KARACHI - Pak Sarzameen Party (PSP) Chairman Mustafa Kamal on Friday expressed disappointment with the performance of K-Electric and state owned distribution companies as per performance evolution report for 2015-16 released by National Electric Power Regulatory Authority (NEPRA). He said that we are concerned at the poor performance of K-Electric and state owned power distribution companies (discos), the combined losses of Rs 132 billion were incurred by national exchequer, out of which Rs 83 billion is due to K-Electric alone in 2015-16. Ironically enough, it‘s all adding up to the already huge circular debt which is a huge burden on our economy and every Pakistani citizen.

Kamal emphasised that we would like to remind Karachiites that in its financial results for 2016 issues to the PSX, KE declared profits of Rs 32.75 billion with 15.6 per cent growth in profit. The company‘s earnings per share (EPS) also increased to 1.19 rupees per share as compared to 1.03 rupees in 2015. Besides the T&D issues there are a series of violations and misdemeanours cited in the report against all DISCOs including K-Electric.

PSP chairman stressed that party gives top importance to the Energy sector and in its manifesto has clearly spelled the importance of Transmission & Distribution network and how we end up losing 25 per cent through inefficient T&D networks. The gaps pointed out by Nepra have to be taken seriously by all DISCOs including K-Electric as it directly relates to people and economy both.

Kamal said that PSP is concerned about the average customers and feels that somewhere he is being short-circuited and made to bear the losses by way of increased tariff rates.