Peshawar Electricity Supply Company (Pesco) on Monday put on the path of privatisation with the decision of the opening of Escrow Account by the board of directors of the company.
The meeting of the board of directors was held at Wapda House here with Wing Commander Jamshed Saval (Retd), Chairman BoD Pesco in the chair. The meeting reviewed the opening of the Escrow account of the company.
Those who attended the meeting were including Chief Executive Pesco Brigadier Sakhi Marjan, Chaudhry Abdul Qadeer Member Pesco's BoD, Chief Engineer (Customer Services) Iqbal Ali Shah, Finance Director Pesco Anwarul Haq Yousafzai, and other senior officers, regional heads/senior representatives of all the "A" category commercial banks including NBP, MCB, HBL, UBL, ABL, Bank Alfalah, Askari Bank, Bank of Punjab participated in the meeting. Chaudhry Abdul Qadeer briefed the meeting regarding the Pesco's financial position, assets and recoveries.
Pepco's representative and Pesco board of director's member Chaudhry Abdul Qadeer briefed the meeting that Wapda is promoting corporate cultural and has decided to give financial autonomy to all the distribution companies of Wapda from 1st July 2006. He told that government has directed Discos (Distribution Companies) including Pesco to open their Escrow account, which would become in operation after determination of the power tariff by the Nepra. He further explained that all the revenue collection in respect of electricity charges would be deposited in Escrow account and the entire received amount would be used for payment of electricity cost, taxes levied, and the rest, to meet the day-to-day requirements of Pesco.