Water and Power Development Authority (WAPDA) was created in 1958 through WAPDA Act, 1958. Prior to this the electricity supply service in Pakistan was undertaken by different agencies, both in public and private sectors, in different areas.
AREA ELECTRICITY BOARD Peshawar
The local areas electricity distribution service was being performed by various Regions of WAPDA. Then the Area Electricity Board (AEB) Peshawar, on the eight AEBs in Pakistan, was established under the scheme of Area Electricity Boards in 1982, in order to provide more autonomy and representation to provincial government, elected representatives, industrialists, agriculturalists and other interest groups in functions of the AEBs.
The environment and structure of the power industry throughout the world is undergoing dramatic change. The power sector is moving from monopoly to privatization and from integration to disintegration. To keep pace with this change, the Government of Pakistan approved a Strategic Plan in 1994 as a consequence of which the power wing of WAPDA has been unbundled into 12 Companies for generation, transmission and distribution of electricity.
Peshawar Area Electricity Board was reorganized into one such corporatized entity under the name of Peshawar Electric Supply Company (PESCO) with effect from 22-03-1998, with the aim of commercialization and eventually privatization.