ISLAMABAD: Three Gorges Group of China and K-Electric on Monday signed a memorandum of understanding (MoU) to collaborate in the development of about 1,000MW of renewable energy and hydropower projects across the country including Azad Jammu & Kashmir.
The MOU was signed by KE’s CEO Syed Moonis Abdullah Alvi and Wang Minsheng, CEO of China Three Gorges South Asia Investment Ltd (CTGSAIL) for “providing clean, affordable, and sustainable power for people of Pakistan including K-Electric’s growing base of over 3.4 million customers”, according to a statement.
Under the MoU, the two sides agreed to collaborate on exploring renewable energy including hydro projects across the country. Both companies will also work to develop a roadmap for the installation of grid-scale Battery Energy Storage Systems into KE’s network.
The exclusive rights of existing distribution companies including KE are expiring over the next 3-6 months that would allow open access to electricity producers, buyers and consumers to trade electricity from and to various sources and locations anywhere in the country after paying wheeling charges to the national grid operator — National Transmission & Despatch Company.
This would also allow new power companies to enter the market and challenge through competition the existing distributors.
Therefore, the KE is looking into opportunities to collaborate with private entities for setting up renewable energy projects including wind, solar and hydropower plants across the country.
Published in Dawn, February 7th, 2023
