KE plans to continue as non-exclusive power distributor: CEO

KARACHI: K-Electric (KE) has applied in the National Electric Power Regulatory Authority for a non-exclusive distribution license after the company’s current distribution ‘exclusivity’ is going to end in June 2023, its CEO Syed Moonis Abdullah Alvi said on Wednesday.

The fresh request of power distribution unbundling, if accepted by the regulator and more companies obtain the license, will end KE’s monopoly in Karachi, and may attract other market players to invest.

“KE itself wanted to operate in a competitive environment along with other power sector market players, rather having monopolistic distribution license,” Alvi said while addressing the sixth edition of The Future Summit.

He was of the view that Pakistan has to shift towards indigenous sources of power production in future.

“We must ensure that the next generation is transitioned to indigenous fuel as it is not in our interest to buy expensive fuel, for which all partners must contribute.

Before the summer of 2023, he continued, KE would have 900 megawatts of electricity available by the way of billions of rupees investment.

Federal Minister for Climate Change, Sherry Rehman in her address stressed the need for corporate and business to make environmental, social, and corporate governance (ESG) an integral part of their vision for future.

She further stated that by 2030, “Pakistan is going to be one of the worst-hit countries in the world due to prevailing wave of climate crisis.”

Pakistan was severely impacted by the floods, which displaced nearly 30 million citizens, along with an enormous financial cost and a huge dent to the national economy.

Founder and CEO, Nutshell Group, Muhammad Azfar Ahsan said platforms like The Future Summit were important to build a pressure on concerned stakeholders to be united for the country.

He stressed that Pakistan’s foreign policy should be based on the economic interests of the country.

Muhammad Aurangzeb, CEO and president, Habib Bank Limited, and Pakistan Banks Association, insisted on the need for financial support to the agri-zone and ensure the prosperity of farmers for a prosperous Pakistan.

He elaborated that the business model in Pakistan needed to be changed with stakeholders such as chambers of commerce, while the associations and banks should devise a long-term strategy through collaboration with or without the government, he added.

Aurangzeb said the World Bank had forecasted that the economy of Pakistan would increase to $3 trillion by 2047 from $300 billion. “Pakistan needs consistency in policies to achieve economic growth in future.”

Aamir Ibrahim, CEO and president, JAZZ, and chairman of Mobilink Microfinance Bank, said the telecom was not merely a sector, but it’s an enabler to many sectors and a facilitator of the economic growth, he added.

“Data is the new fuel in today’s digital transformation and that 4G for all is the answer to the problem. Pakistan does not need to focus on 5G for now,” he said.

“An organisation must have a purpose-driven plan. It is not just a profitability factor but a social responsibility for effective leadership,” said the president and CEO, Faysal Bank Limited, Yousaf Husain.

To offer employment to generation-Z and generation alpha, he continued, the country needed to cater to their needs and offer customised employment plans.

He stated that the rollout of management trainee program was necessary to deploy the younger lot and cater to their needs.

Saeed Mohammed Alhebsi, advisor in AI, Ministry of Human Resources and Emiratization, UAE, Dana Al Salem, Global Tech Entrepreneur, Investor and Innovation Expert, in conversation with Sajeed Aslam highlighted the need for purpose-driven work in the areas of disruption, sustainability, and resilience.