K-Electric eyes 30pc renewable share by 2023

KARACHI: K-Electric Ltd. is pushing forward with plans to boost its renewable energy share to 30 percent by 2030, the company top official said.Syed Moonis Abdullah Alvi, K-Electric CEO said the company has planned to boost renewable energy share and reduce reliance on imported fuel.

"The company will include 640 megawatts of affordable renewable electricity to its system in the next two years through solar and wind energy projects, which will lead to a notable decrease in the cost of generation," Alvi said during a webinar hosted by Nutshell Group. This will lead to a significant decrease in the cost of generation, he added.

"This will, in turn, support the government in balancing the sustainable induction of energy with its long-term affordability.”Alvi impressed upon the importance of integrating renewable energy plans within a broader framework, highlighting the need for regulatory approval. He noted that the addition of new power sources to Pakistan's energy mix is now determined through competitive bidding processes.

A statement said that the K-Electric's commitment to renewable energy and its advocacy for renewables in Pakistan have been longstanding. As the largest power distribution company in Pakistan's major metropolis, K-Electric has consistently demonstrated a forward-thinking approach to energy transition.

"As emphasized by the CEO, investing in sustainability is not merely a cost but a strategic investment with significant returns. By embracing renewable energy, K-Electric actively tackles environmental concerns as well as bolstering energy security and making power more affordable."Khalid Waleed, head of energy and climate at the Sustainable Development Policy Institute said.