karachi has experienced a rise since June 22.

'Under normal circumstances load shedding in Karachi lasts between three to seven- and-a-half hours' the KE chief said.

Alvi said that Pakistan State Oil (PSO) had written to the federal government saying that the demand for furnace oil will not be met and had sought permission to import oil.

He said that KEs plants ran out of oil and not only KE but the governments thermal power plants also faced supply shortages.

'PSO got permission to import oil for KEs power plants after much delay' Alvi said.

The KE chief said that due to increased demand for electricity in the summer loadshedding has to be done even in areas otherwise exempt.

'Our request for additional power from the nation grid is never considered' he complained.

Alvi said that currently KE takes 720MW to 730MW from the national grid.

Chairman Farooqui taking into account the statement by the KE chief asked whether KE must be held responsible for Karachis electricity woes since June 22.

At this the KE chief vehemently denied being responsible. 'KE cannot be blamed for the current situation' he said.

Farooqui said that KE should have foreseen the increase in demand and planned to meet the shortfall in advance.

MNA Aftab Siddiqui said the power utility sends huge bills to small consumers. 'Why has KE not improved its electricity distribution system' he asked.

The Nepra chairman during the hearing also showed disapproval over the KE chief finance officer responding to customers queries instead of the chief executive during the video conference.

'Where is the CEO' asked Farooqui to which he was told that Alvi is away on a call with the power ministry.

'The CEO cannot get up and leave a court hearing' remarked the Nepra chairman adding that the power utility has frequently been taken to court over various matters.

Imtiaz Sheikh the power minister for Sindh thanked the Nepra chairman for conducted a public hearing.

'Karachi has a serious loadshedding problem. Nepra must come here and see for iteself' he said.

Sheikh said he doesnt wish to assign blame to anyone and invited the federal government to also come down to the city so the issue can be resolved 'once and for all'.

To this Vice Chairman Chatha responded by saying that the authority will soon pay the city a visit.

'Will Nepra end K-Electrics monopoly in Karachi' lawyers from Karachi asked the chairman.

'Nepra wants to create a competitive environment in the power sector' the Nepra chairman assured them.

All Pakistan Textile Mills Association (Aptma) Executive Director Shahid Sattar said the industry is not being provided power and the gas has been cut off too. 'Who will be responsible for the loss of the industry' he asked.

The Nepra chairman said the purpose of the hearing had been to gather all the facts and that a verdict will be issued at a later date.

© Pakistan Press International, source Asianet-Pakistan

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Financials
Sales 2020 289 B 1 800 M 1 800 M
Net income 2020 -2 959 M -18,4 M -18,4 M
Net Debt 2020 152 B 949 M 949 M
P/E ratio 2020 -28,1x
Yield 2020 -
Capitalization 113 B 707 M 707 M
EV / Sales 2019 0,86x
EV / Sales 2020 0,82x
Nbr of Employees -
Free-Float 9,24%
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Managers and Directors
NameTitle
Syed Moonis Abdullah Alvi Chief Executive Officer & Director
Shan-E-Abbas Ashary Chairman
Muhammad Aamir Ghaziani Chief Financial Officer
Mubasher Hussein Sheikh Non-Executive Director
Khalid Rafi Independent Director
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