April 2, 2022: The energy industry is the backbone of any developed economy and Pakistan is now ready to move into a competitive energy ecosystem, CEO of Engro Energy Limited, Ahsan Zafar Syed said while addressing the Pakistan Energy Symposium on Saturday.
Transitioning from a single-buyer market to a multi-buyer system can pave the way for an efficient customer-centric energy market. It will also stimulate private infrastructure investments; lead to economic growth; give consumers access to reliable and economical power; ease pressure on electricity prices and create conditions for fair allocation of risks, he added.
Elaborating on Engro Energy’s initiatives in the renewable energy sector, he said, “In line with the government’s vision of moving towards 60% green energy solutions; Engro Energy is also committing itself to expand in the renewable energy space.”
“Our project in Jhimpir, Sindh will help solve the pressing issue of powering our industries at Port Qasim through competitive and green energy solutions. As we move ahead, Engro Energy will continue to play a part for a better and prosperous energy sector, and we welcome the efforts of both Federal and Provincial government including the regulator – NEPRA in forwarding this cause for the benefit of Pakistan,” he noted.
Engro Energy Limited in collaboration with the National Electric Power Regulatory Authority (NEPRA), Ministry of Energy, Govt. of Sindh, Overseas Investors Chamber of Commerce & Industry (OICCI), and Corporate Pakistan Group held ‘Pakistan Energy Symposium’ at a local hotel today.
The conference brought together relevant stakeholders from public sector policymakers, regulatory bodies, private sector stakeholders and industry experts to discuss the opportunities and challenges for market reforms in Pakistan with a major focus on creating a comprehensive strategy for the future of energy industry in the country. Experts at the symposium discussed the regulatory, commercial, and technical aspects of transitioning towards a liberalized and a greener energy market in Pakistan.
In his remarks, Chairman NEPRA Tauseef H Farooqi talked about the initiatives he had taken at the regulatory authority. Talking about the CTBCM, Mr Farooqi said that he had spent a lot of time on this. “CTBCM is like creating a motorway…we have a successful model of the telecom industry and we are trying to replicate that… we are giving a choice to consumers,” he said.
“What do we want to achieve: move from the multi-seller single buyer model to multi-seller multi-buyer model. Why is this important? Investors and businessmen are facing challenges that we believe they will be able to overcome with the multi-seller multi-buyer model. We are liberating the market. You can do the buying and selling of your own electricity. We are trying to deregulate the market,” he added.
The dialogue focused primarily on the planning initiatives & policy interventions, its role in market reforms, the role of technology in the multi-buyer market, private sector participation and customer-centric focus on the deployment of the competitive market system in the country. Two separate panel discussions on “Building Pathways for Market Liberalization” and “Unlocking the True Potential of Power Market Players” were also part of the symposium.