Mr. Yundan Wang, Chairman, Shanghai Electric Power Company (SEPC), senior representatives of Abraj Group and K-Electric along with their respective delegations called on Mr. Daniyal Aziz, Minister for Privatization today. Matters concerning the transition of K-Electric to the new prospective company came under discussion specifically the emphasis was laid on processing of N.O.C. for the transaction.
The SEPC delegation briefed the Minister about their investment plan to revitalize K-Electric. Chairman Yundan informed of SEPC plan to invest $9.0 billion in KE by 2030 in order to upgrade transmission and generation capacity of KE. He hoped that their plan would change the prospects and perspectives of KE as a service provider in the power sector.
Chairman Yundan also said that SEPC is responsible for generating one third of world’s power and they intend to replicate their successful experiences in Karachi as well. The Minister also appreciated KE’s performance in the previous years that has brought visible changes in the system and hoped that collaboration with SEPC will help in improving the KE system further as well.
Chairman Yundan described to the Minister of the Privatization Commission the innovative plans of SEPC to introduce new technology to generate new electricity including the use of renewable sources. He explained that different sites are being identified to kick start projects that will supplement generation of K-Electric along with traditional sources.
He also briefed the Minister about his plans to stop leakages but emphasized that socio-economic development of the target areas can play a major role in changing attitudes and in improving governance as well as recoveries.
He also shared that KE will continue to extend electricity to designated hospitals as their social responsibility. It was also shared that special emergency generation vehicle to restore electricity in the wake of crises will also be made available to ensure non-stop provision of electricity across Karachi.
The meeting ended with a note of thanks from the Minister for Privatization with the hope to continue collaboration in joint ventures.
