KARACHI (PR) - K-Electric through has dismissed an inadequate article titled ‘Is privatization right for Pakistan’. The article painted a false and untrue picture of K-Electric’s privatization and its operations ever since which the company rebuts.

As per KE’s statement KE’s turnaround ever since its privatization has been appreciated and lauded by not only the SBP, but foreign and local media giants, institutes such as the Harvard Business School and International Financial Institutions.

A cursory glance of the last 6 years will show that KE, under its new management, did in fact deliver on the promise of a turnaround. The company posted its first profitable quarter in FY12 after 17 consecutive years of losses. The same management has invested $1b and added almost 1,000 MW of capacity into an infrastructure that had not been touched in the previous 98 years, whereas only recently it was announced that the company will invest around $2b to add a further 1,000 MW into the system.

 Transmission and Distribution losses have been reduced by almost 14% since FY09. Almost 60% of Karachi is now exempted from any load-shed, which shows the improvement in the company’s performance ever since it was privatised.