LAHORE: The Lahore Chamber of Commerce and Industry here Saturday expressed grave concern over increase in power sector's circular debt and urged the government to ensure availability of sufficient resources to end unprecedented outages.
LCCI President Irfan Qaiser Sheikh feared that if immediate measures were not taken, the power sector would be facing another blow due to heavy outstanding dues, therefore, the Finance Ministry and the Ministry of Water and Power should take urgent steps for making payments to cope with the fast deteriorating energy situation.
He said the Lahore Chamber has since long been calling for much needed reforms in the power sector to control pilferage, line losses and to stop corrupt practices, citing that general power consumer as well as the industry would continue to suffer prolonged electricity outages.
There is a need to evolve an altogether new policy to attract private sector investment in electricity generation to balance electricity demand and supply.
Irfan Sheikh said the ultimate solution to the energy crisis lies in the construction of mega water reservoirs or tapping the coal potential the country owns, adding that government should utilise all available resources to win consensus over Kalabagh Dam that has the capacity to ensure cheapest electricity to the masses.
He said all stakeholders should show some greater maturity on the issue of Kalabagh Dam and it is high time that all undue stands should be brushed aside to save the country from that era of darkness. He said that unlike Pakistan, India is constructing dams at every possible site.
Irfan Sheikh said that everyone knows that the existing dams are constantly silting up leaving ever decreasing capacity to store water, therefore, construction of dams a is desperately needed to store adequate water.
According to a conservative estimate about 30 million acre feet of water is being wasted into the sea because the country has no big water reservoirs to store it. More importantly, as a result of melting of glaciers due to global warming, a Sword of Damocles remains hanging over our heads in the shape of floods.
The country's dependence on power generated through thermal sources is costing us way too much causing to face insurmountable challenges to remain competitive both in national and international markets. Electricity generation through thermal sources is estimated to cost almost Rs 16 per unit whereas the same can be produced at Rs 2.5 to Rs 3 through hydel resources.
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