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Bangladesh needs $82 billion investment in power to be developed country

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said massive initiatives are underway to build a developed Bangladesh by 2041.

The power sector needs US$82.5 billion in this regard while US$ 22 million has already been invested in the sector, he said while addressing at a session on “Power for Human Development” at the ‘Rising Bangladesh’ conference at Loeb House of Harvard University in Boston, the United State on May 12, 2018.

Bangladesh has been working to increase power generation as it needs 60,000 megawatt (MW) of electricity to be a developed country by 2041, he also said.

International Sustainable Development Institute (ISDI) of Florida and Centre for International Development of Harvard Kennedy School and Lakshmi Mittal South Asia Institute of Harvard University jointly organised the conference, said a press release.

“Currently the power generation capacity of the country has reached to 16,046 MW while the government is working relentlessly to reach the general capacity 24,000 MW by 2021 to be a middle income country,” he said.

Hamid said the government fixed 35 per cent natural gas, 35 per cent coal, import of renewable energy 10 per cent and nuclear and other sources 20 per cent as fuel mix for power generation in the Power System Master Plan-2018. Besides, the government is making optimum utilisation of modern technologies to develop power distribution and transmission system and the automation work is going on, he said.

“We have undertaken to introduce enterprise resource planning (ERP) applications and supervisory control and data acquisition (SCADA) systems,” the state minister said.

“The government encouraged private investment in the power and energy sector and meanwhile 50 percent electricity is generating from private sector,” he said, adding, “Initiative has been taken to handover a proportion of distribution and transmission line of power under private sector.”

Nasrul said installment of smart grid and introduction of cashless payment technology in the power sector is a demand of time and then the power would transform into merit goods from public goods.

He, however, said the power management would be people oriented with more investment, use of modern technology, taking appropriate plan and enhancement of capability of employees.

Prime Minister’s Economic Affairs Advisor Dr Mashiur Rahman, Principal Coordinator (SDG Affairs) to the Prime Minister’s Office Abul Kalam Azad, Executive Chairman of Bangladesh Investment Development Authority (BIDA) Kazi M Aminul Islam and General Secretary of Bangladesh Economic Association (BEA) Dr Jamaluddin Ahmed spoke on the occasion.

 

 

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