Islamabad — As Pakistan prepares to privatise selected electricity distribution companies, investors are evaluating each DISCO based on demand patterns, loss levels, and the scope for operational turnaround rather than current financial performance.
Below is a company-wise explainer outlining how each DISCO is generally viewed from an investment perspective under the regulated framework enforced by NEPRA.
IESCO
Urban demand base with relatively better recoveries. Viewed as a lower-risk utility with limited but stable improvement potential.
FESCO
Strong industrial and export-linked demand. Investors see scope for gains through improved metering and loss control.
LESCO
Large and diverse consumer base. Performance depends on governance and collection efficiency.
MEPCO
Extensive rural footprint. Higher losses but meaningful upside through targeted infrastructure upgrades.
GEPCO
Balanced industrial-commercial mix. Moderate risk with recovery-focused improvement potential.
HESCO
Financially stressed utility with governance challenges. Considered a high-risk turnaround candidate.
SEPCO
Dispersed rural network. Long-term reform play dependent on theft control and system rehabilitation.
PESCO
Operational challenges linked to recovery and enforcement. Investment interest hinges on strong regulatory backing.
HAZECO
Smaller service area. Niche opportunity focused on system optimisation.
Officials from the Power Division say the success of privatisation will depend on whether private operators can convert efficiency improvements into sustainable performance gains.
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