Two French companies ready to invest in Pakistan’s power sector: Envoy

ISLAMABAD, Oct 29 (APP):French Ambassador Marc Barety informed Minister for Energy (Power Division) Omar Ayub Khan that two French companies wanted to invest in the power sector of Pakistan.
France would look into all possibilities of cooperating with Pakistan in the field of energy, the ambassador said during a meeting with the minister here on Friday.
The minister said Pakistan and France shared cordial relations and emphasized the need to extend the ties from trade and economic domain to cooperation in the field of energy. Pakistan was keen to forge closer relations with France in areas of mutual benefit, he added.
He said the Power Division had chalked out a plan to control electricity theft and increasing capacity of generation and transmission of electricity.
“Working is under way on a mechanism to deal with power theft. The Power Division is engaging with the provinces on creation of special task forces with the support of provincial governments, local authorities and law enforcement agencies for crackdown against electricity theft,” he added.
The minister said ABC Cable, which had a capacity to stop any kind of electricity theft, would be installed initially in the premises of IESCO, PESCO and LESCO and the cost for that project had been estimated at $900 million. The Asian Development Bank would finance the project.
The steps, he said, would not only reduce power theft but also lead to decline in the circular debt. Transmission and distribution capacity of electricity would be increased by Metering Tree and introduction of ABC Cable, he said, adding that deficit in power sector could be overcome.
He said for increasing power generating capacity, utilizing the sources of solar, wind and hydel were the priorities of the government.
He assured that the regulatory tax, capacity charges, tariff and IPPs issues would be solved amicably.
The French ambassador appreciated the suggested plan of the Power Division to control electricity theft.