K-Electric warns of moving international court if its exclusivity ended
KARACHI: The electricity supplying company of Karachi, K- Electric on Tuesday warned that it would move the international court for arbitration if the National Electric Power Regulatory Authority (NEPRA) attempted to terminate its exclusivity.
According to the agreement between the NEPRA and KE, the latter’s exclusivity in Karachi has to continue till 2023.
The letter written by Director of KE Board Shan Ashary to Federal Minister Muhammad Mian Soomro warned that premature termination of KE’s exclusivity could deter foreign investors from considering Pakistan as investment destination.
“The Nepra’s impending action will jeopardize Shanghai Electric Power’s acquisition, denying Karachi the benefit of a multi- billion- dollar investment programme and a better quality of living for its citizens
“Any action that unfairly and unreasonably results in premature termination of KE’s exclusivity will likely deter foreign investors from considering Pakistan as an investment destination in the future,” read the letter.