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Energy minister urges private sector to prepare for for power trade

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June 16, 2023- Energy, Water Resources, and Irrigation Minister Shakti Bahadur Basnet has called upon the private sector to prepare for engaging in the electricity business.

During the inauguration of 21st annual general meeting of the Independent Power Producers Association, Nepal (IPPAN), Krishna Prasad Acharya, president of IPPAN, remarked on the significant achievement of the private sector in power generation, which has resulted in the rapid increase of power production to 3,000 megawatts within a relatively short timeframe. However, he expressed concern about the current scenario where the private sector is unable to participate in the electricity trading sector.

In response, Minister Basnet urged the private sector to proactively prepare themselves for engaging in electricity trading.

Minister Basnet highlighted the significance of prime minister’s visit to India, describing it as a breakthrough that will bring about substantial changes.

He also asserted that achieving the goal of generating 10,000 megawatts by 2026 is feasible. He further said, “Once a goal has been set, we must have the confidence in our abilities to achieve the target.”

Minister Basnet expressed his belief that despite the current gaps, significant progress will be made within the next decade. “After achieving self-sufficiency in production, we have started discussing electricity trade with countries like India and Bangladesh. However, there is a crucial need for infrastructure development as a prerequisite,” he said.

Minister Basnet highlighted the importance of improving policy frameworks to create an investment-friendly environment and ensuring efficient service delivery.

“We stand at the precipice of a remarkable breakthrough in the energy sector, and our journey thus far has been made possible by the collaborative efforts of the Nepal government and the private sector. The government is fully committed to advancing hand in hand with the private sector. Although we were occupied with budget preparations and other important tasks, we will soon table the Electricity Bill at the Parliament. This is the opportune moment for the private sector to actively engage in power trade. I urge you to be prepared. The government is eager to move ahead through strong collaboration,” he stated.

(Source: The Himalayan Times)

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