Finance Minister Senator Ishaq Dar on Saturday directed the WAPDA chairman to expedite formulation of a comprehensive hydel power policy in order to attract private sector investment.
The finance minister stated while chairing a meeting to discuss issues related to financing of Diamer Bhasha Dam at the finance ministry.
WAPDA Chairman Zafar Mahmood briefed the finance minister on a draft of hydel power policy which was being prepared and it would include all issues related to attract private sector investment in hydel power generation in the country.
The policy will provide for upfront tariff to the international investors. He informed that the policy will also address environmental aspects in addition to technical and financial aspects. He further informed that the draft policy is essential for attracting private sector investment in hydel power generation.
He briefed the finance minister on the work done so far in connection with Diamer Bhasha Dam. The finance minister was informed that during the last 24 hours, Mangla Dam had absorbed two million acre feet of water from its catchments areas. He said the Mangla Dam raising project had brought immense benefits not only for conservation of water but also to control flooding.
The finance minister observed that Indus River Cascade had an over 90,000 mega watts power generation capacity and had there been focus on hydel power generation, the country would not have shortage of energy or water. He emphasized that hydel-led energy mix could provide cheaper electricity to the people of Pakistan. He mentioned that with the construction of three gorges dam, China has placed a check on floods and built a reservoir on which the whole country is benefiting.
The finance minister underlined that the government would go ahead with both Dasu and Diamer projects at the same time and eventually phase out costly thermal power generation which had resulted in large import bill. He directed the officials of the ministry of water and power and WAPDA to plan for the international investors meeting to be held in Washington DC to attract donor agencies and US investors for construction of mega dams in Pakistan with special emphasis on opportunities available in Diamer Bhasha Dam Project.
Miftah Ismail, Chairman BOI, Dr Waqar Masood, Finance Secretary, Saleem Sethi, Secretary Economic Affairs Division, Rana Assad Amin, Advisor to Finance Ministry and senior officials of the ministries of finance and water and power also attended the meeting.
This should have been much earlier. knowing that projects like Gaddni will further weaken our energy mix. why Hydel is not the priority of the time. Some may argue that time factor required in construction of Hydel resources will not support the forthcoming demands of electricity in the country. Yet we are facing worst load shedding for last many years and still delaying the basic decisions.
This should have been done much earlier. knowing that projects like Gaddni will further weaken our energy mix. why Hydel is not the priority of the time. Some may argue that time factor required in construction of Hydel resources will not support the forthcoming demands of electricity in the country. Yet we are facing worst load shedding for last many years and still delaying the basic decisions.
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