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Investment of USD 35 billion required in Bangladesh’s power sector to meet the country’s energy needs: PwC- BIPPA report

  • Published at 09:27 pm March 18th, 2018
Investment of USD 35 billion required in Bangladesh’s power sector to meet the country’s energy needs: PwC- BIPPA report
Significant skill upgrade and capacity building of the workforce is also key to sustain growth of the power sector in Bangladesh. This is in addition to new generating sources, a changing generation mix, increased operational efficiency, according to a new report “Transforming the Power Sector in Bangladesh”, launched by Honourable State Minister for Power, Energy and Mineral Resources, Government of Bangladesh, Nasrul Hamid during PwC and Bangladesh Independent Power Producers Association(BIPPA)’s joint event – the  Bangladesh Power Conclave 2018. There is a need to develop a more efficient, transparent, deregulated and competitive power market for the supply of reliable and cheap power to citizens in Bangladesh. Bangladesh may also need to explore other sources of financing beyond the existing ones as it is envisaged that by 2041 the country would require investment of about 35 billion USD in the power sector, the report said. Mamun Rashid, managing partner, PwC Bangladesh said: “Bangladesh’s power sector is one of the fastest growing in the South Asian region. The sector will play an important role in helping the country achieve its socio-economic goals. However there are constraints stemming from low energy access, rapid urbanisation, vulnerability to climate change and natural disasters and limited availability of land.” Yogesh Daruka, partner – Power & Utilities, PwC India said: “Globally, power markets are undergoing a phase of disruptive transformation. The continuous interaction of various political, technological and economical forces are catalysing what could be the most dramatic change for the sector in the past century. This is the case with Bangladesh as well. With the Government’s aggressive efforts, continuous support from the developing partners and effective implementation of policies, the country has shown remarkable progress in its journey so far. However, with these ever evolving trends, the industry further needs to adapt itself to accelerate the progress of the sector.” Honourable State Minister for Power, Energy and Mineral Resources, Government of Bangladesh, Nasrul Hamid, said: “The Government thinks that deregulation is the future. Private sector participation in transmission and distribution will bring investment and better service in this sector. However, providing reliable and affordable electricity to our citizens remains our main agenda, which is why we are treading carefully. But we want to start private sector partnership in transmission very soon as a test case.” Bangladesh’s installed capacity has increased remarkably in the past 1o years, from 4.5 gigawatt (GW) to 12.8 GW. According to the report, augmenting the existing electricity infrastructure of the country and an increased focus on the industrial sector could further help the country in the successful transformation of the sector. Speaking on the sector, Latif Khan, president, BIPPA and Vice Chairman of Summit Group said: "There are certain issues concerning regulation, financing and technology prevalent in the private power generation sector today. Bangladesh's power industry today needs to address these to attain our shared goal of implementing the Private Sector Power Generation Policy (PSPGP) and Power System Master Plan (2016)."
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