Privatization Commission takes charge of major DISCOs

The administrative control of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO) has been shifted from the Power Division to the Privatization Commission.

The Privatization Commission has instructed the three Distribution Companies (DISCOs) to stay up to date on all relevant matters and maintain accurate financial records. It has also imposed restrictions on new appointments, promotions, and transfers within these entities. The DISCOs are required to seek prior approval from the commission before entering into new contracts or making payments.

To ensure a smooth privatization process, the government has appointed Alvarez & Marsal (A&M) as the financial advisor to review the companies’ financial and operational aspects. Additionally, the government has extended the Essential Services Act in all DISCOs until July 26, 2025, which prohibits labor unions from protesting or disrupting operations during the privatization process.

These measures are part of the government’s ongoing efforts to streamline the privatization of DISCOs and ensure the process remains uninterrupted. The restrictions and oversight aim to maintain stability and transparency during the privatization process, which is crucial for the companies’ future.