The government has undertaken the Perspective Plan (2021-41) for the long-term development of the power and energy sector to achieve the status of a developed country by 2041.
As part of its move, the government is going to adopt 13 strategies for developing the sector.
Through the implementation of these strategies, the total generation capacity of grid-based electricity will be increased to 21,369 megawatts (MW) by 2021.
Besides, the target has been set to increase this capacity to 33,000 MW in 2030 and to 56,734 MW in 2041.
At the same time, the use of fuel in power generation will be diversified to ensure the use of fuel at low cost.
These strategies have been developed by the General Economics Department in the Bangladesh Perspective Plan (2021-41), and approved by the National Economic Council (NEC).
Dr Shamsul Alam, Senior Secretary and Member of General Economics Division (GED) at the Planning Commission said, “According to the projection, the demand for electricity will increase at the rate of 9.3 percent in the period of 2021-2041 as the projected annual growth of gross domestic product (GDP) is 9 percent.”
As a result, the main objective of the power and energy strategy is to meet the new demand, he added.
Alam said, massive investments are needed to address this huge and long-term scope of power and energy demand.
The purpose of which will be to phase out high cost liquid fuel dependent power generation plants, he said, adding, “We want to move towards moderate management of primary energy at the lowest possible cost for power generation. Besides, it also pays special attention to reducing carbon emissions,” he said.
Strategies and policies will play a significant role in fulfilling these goals and objectives, he added.
He said the perspective plan will replace the objectives and targets adopted for 2041 in the desired course of a high-income economy in Bangladesh.
However, the strategies for development of the power and energy sector are low cost approach to expansion of power generation, increase in low cost based primary fuel supply, development of necessary infrastructure for primary fuel, balanced investment between production and distribution, expansion of efficient use of established capabilities and encouraging private investment in the energy sector.
Besides, further expansion of power trade, ensuring proper energy pricing, strengthening power and energy related institutions and formulating a strategy for power and energy.
Besides, private financing, financing from government energy companies and budget financing strategies will be taken up.