Alternative energy in advance category: CCoE approves placement of various power project comapnies

A meeting of the Cabinet Committee on Energy (CCoE) has approved placement of various power project companies of alternative energy in advance category, and directed Ministry of Petroleum weigh financial feasibility of offshore stock of petroleum products to benefit from low international petroleum products.

An official said that on a proposal of the Ministry of Power with respect to placement of various project companies in their respective categories, the meeting approved placing of four companies from category III to category II.

The CCoE meeting chaired by Minister for Planning, Development and Special Initiatives Asad Umar was updated on Monday with regard to the progress on formulation and approval of the Renewable Energy (RE) Policy, and the introduction of competitive bidding process for the entry of new producers in the renewable energy sector of Pakistan.

The CCoE directed the Power Division to expedite the process and report back to the CCOE.

The CCoE also approved the proposals of the Ministry of Power regarding the placement of various project companies in their respective categories on the basis of already specified criteria.

On a report submitted by the Ministry of Maritime Affairs with regard to enhancement of off-shore storage capacity of imported petroleum products, the CCoE directed the Petroleum Division to examine, the financial feasibility of the proposals.

The meeting was informed about the future trajectory of demand of energy in the country and the steps being taken to ensure the availability of power to various sectors, and the progress being made on rationalizing the energy prices in the country.

The National Electric Power Regulatory Authority (NEPRA) told the meeting on the progress made on the introduction of the advance design of the Competitive Trading Bilateral Market in Pakistan.

The CCoE was briefed about steps being taken regarding the governance improvement of the power sector.

The meeting was informed that 5the CEOs of Alternative Development Board (AEDB), the PPIB, and GENCOs have been appointed following a competitive process, and progress is being made regarding the establishment of a Technical Directorate at the Ministry of Energy.

Members of the CCoE including Minister for Railways Sheikh Rasheed, Minister for Energy Omar Ayub, Minister for Maritime Affairs Ali Zaidi, Advisor on Finance Hafeez Sheikh, SAPM on Petroleum Nadeem Babar, and officials from the Power, Petroleum, Finance, Maritime Division and the NEPRA were also present.