Energy issue swings between investors and users
Striking a balance between consumer and investor rights is the biggest challenge for the regulator in addressing the electricity issue, said the law minister yesterday.
“If a congenial atmosphere is not there, we definitely cannot expect investors to come here,” Shafique Ahmed told an energy consumers' roundtable, organised by Improved Capacity for Energy Access (ICEA), a project funded by the US Agency for International Development (USAID), at the Brac Centre.
“We also have to look into consumers' rights,” the minister said.
Ahmed said Bangladesh Energy Regulatory Commission (BERC) should have correct information from both consumers and investors to properly decide on the pricing issue.
He said the root cause of the crisis was failure of the two previous governments. "They could not add a single megawatt of electricity in the last seven years, throwing the country into great despair."
“The present government is very serious. Efforts are on to address needs,” the law minister told the roundtable. “Addressing energy needs will be prioritised in the coming budget.”
Ahmed said more coal fields need to be explored. Only one field, out of five identified, has been explored so far, he added.
“We have to explore gas to address the needs of the industries and for commercial purposes,” said the law minister.
Currently, the country has seven TCF of gas in reserves. But it will be requiring 63 TCF in the next 50 years, said Ahmed.
Syed Yusuf Hossain, chairman of BERC, assured that the situation would improve significantly in the three years' time.
“We are thinking of benchmarking the price. Investors want return on their money,” Hossain said.
The BERC chairman also talked about alternative sources. “Liquified natural gas could be a good option, but it will cost high."
Naren Chanmugam, director for economic growth programme of USAID, asked BERC to play a role in encouraging investment in the energy sector.
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