ISLAMABAD: A scheduled meeting of K-Electric’s Board of Directors was called off on Wednesday after failing to meet quorum requirements, stalling what appeared to be a government-driven attempt to deliberate on key management and governance matters.
The cancellation came just a day after the Sindh High Court granted a stay order on the National Electric Power Regulatory Authority’s (NEPRA) revised multi-year tariff (MYT) determination—a ruling widely regarded as a significant relief for the company’s current leadership.
According to a notice submitted to the Pakistan Stock Exchange (PSX), the board meeting, scheduled for 2:00 pm in Islamabad “to consider matters other than financial results,” was postponed due to insufficient attendance.
Sources told Business Recorder that while government-nominated directors and representatives of KES Power were present, the directors representing Al-Jomaih Group and K-Electric’s CEO were absent, effectively preventing the meeting from proceeding.
The development is seen in corporate and policy circles as a temporary setback for the government side, which had been seeking to review internal governance issues within the utility. Without KES Power’s full participation, those deliberations could not move forward.
The Sindh High Court’s recent decision to suspend NEPRA’s revised MYT—which had lowered K-Electric’s base tariff—has further strengthened the company’s position, easing regulatory pressure and restoring confidence in its management.
A senior government official remarked that, taken together, the adjourned board meeting and the court’s stay order have, for now, reinforced the standing of K-Electric’s current leadership. While the situation signals short-term stability at Pakistan’s largest private power utility, the underlying tensions between its public and private stakeholders remain unresolved.
Story by Mushtaq Ghumman
