Govt sets deadline for Discos to submit financial information

Stipulation ensures that most current financial data is available for due diligence process conducted by financial advisors

By Israr Khan
August 29, 2024
A power generation plant can be seen in this picture. — AFP/File
A power generation plant can be seen in this picture. — AFP/File

ISLAMABAD: In a major push toward privatizing its Power Distribution Companies (Discos), the federal government has set a firm deadline for all state-run power utilities to provide essential financial and operational information by August 29, 2024.

The Ministry of Energy’s Power Division has directed all Discos to provide the latest audited financial statements, ideally covering the period ending June 30, 2024, as per the letter available with The News.

For Gujranwala Electric Power Company (Gepco), Faisalabad Electric Supply Company (Fesco), and target Islamabad Electric Supply Company (Iesco), there is an additional requirement for their audited accounts for September 30, 2024, to be approved by November 15, 2024. This stipulation ensures that the most current financial data is available for the due diligence process conducted by financial advisors.

In addition to these financial statements, the Ministry has requested detailed information on each Disco’s financial structure. This includes net equity, liabilities, and profit and loss statements for the past five years. The government also seeks a comprehensive list of any unresolved issues related to compliance with legal or regulatory requirements, as well as updated details on immovable properties, including the legal status of their titles.