Awais shares power sector reforms, plans with World Bank
During the meeting, the minister shared that Pakistan is set to introduce a competitive electricity market in the near future. All preparatory work for this transition is being completed.
He noted that an Independent System and Market Operator (ISMO) has been established to manage the market operations, and experienced professionals are being appointed to ensure its effective functioning. The government will no longer act as the sole purchaser of electricity.
Highlighting key financial reforms in the power sector, the minister informed the delegation that there has been a significant improvement in revenue recovery. He emphasised the importance of ensuring that electricity subsidies are directed only to those who truly need them and requested the World Bank's support in implementing targeted subsidy mechanisms.
Bjerde endorsed the minister's approach, affirming that the World Bank fully supports the idea of better targeted subsidies and is committed to assisting Pakistan's power sector in this regard.
The minister also pointed out that Pakistan currently has a surplus of approximately 7,000 megawatts of electricity. He proposed that providing this excess power to industries, even at marginal rates would make it the cheapest industrial electricity in the region. He stressed the need for support from the World Bank and other development partners to capitalise on this opportunity, which could significantly boost industrial production in the country.
Bjerde agreed with the proposal, noting that utilising surplus electricity at marginal cost is far more beneficial than allowing it to go unused.
The minister mentioned that during the winter season, electricity was already supplied at these lower rates without any subsidy, and the goal now is to extend this model throughout the year. He added that the power sector is moving towards the implementation of digital and smart systems from the feeder to the transformer level, and emphasised the crucial role of World Bank support in this digital transformation.
The delegation was also briefed on the ongoing privatisation efforts in the power sector. The minister shared that the privatisation process for three electricity distribution companies is currently underway and is expected to be concluded by the end of this year.
He also discussed broader restructuring efforts within the sector, highlighting that procurement and tendering systems have been upgraded to meet international standards, enhancing transparency and merit.
Additional measures have been introduced to expedite the completion of ongoing projects.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
10 hours ago
- Business Recorder
Lucky Core Industries announces financial results
KARACHI: Lucky Core Industries Limited (the 'Company') in the meeting of the Board of Directors announced its financial results for the year ended June 30, 2025. Financial Highlights: • On a consolidated basis (including the result of the Company's subsidiary Lucky Core PowerGen Limited), the Company reported a Net Turnover of PKR 119,941 million for the year under review, representing a one percent decline compared to the same period last year (SPLY). • The consolidated Operating Result stood at PKR 18,031 million, which is higher by five percent in comparison to the SPLY. • On a consolidated basis, the Profit After Tax (PAT) for the year under review at PKR 11,757 million and Earning Per Share (EPS) attributable to the owners of the holding company at PKR 25.46* are both five percent higher than the SPLY. • On a standalone basis, the PAT and EPS for the year under review at PKR 11,638 million and PKR 25.20* per share respectively, both are four percent higher than the SPLY. EPS has been restated to reflect the subdivision of the face value of the ordinary shares of the Company from PKR 10/- per share to PKR 02/- per share. The regulatory formalities to give effect to the stock split were completed after the close of the financial year, on July 19, 2025. The Board of Directors has recommended a Final Cash Dividend in respect of the financial year ended June 30, 2025, at a rate of 310% (i.e. PKR 6.20/- per share of PKR 2/- each). This is in addition to the 340% Interim Cash Dividend (i.e. PKR 34/- per share of PKR 10/-) already paid (prior to the stock split). Following the announcements of results, LCI's Chief Executive Mr. AsifJooma said, 'In a year marked by economic transition and evolving industry dynamics, macro indicators showed early signs of stability. However, the operating environment remained challenging with subdued demand weighing on key sectors, particularly in the second half of the year. Against this backdrop, Lucky Core Industries delivered a resilient performance with steady growth in profitability, reflecting the strength of its diversified portfolio, cost discipline, and operational excellence. As we look ahead, we remain guided by our shared purpose to enrich lives, anchored in collaboration, resilience, and the strength of working together.' Copyright Business Recorder, 2025
Business Recorder
10 hours ago
- Business Recorder
Iran, Pakistan reaffirm commitment to boost ties
ISLAMABAD: Deputy Prime Minister/ Foreign Minister, Senator Mohammad Ishaq Dar met with Iranian Foreign Minister, Seyyed Abbas Araghchi, here on Saturday. FM Araghchi is part of Iranian President Dr Masoud Pezeshkian's delegation for his state visit to Pakistan. The two leaders reaffirmed their commitment to strengthening Pakistan-Iran ties, with a focus on expanding cooperation in regional stability, trade, and economic collaboration. They also discussed enhancing bilateral engagement across key areas of mutual interest. Copyright Business Recorder, 2025
Business Recorder
10 hours ago
- Business Recorder
Celebrations of 79th Independence Day begin in dignified manner
LAHORE: With the advent of the month of August, preparations for celebrating the 79th Independence Day start in a dignified way. The Punjab government has chalked out a comprehensive programme for Independence Day celebrations in a befitting manner. Chief Minister Punjab Maryam Nawaz Sharif said, 'This year, Independence Day celebrations will be held with special participation of youth and children, the importance of struggle for truth, traditional dress and national pride will be highlighted. Messages from children, celebrities, national heroes, sportsmen and eminent personalities from various fields should be played on Independence Day. Struggle for truth has increased the importance of freedom and its celebration.' The Chief Minister underscored, 'This year, Independence Day is being celebrated with a spirit of Pakistan's victory in the 'Battle of Truth, Operation 'Bunyan-um-Marsoos.' The Independence Day celebrations have been titled 'From the Acquisition of Independence to the Protection of Independence'. She directed the authorities concerned to organize Independence Day celebrations across Punjab. Special Independence Day activities have begun in every district. The Chief Minister said, 'Main Independence Day ceremony will be held at Huzuri Bagh on August 14, where I will hoist national flag.' She added, 'I will unveil 'Battle of Truth Park', 'Battle of Truth Museum' and 'Memorial of Battle of Truth' at Expo Center Lahore on August 14.' She underscored, 'Public Celebrations will be held with full participation of all sections of society. Houses, shops and markets will be decorated with national flags and banners. A campaign to hoist Pakistani flag on houses has been launched across Punjab. The government and private buildings across Punjab have started lighting up Independence Day lights.' She highlighted, 'Special road shows will be held on Independence Day, floats will also be run to express cultures of the country.' Maryam Nawaz Sharif said, 'Fireworks and laser shows will be held at Minar-e-Pakistan on August 9. Fireworks and laser shows will also be held at tehsil and division levels. Flag hoisting ceremonies will be held at Chief Minister's Office and other government offices on August 10.' The Chief Minister said, 'Under the leadership of Field Marshal Syed Asim Munir, our brave armed forces have added a golden chapter to the history of protecting freedom. Nation, together with its brave armed forces, has proved that we know how to protect our freedom.' She flagged, 'I appeal to mothers, sisters, daughters, sons, brothers and elders to take full part in the Independence Day celebrations to show that we are a vibrant and dignified nation.' Copyright Business Recorder, 2025
