After the investment of CPEC, the Chinese Shanghai Electric has entered into a definitive agreement with the Abraaj Group, to buy K-Electric Company Limited against the value of US 1.77 billion dollars. K-Electric is Pakistan’s biggest electricity company and it supplies power to 2.5 million consumers in and around Karachi. On top of that, the company has been facing many cases in different courts, mainly for over billing and irrational tariff setting.

This could be good news for millions of Pakistanis, especially for those living in Karachi, as Chinese Shanghai Electric is a specialised power utility in China. It is a state-owned enterprise controlled by state’s Power Investment Corporation. Listed on the Shanghai Stock Exchange, the firm is mainly responsible for the power supply of Shanghai. The interest of Chinese Corporation to invest in Pakistan’s utility company could be attributed towards the development of CPEC.

China is very much involved in the construction of K2 and K3 nuclear power plants in the outskirts of Karachi which have been set to generate 1,100MW each by end of 2023 in order to meet the growing demand of Karachi and its catchment areas. As a citizen of Karachi, I believe Chinese involvement will bring about a great change not only in terms of load shedding and cheap electricity but also in the development of the economy of Pakistan.

RAZA ALI,

Karachi, November 10.