Investors have expressed strong interest in the government’s planned privatization of three power distribution companies but say they will submit bids only if the government provides longer tariff guarantees, regulatory certainty, and greater operational freedom. The concerns were outlined in an investor feedback report prepared for the Privatization Commission following roadshows in Pakistan, Türkiye, Saudi Arabia, and China for the proposed sale of Faisalabad Electric Supply Company (Fesco), Gujranwala Electric Power Company (Gepco), and Islamabad Electric Supply Company (Iesco). Some investors suggested the government retain a minority stake in Iesco because of its large base of government consumers. Investors further called for the freedom to purchase electricity from competitive suppliers and opposed transferring costly legacy independent power producer obligations to privatized utilities. Foreign investors additionally raised concerns over exchange rate risks on overseas borrowing and dividend repatriation.