Pakistan’s power sector has undergone significant reforms since 1994 to improve technical and financial performance. This study aims to measure the post-reform efficiency dynamics of electricity distribution utilities from 2015 to 2019 by taking Islamabad Electric Supply Company (IESCO) as a case study. The study also assesses the role of consumers’ self-confidence in a particular business environment to participate as investors in the electric utility sector. The total factor productivity index and PLS-SEM approach were applied to validate the framework empirically. Results from the former show negative growth, as all index components remained negative except for efficiency change. It has been concluded that the standard of governance improves the business environment of the utility sector, which does not adequately describe the industrial performance of Pakistan’s utility sector. Moreover, consumer self-confidence (e.g., information acquisition confidence and social outcome confidence) significantly mediates between the business environment and industrial output. Thus, consumer self-confidence is a prerequisite to maximizing industrial growth in the utility sector. Practitioners should launch a policy framework to enhance consumer self-confidence in the local context and, as a result, enhance the electric utility sector’s industrial growth.

自1994年以来，巴基斯坦的电力部门已经进行了重大改革，以改善技术和财务绩效。这项研究的目的是通过以伊斯兰堡供电公司（IESCO）为案例研究，来衡量2015年至2019年配电公司的改革后效率动态。该研究还评估了消费者的自信在特定商业环境中作为投资者参与电力行业的作用。应用全要素生产率指数和PLS-SEM方法对框架进行了实证验证。前者的结果显示负增长，因为除效率变化外，所有指数成分均保持负值。已经得出结论，治理标准改善了公用事业部门的商业环境，这不足以描述巴基斯坦公用事业的工业表现。此外，消费者的自信心（例如，信息获取的信心和社会成果的信心）在​​商业环境和工业产出之间起着重要的中介作用。因此，消费者的自信心是最大化公用事业部门工业增长的前提。从业者应启动政策框架，以增强当地背景下的消费者自信心，从而促进电力行业的工业增长。消费者的自信心是最大化公用事业行业工业增长的前提。从业者应启动政策框架，以增强当地背景下的消费者自信心，从而促进电力行业的工业增长。消费者的自信心是最大化公用事业行业工业增长的前提。从业者应启动政策框架，以增强当地背景下的消费者自信心，从而促进电力行业的工业增长。