The Cabinet Committee on Restructuring (CCOR) of power sector on Thursday decided to further clip the powers of the Ministry of Water and Power in the planned reforms. The committee has decided to set up a holding company that would manage the affairs of four state-owned generation companies and replace the chief executives of all distribution companies in the upcoming days, as the Pakistan Electric Power Company (PEPCO) will cease to exit on October 30.
The decisions were made in a CCOR meeting held under the chairmanship of Finance Minister Dr Abdul Hafeez Shaikh under instructions from the president and prime minister to expedite the power sector reforms. A senior official, who wished to remain anonymous, said the board of directors (BoD) of distribution companies had been ordered to hold interviews for chief executive officers (CEOs) on Friday and recommend the finalists within three days. He said the government had already received 200 applications for CEO positions.