K-Electric Ltd., the Karachi power utility, is under fire from politicians, regulators and even the Taliban after a heatwave last week killed thousands in the city.
Temperatures touched 47 degrees Celsius (118 degrees Fahrenheit) in Pakistan’s commercial hub, also home to the stock exchange and central bank. The government blamed K-Electric for failure to maintain uninterrupted power supply. The Tehreek-e- Taliban Pakistan last week threatened “action” if the company didn’t improve the power situation.
Prime Minister Nawaz Sharif visited the city Wednesday, a week after the Minister of State for Power Abid Sher Ali warned of a government takeover. The scrutiny may prompt Dubai’s Abraaj Capital, K-Electric’s controlling shareholder, to delay plans to sell its stake by December next year, said Sajjad Anwar, chief investment officer at NBP Fullerton Asset Management Ltd., which owns 1.5 million shares in the utility.
