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Site update: September 30 2020, at 17:30 PKST
Stock update: September 30 2020.

Recent Financial News about KEL (K-Electric Limited)

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Monday, September 21 2020

K-Electric’s planned investments of over $2 billion to get affected
ISLAMABAD-The proposed move to change the terms of distribution license of K-Electric to revoke the company’s exclusive rights to supply electricity in Karachi would adversely impact its planned investments of over $2 billion in its own generation, transmission and distribution infrastructure, as well in interconnection facilities to procure more power from the national grid. The planned investments target end of blackouts in most parts of the city by 2023. K-Electric expects its new investments to make 93-94 per cent of the port city free from blackouts in the next three years if the relevant government authorities gave the required regulatory approvals without causing any delays, according to the company.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Thursday, September 17 2020

K-Electric seeks Rs144b increase in capital expenditure
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has raised questions over the performance of K-Electric while conducting a hearing on the mid-term review of the company’s investment plan. Initially, K-Electric had sought a tariff increase of Rs1.64 per unit and after adjustment it proposed a hike of Rs1.26 per unit. K-Electric had requested for allowing an increase of Rs144 billion in its capital expenditure (capex) compared to expenditure of Rs299 billion allowed by Nepra - the power sector regulator. Nepra conducted a public hearing in that regard on Wednesday. The objective of the mid-term review was to look at the investment made and planned by K-Electric.
Related news categories: business economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Tuesday, September 15 2020

Row over hiring of arbitrator remains
ISLAMABAD: The federal government has stepped up efforts for the transfer of K-Electric shares to Shanghai Electric Power of China but differences have not been resolved over the appointment of an arbitrator that will deal with the issue of receivables and payables. An application seeking the national security certificate for the transfer of 66.4% K-Electric shares to Shanghai Electric Power was submitted to the Privatisation Commission in November 2016. Subsequently, stakeholder meetings were held at different forums. The Cabinet Committee on Privatisation, when it met in March 2018, agreed that the national security certificate would be issued but K-Electric would bear all its existing financial liabilities.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Thursday, September 10 2020

K-Electric struck by ‘ransomware’
KARACHI: K-Electric on Wednesday said it experienced an attempted cyber-incident earlier this week. “The KE teams have initiated consultation with international information security experts and are also collaborating with local authorities in this regard,” the company said in a statement. The admission came days after customers across the city complained that they were unable to lodge power outage and technical fault complaints using 118 helpline, 8119 SMS service and KE Live App or check the company’s website for duplicate bills. On Tuesday, KE had issued a statement telling customers to expect disruptions to some online services but made no mention of the “cyber-incident”.
Related news categories: business economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Thursday, September 03 2020

K-Electric tariff goes up by 26%
ISLAMABAD: The federal government has approved increase in electricity tariff for the K-Electric consumers by nearly 26% with immediate effect and decided to shut down the Roosevelt Hotel, New York, by paying its debt and severance cost totalling $142 million (Rs23.6 billion). The decisions were taken by the Economic Coordination Committee (ECC) of the Cabinet, chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh. “The ECC approved the summary moved by the Power Division for the rationalisation of eleven quarterly adjustments of K-Electric Limited from July 2016 to March 2019”, according to a handout issued by the Ministry of Finance. The quarterly adjustments of K-Electric for period from July 2016 to March 2019 would be notified with effect from September 1, 2020 to bring the K-Electric tariff on a par with 10 other power distribution companies, according to the ministry.
Related news categories: business company-news economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

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