Electricity Demand Witnesses 20 % Increase This Year: Hammad Azhar

Federal Minister for Energy Mr. Muhammad Hammad Azhar has said that immense growth in demand of electricity upto 20% has been witnessed this year, of which the industrial demand is well above 12% to 13%

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Jun, 2021 ) :Federal Minister for Energy Mr. Muhammad Hammad Azhar has said that immense growth in demand of electricity upto 20% has been witnessed this year, of which the industrial demand is well above 12% to 13%.

He said that the increase in demand is a very positive sign not only for the entire economic health of the country but also for the energy sector as it has boosted the confidence of investors, said a press release issued here Monday.

The Minister was talking to U.S. Embassy Charg� d'affairess, a.i. Lesslie Viguerie who called on him here.

Secretary Power Division Mr. Ali Raza Bhutta, Mr. Daniel Froats Economic Counselor US Embassy and other senior officials were present during the meeting.

Hammad Azhar informed the US Embassy Charg� d'affairess that due to prudent policies and effective measures undertaken by the present Government, the growth of Circular Debt has been reduced by Rs. 200 billion this year as compared to previous year.

The Federal Minster also briefed about the approximate $ 800 million investment that Pakistan has made in expansion and improvement of country's Transmission and Distribution system in two and half years which led to record transmission of more than 4000MW this year.

He said that another $ 117 Million have been earmarked for next financial year for improvement of Transmission and Distribution system.

He invited the US based companies to explore possibilities of investment in the energy market.

The Federal Minister said that Pakistan and United States are having excellent working relations in the energy sector, which will further boost with the new investor friendly policies of the present government.

While mentioning the close partnership between Power Division and USAID, the Federal Minister said that yet another milestone for long term energy planning has been achieved with their assistance in the shape of IGCEP which is bound to address many issues relating to planning and demand assessments. He also mentioned the DFC investments in renewable energy projects in Pakistan.

Mr. Hammad Azhar apprised Mr. Lesslie Viguerie that Pakistan new Renewable and Alternative Energy Policy has set ambitious targets to enhance the share of renewable energy upto to 30% by the year 2030 which will have direct implication for the clean and green initiatives that Pakistan is embarked upon.

He said that it will not only tap the indigenous energy potential but will also offer good return on investment to the potential entrepreneurs.

Embassy Charg� d'affairess, a.i. Lesslie Viguerie appreciated the Government of Pakistan's policy to attach preference to clean and green energy sources.

He said that American companies are taking keen interest in the energy sector of Pakistan. He expressed the confidence that the current cooperation between Pakistan and USA in the Energy Sector will further be enhanced.

Mr. Lesslie Viguerie informed the Federal Minister that the effective policies of Government of Pakistan to address issues specially steps taken to arrest the growth of Circular Debt are sending positive signal to the investors.