PM Prioritizes Renewables to Slash 27 Billion Oil Import Bill

The Prime Minister instructed officials to accelerate the auction process for dysfunctional power plants owned by Power Generation Companies (Gencos).

In a bid to revolutionize Pakistan’s energy sector and curtail the hefty $27 billion oil import bill, Prime Minister issued directives on Monday for a comprehensive overhaul towards renewable energy sources. The ambitious move aims to not only alleviate the burden of oil dependency but also to enhance the efficiency of the country’s electricity distribution network.

Addressing a high-level meeting convened to evaluate the power sector’s performance, Prime Minister emphasized the imperative shift towards renewable energy. “Ultimately, we have to move to renewable energy. The oil import worth billions of dollars can be controlled by using alternative resources like solar, wind, and hydel,” remarked the Prime Minister.

Highlighting the detrimental impact of oil imports on the national economy, Prime Minister underscored the parasitic nature of the crude oil tanker mafia, draining precious financial resources. Pakistan currently imports oil worth $27 billion to satisfy its energy demands, a figure that Prime Minister believes can be substantially reduced by embracing alternative energy solutions.

Commending the ongoing efforts against power theft, particularly lauding the Punjab government’s drive, the Prime Minister expressed optimism that other provinces would emulate similar measures to combat this challenge effectively.

However, he cautioned against complacency, stressing the urgent need to fortify the country’s power transmission infrastructure.

Prime Minister urged the energy ministry to engage top-tier consultants to devise strategies for bolstering the transmission network, crucial for sustaining power production and attracting investments in the sector.

In a separate meeting, Prime Minister issued directives for a series of measures aimed at optimizing energy production and reducing costs. These measures included the relocation of imported coal-run plants to utilize local coal resources, enhancing the power supply system, and prioritizing the establishment of cost-effective renewable energy facilities.

“Only clean, cost-effective, and renewable power plants should be established in the country,” emphasized the Prime Minister, underlining his commitment to sustainable energy solutions.

The meeting also discussed the progress of a 600MW solar power project, with Prime Minister urging expedited action to facilitate foreign investment in this initiative. Additionally, the Prime Minister instructed officials to accelerate the auction process for dysfunctional power plants owned by Power Generation Companies (Gencos).

Furthermore, the meeting was briefed on the potential benefits of transitioning coal-run power plants from imported fuel to local coal, estimating a reduction of up to Rs2 per unit in electricity prices for consumers. Prime Minister directed for the swift implementation of all outlined measures within the stipulated timeframe to ensure tangible progress in Pakistan’s energy landscape.

As the nation navigates its energy transition, Prime Minister’s directives signal a resolute commitment towards sustainable development, economic resilience, and energy independence.