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Country needs $82.5-bn investment in power to be developed one’

UNB NEWS

Sunday 13 May, 2018 09:10:29 pm

Country needs $82.5-bn investment in power to be developed one’

Dhaka, May 13 (UNB) – State Minister for Power and Energy Nasrul Hamid has said Bangladesh needs $82.5-billion investment in the power sector to be a developed country by 2041.

“Of this, some $22 billion has already been invested,” he said while addressing a session on “Power for Human Development” at a conference titled “Bangladesh Rising” at the Loeb House of Harvard Business School in Cambridge of the USA on Saturday, according to message received here on Sunday.

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

Prime Minister’s Economic Affairs Adviser Mashiur Rahman, chief coordinator of the SDG Affairs of the Prime Minister’s Office Abul Kalam Azad, executive chairman of Bangladesh Investment Development Authority (Bida) Kazi Aminul Islam and general secretary of Bangladesh Economic Association Jamaluddin also spoke at the conference.

Making a presentation on the Power System Master Plan 2018, Nasrul Hamid said the country’s fuel mix for power generation was determined to be 35 percent of gas, 35 percent coal, 10 percent import of renewable and 20 percent from nuclear and other sources.   

He said building a developed Bangladesh will require 60,000 MW of electricity while the use of improved technology is being increased in distribution and transmission systems.

The junior minister also mentioned that automation process is underway for improving the management system while private investment is being encouraged in the power and energy sector.

“Now, 50 percent of power is being generated by the private sector while initiative has been taken to privatise some parts of the transmission segment,” he added. 

In future, Nasrul Hamid, said the distribution system will go to the private sector and now implementation of the smart grid and cashless payment system has been a demand of the time. “Once these are implemented, the electricity will turn into a merit good from the public one,” he said.   

The state minister said leadership and time-befitting decisions have worked to create a positive position for Bangladesh.