Pakistan's power group K-Electric has decided to invest US$1bn in the development of a 900 MW gas-fired CCGT power project in Bin Qasim (southern Pakistan). However, the group will wait for a pending decision from the National Electric Power Regulatory Authority (NEPRA) on end-consumer electricity tariffs to go ahead with the project. The project, known as Bin Qasim III, would consist of two 450 MW units. The first one could start power generation as early as the summer of 2018 and the second could be commissioned by the end of 2019.
K-Electric was set up in 1913 as a public-sector company and was sold to Aljomaih Group (Saudi Arabia) in 2005, who sold it to the UAE’s Abraaj Capital in 2009. In November 2016, Abraaj Group (United Arab Emirates) sold its 66.4% interest in K-Electric for US$1.77bn. The company operates 2.3 GW of power capacity and the largest power transmission and distribution network in Pakistan, delivering power to 2.2 million customers in the Karachi area.
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