The 97th annual general meeting (AGM) of KESC presided over by the Chief Executive Officer, S.M. Amjad was held at Fleet Club on Tuesday. Member of the Board of Directors Akhtar Zaidi, Chief Financial Officer, Muhammad Asghar, Company Secretary Ms Uzma Amjad Ali, Executive Directors Akram Durrani, Syed Tanzeem Hussain Naqvi, Malik Habib, Wajahat Ather and other senior officers also participated.
The 97th AGM witnessed enthusiastic participation by the shareholders. Answering a question, the KESC CEO said that work on the Korangi 220 MW power plant being installed by a Greek firm is progressing according to the schedule. Three of the open cycle units of 48 MW by next four to six weeks and by next March the plant will provide 194 MW. It will have four open-cycle units and one combined cycle unit of 28 MW.
He further said that for putting up another power plant of 560 MW at Bin Qasim, commercial bids have been opened and deliberations are continuing to award the contract shortly. By summer 2010, KESC would be adding 780 MW of new power generation to its existing capacity.
Addressing the shareholders, he said that the government used to meet the yearly operational cash shortfall averaging Rs 8.5 billion through subsidy from the national exchequer. But after privatisation the government was saving Rs 8.5 billion annually, as it is not required due to the privatisation.
He said that to overcome the city power shortages and minimise load shedding, rental power generation is also being contemplated by KESC for the next summer to bridge the gap. In addition to existing 53 grid stations, one new grid has been completed, another two grids will also be ready soon, while nine other grids will be completed in next 18 months.
During the fiscal year 2006-07 total investment in fixed assets amounting Rs 12 billion was made. Investment in generation plant and machinery stood of Rs 5.2 billion, for transmission system Rs 3.4 billion, distribution system Rs 3.1 billion, other equipment Rs 0.3 billion.-PR
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