He emphasized the need and importance of increasing cross-border trade of electricity as it can play a major role in helping overcome challenges, to sustain rapid economic growth and eliminate load shedding which in turn will bring down energy prices, mitigate power shocks, relieve shortages, facilitate decarbonization and provide incentives for market extension and integration.
He further added that "bilateral trade of electricity would lead to development of regional pools where real-time electricity trade would be possible." He highlighted the important role of multilateral agencies particularly Asian Development Bank, World Bank and JICA in carrying out feasibility studies, providing financial support, review of the relevant laws of the member countries.
He reiterated Pakistan's full commitment to the SAARC process and stressed the need to promote progress and prosperity for the people of South Asian Region through the platform of SAARC by harmonizing the laws/rules/regulations governing such arrangement.
The overall objective of the Council is to facilitate member countries in initiating power trade and enabling regulatory environment for realizing SAARC energy ring. The main objective of the second meeting is to build a consensus among member states on the roadmap for the implementation of SAARC Framework Agreement on Energy Cooperation (Electricity) by taking into account the different dimensions including infrastructure, power market and regulatory regime for regional power trading under the ambit of SAARC framework Agreement.
Hussnain Zaigham, Senior Advisor NEPRA is elected as Chairperson of the Council. Other participants from member countries include Abdul Khayer and Firoz Zaman from Bangladesh, Nima Tshering and Sangay Phuntsho from Bhutan, Ms. Shazeena Ismail from Maldives, Nutan Prakash Sharma and Sumanta Kumar Sah from Nepal, Nilantha Sapumanage and Gamini Sarathehandra from Srilanka and Habibulrahman Rahmat and M Waris Mustamadi from Afghanistan.
The First meeting of the SAARC Council of Experts of Energy Regulators (Electricity) was held in Thimpu, Bhuttan in December 2016 and it primarily focused on the adoption of Work Plan and ToRs of the Council.
Copyright Business Recorder, 2017