Pakistan shortlists 10 bidders for FESCO electricity distributor sale

Pakistan’s Privatization Commission has shortlisted 10 bidders for the sale of the state-owned Faisalabad Electric Supply Company (FESCO). The shortlist follows an evaluation of 12 expressions of interest. The approved bidders include three Turkish energy companies—Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A. S, Genvera Enerji A. S, and Cengiz Enerji Sanayii Ve Ticaret A. S—alongside seven Pakistani business groups, including Engro Energy, Sapphire Fibres, and Hub Power Holdings.

Two potential bidders were excluded from the process. K-Electric withdrew its application because it could not provide audited financial statements due to a pending multi-year tariff process. Meanwhile, the Chinese firm Jiang Xi Electric Power Construction failed to meet prequalification requirements after failing to provide necessary documentation in English by the deadline.

The government aims to sell between 51 percent and 100 percent stakes in FESCO and two other companies, Gujranwala Electric Power Company and Islamabad Electric Supply Company, to reform a debt-burdened power sector. The privatization is intended to address electricity losses, weak recoveries, and mounting circular debt through private sector investment and management.