Denmark envoy to Pakistan proposes to set up joint energy platform

Denmark Ambassador to Pakistan Lis Rosenholm has proposed to set up a joint energy platform to study the market.

The platform would allow Danish companies to closely follow developments in the field of renewable energy and they could participate in the competitive process of renewable energy projects in Pakistan.

This comes during a meeting with Federal Minister for Energy Omar Ayub Khan on Friday. Tabish Gauhar, Special Assistant to Prime Minister on Power also joined the meeting. During the meeting, the outlook of emerging market of energy sector and business opportunities in view of newly approved Alternative Energy Policy were discussed.

The Minister while acknowledging the lead role of Denmark in clean and green energy at the global level said that Pakistan too embarked upon taping huge indigenous potential of renewable energy.

The Minister said that Pakistan's New Renewable Energy Policy would bring opportunities for investors adding 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 energy mix of the country.

While explaining the investment potential in 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 appraised 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 added that with 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.