K-Electric Limited
FormerlyKarachi Electric Supply Corporation Limited Karachi Electric Supply Company Limited
PSX: KEL
IndustryEnergy
FoundedSeptember 1913 (1913-09)
HeadquartersKE House, DHA, Karachi-75500
Area served
Karachi, Sindh, Pakistan
Key people
  • Mark Gerard Skelton (Chairman)
  • Syed Moonis Abdullah Alvi (CEO)
ServicesElectricity Generation, Transmission & Distribution
RevenueIncrease Rs. 519.47 billion (US$1.8 billion)[1] (2023)
Decrease Rs. 52.81 billion (US$180 million)[1] (2023)
Decrease Rs. -30.89 billion (US$−110 million)[1] (2023)
Total assetsDecrease Rs. 1.02 trillion (US$3.5 billion)[1] (2023)
Total equityIncrease Rs. 255.15 billion (US$880 million)[1] (2023)
Number of employees
9,589[1] (2023)
Websitewww.ke.com.pk

K-Electric (KE) (Urdu: کے الیکٹرک; formerly known as Karachi Electric Supply Company / Karachi Electric Supply Corporation Limited) is a public listed Company incorporated in Pakistan in 1913 as KESC. Privatised in 2005 KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 km square territory including Karachi and its adjoining areas. The majority shares (66.4%) of the Company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the Company.

Timeline

In 1913, the Karachi Electric Supply Company (KESC) was formed to meet the power needs of a small port town called Karachi, then a small fishing village and port town, today one of the largest cities of the world.

In 1952, The Government of Pakistan nationalised KESC in order to facilitate the rapid increase in power demand following a surge in the population of Karachi.

In 2005, KESC was privatised, with the government retaining a minority stake and majority shareholding of 73% was transferred to a consortium consortium led by Kanooz Al-Watan of Saudi Arabia.[2]

In 2008, The Abraaj Group acquired 50% of the company[3] and appointed Tabish Gauhar, a Karachiite then in his late 30s, as CEO.

During 2013-14, as part of the Company’s 100-year celebrations, KESC was rebranded to K-Electric Limited.

In 2016, Shanghai Electric Power (SEP) entered into a Sale and Purchase Agreement (SPA) with K-Electric's holding Company, KES Power with the aim to purchase up to 66.4% shareholding in the Company.

As of 2023 the Company is serving power to over across as 6,500 square km service area in 7 areas across Karachi, Uthal, Bela, Vinder, Hub, Dhabeji, and Gharo.

Since privatisation in 2005, KE has invested PKR 474 billion across the power value chain as can be seen in the Company’s Investment Plan 2030

By 2030, the Company, aims to have

  • 30% growth in customers
  • 30% share of renewables
  • 30% reduction in power outage

These plans are subject to NEPRA approvals.[4]

See also

References

  1. 1 2 3 4 5 6 "K-Electric Annual Report 2023" (PDF). ke.com.pk. Retrieved 29 November 2023.
  2. ↑ "Long-awaited KESC privatization". 22 February 2005.
  3. ↑ "Abraaj Capital buys stake in Pakistan's KES Power". 15 October 2008.
  4. ↑ "10-year Power Purchase Agency Agreement (PPAA)". 5 January 2024. Retrieved 7 January 2024.
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