Prime Minister Shehbaz Sharif said on Thursday that Pakistan needs cheaper sources of energy and can excel at nuclear power generation, as the country faces an acute shortage of power.
Speaking at the inauguration ceremony of the K3 Nuclear Power Plant in Karachi, he noted that Pakistan is annually importing fuel to the tune of $27 billion dollars. “This is an amount we can hardly afford.”
He said the Strategic Plans Division (SPD) believes that nuclear power generation can add a lot of energy to Pakistan’s power grid.
“Solar and wind power sources can play an important role in accomplishing the task of generating cheap energy,” he said.
PM to open K3 nuclear power plant today
“Pakistan has been gifted with enormous resources but still we are hardly able to generate 10,000 MW from hydel sources. Pakistan badly needs clean and cheaper energy,” he added.
He said the K3 has total power generation capacity of 2,200 MWs, taking the country’s total nuclear generation to 3,600 MWs, which he described as a significant contribution.
Meanwhile, the PM thanked China for aiding Pakistan in construction of the power plant.
“We will enhance cooperation with Chinese firms for next initiatives,” he stated.
Pakistan is facing acute energy shortage which has led to high cost of fuel, electricity and gas. Owing to depreciation of rupee, the energy import bill is surging.
Pakistan is also feared to face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, Reuters had earlier reporter.
Pakistan typically meets more than a third of its annual power demand using imported natural gas, prices for which shot up following Russia’s invasion of Ukraine.
“There is no shortage this fortnight. If we don’t have LCs (letters of credit) open right now, we might see shortages in the next fortnight,” a senior official at one of the oil companies told Reuters.
For establishment of new projects, the PM offered an immediate deal to Chinese firms and said “if we can agree on a price formula, we can sign letter of intent tomorrow. If you agree on a price of $2 million per megawatt, we can sign the agreement right now.”