Pesco BOD Announces Significant Improvement In Company’s Financial Position, Performance

The Peshawar Electric Supply Comapny (Pesco) Board of Directors on Friday announced a significant improvement in the company’s financial position during last year

PESHAWAR, (UrduPoint / Pakistan Point News - 24th May, 2024) The Peshawar Electric Supply Comapny (Pesco) Board of Directors on Friday announced a significant improvement in the company’s financial position during last year.

In a joint statement, they said that the net loss was reduced to Rs. 81 billion in fiscal year 2022-23, compared to Rs. 102 billion in previous year 2021-22, reflecting a reduction in net loss amounting to Rs. 21 billion.

They expressed these views during the 4th HR Legal & amp; other Miscellaneous Matter Committee meeting of the PESCO Board of Directors held at the PESCO HQs here. The members of the Board of Directors Faizullah Khan Chairman Board of Directors PESCO, Ifikhar Ahmad Khan, Syed Samar Shah, Hassan Raza Saeed (Online), Mushtaq Ahmad Abbasi, Farhan Zafar Jhagra and others were present at the meeting.

The members of the PESCO Board of Directors highlighted the company’s struggle with a severe deficit of technical personnel, operating at only 44% of the sanctioned staff as per yardstick approved in 2002.

Moreover, 40% of the workforce having age 55 years or above and unable to perform physical work on power lines, have eventually reduced the effective workforce to the tune of 27% only. Nevertheless, PESCO has managed to reduce its losses and improved its recovery during FY 2022-23 and FY 2023-24 (July to April 2024) compared to the previous year.

The PESCO Board of Directors have keenly monitored ongoing projects and Important measures implemented by PESCO Management which include the installation of ABC (Aerial Bundle Cable), implementation of ERP (Enterprise Resource Planning), deployment of PESCO’s GIS (Geographical Information System) infrastructure with mapping of high-tension lines and distribution transformers completed in addition to carrying out geotagging of most of PESCO’s assets.

Additionally, the successful completion of load-shedding-free projects in Mardan and Peshawar Circles, activation of a task force, expansion of AMI (Advanced Metering Infrastructure) meter reading—with over thirty thousand AMR three-phase meters installed and all major commercial and industrial connections billed via an automated online metering system.

Furthermore, the procurement and installation of sixty-five thousand AMR meters are underway in the World Bank program for complete conversion of all three phase connections to the AMI system, alongside a crackdown on electricity theft in on going antitheft campaign. These measures have significantly enhanced the company’s performance and improved the quality of customer services.

The statement was issued to set right the record and to rectify the inaccurate and fabricated statistics circulated in print and social media regarding the performance of PESCO.