ISLAMABAD: Minister for Energy Omar Ayub Thursday said creation of power by solar and wind projects would find a boost with the newest alternative energy development policy, leading to decrease in electricity prices for as low as Rs half per unit in saving and future of valuable foreign exchange reserves currently spent fuel import.
Talking to APP, he stated,”the solar and wind projects will reduce the speed of power to Rs 6 per unit and also the speed will go down much further in future”Pakistan Muslim League (N) authorities generated power from natural gas in the rate of Rs 17 each unit,” he added.
The minister stated all stakeholders such as the states had consented to the policy and its execution could be undertaken by a steering committee at the national level and from states and Alternative Energy Development Board (AEDB).
The states could offer land to its solar and wind jobs, ” he continued.He went on to state that global companies were coming to get investment from the solar and wind projects.
The investment could provide impetus to the industrial industry, create jobs in production and technology transfer could happen. The government was working to enhance the power grid construction, ” he explained.
He explained the alternate energy coverage was a radical step of this authorities. Prime Minister Imran Khan had taken personal interest in the coverage and guided the ministry,” he added. The coverage could be implemented through competitive bidding leading to decrease in job price.
He said Pakistan had investment possibility of $40 billion from the industry of energy. Pakistan in future can create 75 percent of energy from its own native renewable sources without diluting fuel like gas and oil which then will save the government’s fiscal resources, bolster value of the rupee and reduce the current account deficit.$70 million in jobs of 500 megawatts, he said adding consequences of this coverage would begin emerging from the year 2021.
Saudi Arabia would attract a cost of $ 4 billion to constructing a power plant in Balochistan, he added.