The Board of Directors (BOD) of the Lahore Electric Supply Company (LESCO) has authorized the purchase of 487,000 single-phase and 30,500 three-phase meters.
The Board gave its permission during its 257th meeting, which was held on Friday at the LESCO headquarters and presided over by Mian Muhammad Nauman. There were other board members in attendance. CEO LESCO Ch Muhammad Amin was present at the meeting as well.
The Board also authorized a relief package for the families of those employees who passed away while on duty while carrying out their official duties, totaling Rs330 million. Additionally, it has authorized the company’s supplemental budget under the heading of development.
Additionally, the Board extended the National Electric Power Regulatory Authority’s deadline for approving a multi-year rate petition from 2023–2024 to 2027–2028. (NEPRA).
In accordance with NEPRA’s new competitive market strategy, it also granted permission for the license application. The strategy calls for the market players to be considered as business partners, and the Board has also given the go-ahead for the registration of all service providers.
According to the Chairman of the Board, LESCO is prepared to lead the push to create a functional, complete, and transparent wholesale electricity market in the nation through NEPRA’s Competitive Trading Bilateral Contract Market (CTBCM).