Latest news with #Pesco
Business Recorder
5 days ago
- Business
- Business Recorder
Pesco says losses cut by Rs22bn in FY24-25
PESHAWAR: Peshawar Electric Supply Company (Pesco) claimed to have reduced its financial losses by Rs 22 billion in the fiscal year 2024-25 — the first significant improvement in the last five years. This remarkable turnaround is the result of bold reforms and strong administrative measures under the visionary leadership of Chairman/ BOD Members Pesco, according to a statement issued here. According to official figures, Pesco had been facing consistent financial setbacks over the past several years. Financial losses had escalated from Rs 42 billion in FY 2020-21 to Rs 77 billion in 2021-22, Rs 109 billion in 2022-23, and reached an alarming Rs 142 billion in 2023-24. However, the appointment of the new Board of Directors brought a wave of strategic changes. By the end of FY 2024-25, financial losses were successfully brought down to Rs 122 billion — reflecting a savings of Rs 22 billion as compared to fiscal year 2023-24 for the company. Chairman Pesco Board of Directors, Himayatullah Khan, commended Pesco management for their tireless efforts in steering the company toward financial recovery. 'Despite having only 43% of the required human resource to serve 4.5 million consumers, Pesco employees have continued to go above and beyond to serve their communities,' said the chairman BoD. Moreover, Pesco has achieved a noticeable reduction in transmission and distribution (T&D) losses — bringing the figure down to 36.81 percent in the current fiscal year from 37.99 percent in the previous year. Simultaneously, the overall Aggregate Technical & Commercial (AT&C) losses have been reduced to 41.62 percent during FY 2024-25 in comparison to 42.81 percent in FY 2023-24. Copyright Business Recorder, 2025
The National
08-07-2025
- Business
- The National
Ex-Irish taoiseach says he's 'never been so glad' Ireland out of Nato
The former head of the Irish government warned that Western leaders will be taking money out of services like schools and hospitals to meet Donald Trump's demands that Nato members spend 5% of gross domestic product (GDP) on defence, which he described as an 'arms race'. Writing in The Times, Varadkar said: 'European Nato members have finally agreed to pay for their own security and the protective shield America provides them. 'To put that in context, 5% of GDP in Ireland works out at about €25 billion in defence spending a year. That's more than we spend on health, more than double what we spend on education. 'Put another way, it would mean a quarter of all government spending being allocated to defence or the cost of a new national children's hospital every month. As taoiseach, I increased defence spending and I brought Ireland into Europe's common security and defence (Pesco) pact in 2017, but I have never been so glad that we are not a member of Nato.' He added: 'If implemented, European countries will spend a fortune on missiles, bombs and drones that are never used and fighter jets and aircraft carriers used mostly for training. Meanwhile, pensioners, schools, hospitals, care homes and children's services will struggle to get by.' Varadkar said that the 'Russian threat' was real – but 'looks weaker' as the war in Ukraine grinds on. READ MORE: David Lammy describes Israeli concentration camp plans as 'sticking point' He added: 'Its economy is no bigger than that of Italy and depends heavily on a few commodities. After three years of war, it has failed to subjugate Ukraine, could not save the Assad regime in Syria or support its Armenian or Iranian allies when they needed it.' Noting that only 3.5% of Trump's military spend target must be spent on 'hard military spending', Varadkar said some of this figure could instead go on other policies should Russia 'seek a rapprochement with Europe'. (Image: Sergey Bobylev via REUTERS) He added: 'Imagine if half of that could be spent on other forms of security 'For example, programmes that deal with some of the underlying causes of political instability, such as eliminating extreme poverty in the global south, climate action to avoid severe droughts and floods and ensuing mass migration, democracy and institution-building so that people can change their governments in a peaceful and orderly manner instead of coups and civil wars, public health, educating women and girls, building roads, telecommunications and inter-connectors to bring consumer goods and cheap solar power from Africa to Europe.' The UK Government at the beginning of last month published its 'strategic defence review' which argued that Britain should be ready to 'fight and win' a full-scale war. Varadkar said: 'All things come full circle. All arms races end. Sometimes in war. But always, eventually, in peace.'
Express Tribune
16-04-2025
- Business
- Express Tribune
Power Division applauds PESCO for remarkable progress
The Power Division has commended the Peshawar Electric Supply Company (PESCO) for its outstanding performance and significant reforms during the current fiscal year. In a high-level meeting held at the Power Division, the Minister for Power, alongside Secretary Power expressed appreciation to Chairman Board of Directors PESCO, Himayatullah Khan and their team for the strides made by the company in improving operational efficiency and service delivery. He added that if the current trend continues, there is a strong likelihood that the transmission and distribution (T&D) and recovery targets set for Pesco till June 2025 may be achieved. The Minister for Power praised PESCO's leadership for its dynamic and targeted initiatives that have led to a marked improvement in key performance indicators. Particular recognition was given to the robust policy measures implemented under the supervision of Chairman Pesco, which included industrial sector reforms, an aggressive crackdown on power theft, installation of smart and AMR meters, and a wide-reaching revenue recovery campaign. Thanks to these efforts, PESCO has achieved a noticeable reduction in T&D losses - bringing the figure down to 34.73% in the current fiscal year from 36.02% % previous year. Simultaneously, revenue collection surged to an impressive 88.73%, reflecting enhanced operational efficiency and consumer compliance thus improving the financial health of the company. Notably, during March 2025 alone, T&D losses were reduced, and revenue recovery improved by 4% compared to the same month in the previous year. As a result, financial losses dropped significantly to Rs8.06 billion in March 2025 from Rs12.06 billion in March 2024 - a testament to the effectiveness of reforms. It was also highlighted in the meeting that The Chairman of the Board of Directors PESCO, Himayatullah Khan, has placed a strong emphasis on implementing industrial reforms to ensure a reliable and uninterrupted power supply to the industrial sector. These initiatives are set to significantly increase the energy demand of PESCO while driving industrial growth and boosting the overall economy of the area. Further emphasizing infrastructure development, PESCO has actively pursued the construction of new grid stations, energization of 11KV feeders, and strategic area planning. This includes separating good-paying areas and industrial consumers from general consumers to optimize supply and revenue outcomes. In a technological leap, PESCO has introduced Automated Meter Reading Infrastructure to eliminate manual meter reading, ensuring accurate billing and minimizing human error. These advancements underscore the company's commitment to modernization and transparency.
