Energy and power sector needs $180b by 2050

The country’s energy and power sector needs a whopping $180 billion investment by 2050 for advance development as per the Integrated Power and Energy Master Plan (IEPMP), Nasrul Hamid, state minister for Power, Energy and Mineral Resources, said on Monday.

He made the remarks while addressing a seminar on “Budget FY24: Challenges & Expectations for Investors in Power and Energy Sector” organised by the Forum for Energy Reporters, in collaboration with Bangladesh Independent Power Producers Association (BIPPA) at the Bidyut Bhavan in Dhaka.

Speaking as the chief guest on the occasion, the state minister said the huge amount of funds will be collected from government as well as private and foreign sources and will be used in making smart grid, modern technology, advanced transmission and distribution system, and cost effective production system.

He said the global context has put the power and energy sector in a challenging position. Although the transmission and distribution system is operating as planned, the continuous supply of primary fuel is facing challenges. In the next two years, more 2000 MW electricity will be generated from renewable sources.