The Ministry of Power, Energy and Mineral Resources is giving special importance to implementing competition practices in the sector to ensure energy security in the country.
Muhammad Fauzul Kabir Khan, Advisor to the Ministry of Power, Energy and Mineral Resources, said this at a seminar titled “Power and Energy Scenario in Bangladesh: Ensuring Energy Security for Development” organized at the FBCCI’s Motijheel office on Saturday (January 25, 2025).
Speaking as the chief guest at the seminar, he said that the main problem of the power and energy sector in the country was that there was no competition here. After the interim government took charge, we are trying to establish competition in the power and energy sector. For this, the Power and Energy Advisor called for the cooperation of everyone, including businessmen.
He said that steps have already been taken to purchase some basic energy through open tenders. In that case, opportunities to purchase energy at competitive prices are available.
The annual subsidy in the country’s electricity sector is about 32 thousand crore taka. And the annual subsidy in the energy sector is about 20 thousand crore taka. Giving this information, Muhammad Fauzul Kabir Khan said that the development of basic energy in the country was neglected during the tenure of all governments. This has affected the entire energy sector including electricity.
In his speech as the president at the seminar, FBCCI Administrator Md. Hafizur Rahman said that to ensure energy security in the country, coal and gas wells will have to be dug on a large scale. System losses of electricity and gas will have to be controlled.
In addition, he emphasized on adopting cost-effective energy strategies, reducing import dependence, giving opportunities to the private sector to import LNG from the spot market, reducing single energy dependence and increasing the use of renewable energy.
At the seminar, Energy Advisor of the Consumers Association Dr. M. Shamsul Alam said that it is important to increase the capacity of the Bangladesh Energy Regulatory Commission and implement reforms to ensure energy security in the country.
Md. Alamgir Morshed, Executive Director and CEO of Infrastructure Development Company Limited (IDCOL), said, “To get affordable and easily available energy, we must go for renewable energy production.”
In this regard, net metering solar systems can bring great benefits, said Khondaker Md. Abdul Hai, Chairman of Sustainable and Renewable Energy Development Authority (SREDA).
Also present at the seminar were former FBCCI directors and supporting committee members Abdul Haque, Giasuddin Chowdhury (Khokon), FBCCI Secretary General Md. Alamgir, FBCCI Safety Council Advisor Brig. Gen. (Retd.) Abu Naeem Md. Shahidullah, and business leaders.
