KE reaffirms commitment to Karachi with $3bn investment

0
527

K-Electric is committed towards Karachi and its growth with an investment of $3 billion over the next four years across its value chain.

This was stated by KE Chief Financial Officer Aamir Ghaziani at the Corporate Analyst Briefing session held at the Pakistan Stock Exchange (PSX) on Wednesday. K-Electric CEO Moonis Alvi was also present on the occasion.

The participants were informed about the company’s financial performance and continued operational improvements, including growth in sent-out, reduction in T&D losses and sustained improvement in recovery levels.

These improvements were underpinned by investments of more than $2.4 billion from FY2009 to FY2019, in all business verticals, including investments of over $960 million in the last three years alone.

The CFO said in order to maintain this growth momentum, investments in infrastructure across the value chain is crucial, including a 900MW RLNG-based BQPS-III, a 700MW coal-based IPP project, and transmission & distribution related projects.

He said that the company’s $450 million TP-1000 project is on course for successful completion, adding about 1,000MVAs of transmission capacity through seven grid stations and associated power lines and systems.

“Four grids and 22 power transformers have already been energized under TP-1000 project. This will be followed by a few other transmission projects, which will further improve network reliability and enhance KE’s transmission capacity,” he added.

The power utility’s plans to enhance distribution capacity through the addition of 300 feeders and over 5,000 transformers were also discussed at the session, as well as planned investments in the reliability of KE’s network and loss reduction through the conversion of 15,000 PMTs to Aerial Bundled Cable (ABC) by 2023.

The participants were also briefed about Karachi’s peak power demand which has grown at a Compound Annual Growth Rate (CAGR) of 5.2pc from FY2012 to FY2018, compared to 2.4pc for the rest of the country, and how this bodes well for the future growth potential for KE, underpinned by its aggressive and strategic investment plan for the next four years.

The session concluded with a note of thanks from the KE management to the participants.

LEAVE A REPLY

Please enter your comment!
Please enter your name here