K-Electric’s investment roadmap to face audit on quarterly basis

K-Electric, K-Electric investment plan, NEPRA

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has decided to conduct a third-party audit of K-Electric’s seven-year investment roadmap, Transmission & Distribution Investment Plan, on a quarterly basis, ARY News reported on Wednesday.

The regulatory authority has given its decision on the utility’s Transmission & Distribution Investment Plan till FY 2030, with K-Electric failing to convince NEPRA on its Rs484 billion investment plan.

Besides announcing quarterly audit, the NEPRA – according to the order – said it will decide the terms of reference (ToR) for the third-party audit. The company will be required to submit a quarterly report on its investment plan’s progress.

K-Electric, the sole power distribution company in Karachi, will also have to provide a performance report under the investment plan, the statement noted. The authority also directed the utility to ensure a secure system to prevent electrical accidents.

Meanwhile, the power distribution company – in a statement said the investment plan will catalyze the company’s efforts to reduce losses in transmission and distribution, drive growth in its customer base, and bolster the power utility’s infrastructure to meet current demands and future needs.

“Since privatisation, investment of Rs544 billion has enabled KE to double its customer base, double the power consumption of this customer base, and more than halve its T&D losses,” it stated.

According to the statement, the plan was submitted in accordance with regulatory guidelines and a hearing was held in March 2023 where KE management apprised stakeholders regarding the projects being planned from FY2024 to FY2030.

For this period, KE said it has clearly identified priorities and projects for investment areas such as growth, energy loss reduction, network rehabilitation, maintenance, and safety.

On the transmission front, the plan envisages the addition of grids and transmission lines which will further strengthen the reliability of KE’s network and enable the offtake of additional power from the National Grid.

CEO KE Moonis Alvi stated, “Over the next 7 years, we are looking to invest $2 billion in Transmission and Distribution to manage the city’s needs through targeted investments and tech-based interventions. I’d like to acknowledge the efforts of all stakeholders who have been a part of this journey and who will continue to work with us to modernize our infrastructure and prepare us for the future.”

The investment plan complements the company’s Power Acquisition Program through which KE has outlined its vision to achieve 30% share of renewable energy in its generation mix by 2030. In this regard the company has also received regulatory approval on RFPs of 640MW renewable projects which is another critical link in the mission to enable access to affordable energy for all.



from ARY NEWS https://ift.tt/fYkqRx6

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