K-Electric delays 9MFY24 financial statement amid MYT approval hurdles

MG News | April 29, 2024 at 10:38 AM GMT+05:00

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April 29, 2024 (MLN): Due to the absence of approved MYT granted post June, the financial statements of K-Electric Limited (PSX: KEL) for the nine months period ended on 31 March 2024 cannot be finalized within the stipulated timeline.

KEL communicated this information through its most recent filing on the Pakistan Stock Exchange (PSX).

It further stated that the company continues to engage with the National Electric Power Regulatory Authority (NEPRA) to ensure a timely conclusion.

KEL is a regulated entity under the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 (NEPRA Act) and prepares its financial statements in accordance with the tariff determined by the NEPRA.

To note, KEL was awarded an integrated Multi-Year Tariff (MYT) by NEPRA for a control period of 7 years that expired in June 2023.

Hence, due to the absence of the MYT adjustment by NEPRA, the company has postponed the release of its financial statements for 9MFY24.

It may further be noted that KEL has already apprised both of its apex regulators, that is, NEPRA and the Securities and Exchange Commission of Pakistan (SECP) on the subject matter.

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