K-Electric
| File:K-Electric logo.png | |
| Formerly | Karachi Electric Supply Corporation Limited Karachi Electric Supply Company Limited |
|---|---|
| Industry | Energy |
| Founded | September 1913 |
| Headquarters | Karachi |
Area served | Karachi, Pakistan |
Key people | Shan A. Ashary (Chairman) |
| Services | Electricity Generation, Transmission & Distribution |
Number of employees | 10,398 (2018) |
| Website | ke |
Electric (KE) (Urdu: ) (formerly known as Karachi Electric Supply Company / Karachi Electric Supply Corporation Limited) is a Pakistani investor-owned utility company based in Karachi. K-Electric is a privately owned and vertically-integrated electricity distribution company[1]
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.[2]
In 2009, the new management, led by Abraaj Capital, 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, a World Bank Group 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.[1]
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.[3]
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 (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.[4][5]
Energy Efficiency Day
K-Electric was a participant for the international Energy Efficiency Day, celebrated on 5 October, both in 2017 and 2018.[6] 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.[7]
See also
References
- ^ a b Josef A. Skoldeberg (25 April 2014). "IFC-Funded Power Plant Starts Operations, Expected to Shrink Pakistan's Energy Shortage". International Finance Corporation (IFC - World Bank Group) website. Retrieved 21 February 2020.
- ^ Amir Zia (1 September 2010). "(Karach Electric Supply Company) KESC woes". The News International (newspaper). Archived from the original on 27 October 2011. Retrieved 13 May 2022.
- ^ KESC Changes Name to K-Electric Brandsynario.com website, Published 20 January 2014, Retrieved 13 May 2022
- ^ "K-Electric announces 700MW Power Project at Port Qasim". The News International (newspaper). 29 April 2019. Retrieved 13 May 2022.
- ^ K-Electric to set up 700MW power plant Dawn (newspaper), Published 30 April 2019, Retrieved 13 May 2022
- ^ "K-Electric participated in international 'Energy Efficiency Day' in 2017". energyefficiencyday.org/ website. Retrieved 22 February 2020.
- ^ "K-Electric wins Best Corporate Solar Sustainability Program Award in Abu Dhabi". Pakistan & Gulf Economist (business newspaper). 22 January 2018. Retrieved 22 February 2020.
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)
- Use Pakistani English from February 2020
- All Wikipedia articles written in Pakistani English
- Use dmy dates from March 2021
- Articles containing Urdu-language text
- AC with 0 elements
- 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