Electric (KE) ( ur, ) (formerly known as Karachi Electric Supply Company / Karachi Electric Supply Corporation Limited) is a Pakistani
investor-owned utility company based in
Karachi
Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former c ...
. K-Electric is a privately owned and vertically-integrated electricity distribution company
Timeline
In 1913, the Karachi Electric Supply Company (KESC) was formed to meet the power needs of a small port town called Karachi, incorporated under the now currently Companies Act, 2017.
In 1952, The Government of Pakistan nationalized KESC in order to facilitate the much needed investment in its infrastructure.
In 2005, KESC was privatized, with the government retaining a stake of approximately 26%, while 71% was transferred to a foreign consortium.
In 2009, the new management, led by
Abraaj Capital
The Abraaj Group was a private equity firm operating in six continents that is currently in liquidation due to accusations of fraud. The firm was founded by Pakistani businessman Arif Naqvi and was based in Dubai, United Arab Emirates.
History
...
, took charge, beginning a turnaround story which has thus far seen investments of over US$2.1 billion.
In 2014, a low-cost power plant began operations, saving Pakistan hundreds of millions of dollars and cutting Pakistan's energy deficit. This power plant was funded by
International Finance Corporation
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of ...
, a
World Bank Group
The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Gr ...
corporation. Since 1994, IFC has been one of the largest supporters of private power projects also known as 'Independent Power Producers (IPPs)' locally in Pakistan. This power plant increased power generation and improved energy supply for approximately 12 million people.
[
In 2014, ''KESC Changes Name to K-Electric'' and also changed its logo to three feathers of a partridge in orange, blue and green representing energy, community and environment respectively.
As of 2017, The Abraaj Group and Aljomaih/NIG have a 66.4% stake in KE; the Government of Pakistan's shareholding stands at 24.36%.
On 29 April 2019, K-Electric signed an agreement with the state-owned ]China Machinery Engineering Corporation
China Machinery Engineering Corporation (CMEC) is a construction and engineering company, forming one part of the China National Machinery Industry Corporation (Sinomach) group of companies. A specialization of CMEC is construction of power proje ...
(CMEC) for the development a state-of-the-art 700MW Independent Power Producers-based power project at Port Qasim, Karachi. The company claims the power project will help meet the growing power demand of Karachi and its adjoining areas.
Energy Efficiency Day
K-Electric was a participant for the international ''Energy Efficiency Day'', celebrated on 5 October, both in 2017 and 2018. KE won the best project award in the category of 'Corporate Solar Sustainability Program of the year' at the Middle East Solar Industry Association's (MESIA) Solar Awards 2018 as part of World Future Energy Summit held in Abu Dhabi.
See also
* List of electric supply companies in Pakistan
* Electricity Sector in Pakistan
Electricity in Pakistan is generated, transmitted, distributed, and retail supplied by two vertically integrated public sector companies, Water and Power Development Authority ( WAPDA) responsible for the production of hydroelectricity and ...
References
External links
K-Electric official website
K-Electric detailed company financials
KESC name changed to KE
KE participates in boxing championship
Pakistan Today (newspaper)
KE Women's Boxing Tournament
The Express Tribune (newspaper)
{{Authority control
Companies based in Karachi
Companies listed on the Pakistan Stock Exchange
Distribution companies of Pakistan
Energy companies established in 1913
Mergers and acquisitions of Pakistani companies
Pakistani subsidiaries of foreign companies
Formerly government-owned companies of Pakistan
2005 mergers and acquisitions
Indian companies established in 1913