Twelve prospective buyers, including major Pakistani conglomerates and international energy firms, have stepped forward to acquire a controlling stake in Faisalabad Electric Supply Company (Fesco), marking a significant step in the country's power-sector overhaul. The Privatisation Commission (PC) announced on Friday that the expressions of interest (EOIs) received cover a 51pc to 100pc stake with management control, reflecting robust market confidence in the utility's potential. Main Developments The investor pool comprises three Turkish firms—Aktor Elektrik Enerji Yatırımları, Genvera Enerji (Celik Group), and Cengiz Enerji—alongside China's Jiang Xi Electric Power Construction. Eight domestic groups round out the list, including Engro Energy, Hub Power Holdings, Lucky Cement, and K-Electric, among others. PC Chairman Muhammad Ali, who also serves as adviser to the prime minister on privatisation, called the response an important milestone. He emphasised that the interest signals investor confidence in both the sector's potential and the government's commitment to a transparent process. Read also: 4 key takeaways from Karachi's Rs172bn K-IV water project approval The commission noted that roadshows held domestically and internationally over the past six months helped drive engagement. Ali added that the next phase involves evaluating EOIs and Statements of Qualification against prequalification criteria, with successful applicants gaining access to a Virtual Data Room for due diligence. Background Fesco is part of the first batch of distribution companies (Discos) slated for privatisation, alongside Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO). These three are deemed the most viable among the 11 Discos carved out of Wapda in 1998. The privatisation drive is part of a broader federal reform agenda aimed at addressing chronic inefficiencies in power distribution. Previous attempts to offload Discos have faced political and labour resistance, but the current push appears to be gaining traction. Why It Matters Privatising Discos is expected to improve operational efficiency, modernise infrastructure, and reduce losses, which have long plagued the sector. A financially sustainable power distribution network could lead to more competitive pricing and reliable supply for consumers. The strong response, particularly from local industrial giants like Lucky Cement and Engro, suggests that private capital sees value in Pakistan's energy sector despite broader economic challenges. Successful privatisation could also set a precedent for future transactions in other sectors. What's Next The commission will now evaluate the EOIs and prequalify eligible investors, who will then conduct detailed due diligence. Deadlines for GEPCO and IESCO EOIs are set for August 21 and September 7, 2026, respectively, keeping the privatisation timeline on track. As the process moves forward, stakeholders will watch how the post-privatisation regulatory regime is structured—a factor that could determine the long-term success of the sale. The commission has pledged to maintain an open and competitive process in the public interest.