TLTP
ISLAMABAD
Minister for Energy Omar Ayub has said that the government has planned to transform the outlook of the energy market under the new Alternative Renewable Energy Policy.
The minister said this while talking to Ambassador of Denmark to Pakistan Lis Rosenholm here on Friday. Tabish Gauhar, Special Assistant to Prime Minister on Power also joined the meeting.
During the meeting, the outlook of the emerging market of the energy sector and business opportunities in view of the newly approved Alternative Energy Policy were discussed.
Acknowledging the lead role of Denmark in clean and green energy at the global level, the minister said that Pakistan too is embarked upon tapping the huge indigenous potential of renewable energy. He said that Pakistan’s New Renewable Energy Policy would bring opportunities for investors due to transparent policies of the current government.
He said that the government had set ambitious targets to introduce 25 percent renewable energy by 2025, and 30 percent by end of 2030 including 45 percent share of hydel power generation and 10 percent of nuclear energy into the energy mix of the country.
While explaining the investment potential in the power sector, the minister said that the government would induct renewable energy-based power plants through open and transparent competitive bidding process, which would lower the cost of production of electricity.
He also apprised the envoy that the government had prepared the Indicative Generation Capacity Expansion Plan (IGCEP) 2047 for competitive market structure, generation, up-gradation of transmission, Smart AMI and modernization of distribution system.
The minister apprised the Danish ambassador that lowering of electricity cost for industries and establishment of Special Economic Zones (SEZs) would boost economic activity along with creation of thousands of new jobs in the country.
The Danish ambassador, while appreciating the government’s commitment to raise the share of renewable clean and green energy, said that the new policy is more transparent as it provides a level playing field for all. She suggested setting up a joint energy platform to study the market, so that Danish companies would closely follow developments in the field of renewable energy and they could participate in the competitive process of renewable energy projects. TLTP
