ISLAMABAD, May 10: The National Electric Power Regulatory Authority (Nepra) has issued distribution licences to eight corporate companies of Wapda to qualify for the World Bank-funded $350 million structural adjustment credit (SAC).

“All the commitments with the World Bank have duly been fulfilled,” Nepra said here on Friday. April 30 was the deadline fixed by the World Bank for issuance of licences to eight distribution companies.

The World Bank had warned the government recently that it would not be releasing the loan unless much delayed policy matrix were not adhered to, foremost of them being the issuance of licences to distribution companies.

Three companies — Islamabad Electric Supply Company (Iesco), Faisalabad Electric Supply Company (Fesco) and Lahore Electric Supply Company (Lesco) — were issued licences. Iesco got it in November last year, Fesco in early March this year and Lesco on April 1.

Gujranwala Electric Power Company (Gepco), Hyderabad Electric Supply Company (Hesco), Multan Electric Power Company (Mepco), Peshawar Electric Supply Company (Pesco) and Quetta Electric Supply Company (Qesco) got licences between April 23 and 30.

Insiders said Nepra had failed to meet the April 30 deadline in case of at least two distribution companies and these licences had to be issued in back dates.

Nepra spokesman Anwar Malik, when contacted, said five of these licences were issued within a week between April 23 to 30. When asked as to why these were not announced as has been the practice under the Nepra rules to inform the public about its decisions, he said the chairman of Nepra did not want publicity.

The government about a fortnight ago had approved legal transfer of assets and liabilities of Wapda to its 12 corporate entities under “Corporatisation and Commercialisation of Wapda” to meet the World Bank deadline of April 30.

This would ensure National Transmission and Dispatch Company (NTDC) as a single electricity buyer and seller market for 10 years. This would be followed in the long-run by a competitive electricity market like the stock exchange where power would be traded as a commodity.