Islamabad, (Parliament Times) : Committed to increasing reliance on indigenous sources
of energy production to provide access to affordable energy for all, K-Electric (KE)
inked a Memorandum-of-Understanding (MoU) with Government of Sindh (GOS),
Oracle Power, and PowerChina for the potential development of 2×660 MW coal-
fired power project based on Thar coal.
KE was represented by CEO Moonis Alvi, while Secretary Energy Abu Bakar
Ahmed was present from the Government of Sindh, CEO Naheed Memon from
Oracle Power and Cheng Qiang from PowerChina.
Speaking on the occasion, Sindh Minister for Energy Imtiaz Shaikh stated
“Electricity is a fundamental driver of development and progress, and this
collaboration is a big step in this direction. Once operational, this project will
immensely benefit the entire province which is why we are committed to provide
our full support until its maturity.”
The main objective of the MoU is to provide a collaborative framework for the
partnering parties, setting the stage for the establishment of this ambitious power
plant. For KE, this move aligns with the company's forward-looking plan of
enhancing its generation through addition of low-cost, indigenous fuel-based
power. The company has shared its vision of adding a total of 2,200 MW to its
generation capacity by 2030, and increase its share of renewable energy to 30%
of the overall mix. The inclusion of such generation capacity also aligns with KE’s
future projections for the city, which envisages a customer base of 5 million using
5,000 MW of electricity by FY30.
CEO KE Moonis Alvi also shared his excitement on the occasion, stating that “As a
company, our ambition and initiatives are towards achieving net zero, and
tackling the energy trilemma which balances reliability, affordability and
sustainability of energy supply. Our current partnership and our future plans will
greatly enable us to reduce our reliance on imported fuels. Moving forward, we
are also enhancing our share of renewable energy in the generation mix to
provide affordable and sustainable electricity to the customers. These plans are
further complemented by our comprehensive investment plan of PKR 484 billion,
which will strengthen the network and deliver energy effectively to our growing
customer base.”
CEO Oracle Power Naheed Memon reiterated her company’s commitment to the
development of the CPEC-listed 1320 MW coal-to-power project. She shared that
Oracle has produced world-class feasibility reports which became benchmark
documents for its development. Oracle Power is very pleased to have formed a
strategic relationship with KE as a potential off-taker and the Government of
Sindh as a facilitator and important stakeholder.
Representative from PowerChina shared that the development of the Thar Project
is of great importance to Pakistan in the sense of utilizing the local coal resource.
Oracle 1320MW Coal Power Project is listed as one of the priority energy projects
under China Pakistan Economic Corridor (CPEC). With the guidance and
participation of the Sindh Government, together with KE and Oracle, PowerChina
will provide support for the success of the project.
Oracle Power is an international natural resource and power project developer
listed on London’s stock exchange, while PowerChina is a Fortune 500 listed
integrated construction group which has completed over 40 various projects in
Pakistan with a total contract value of approximately USD 6 billion, and an
additional 43 projects worth USD 7.5 billion currently under execution.