Alternate to AEDB for sustaining Pak economy - a new corporate entity.

Byline: Raziuddin (Razi)

Needless to say, Pakistan is in dire need of Alternate and Renewable Energy (ARE) resources to sustain its economy. Alike, it is in dire need of sustainable institutions to achieve energy for all, energy security and Alternate and Renewable Energy resources into the power system. Importance of alternate and renewable energy sources is immense, therefore the government may consider to have AEDB (Alternate Energy Development Board) converted into a larger independent corporate entity, such as Pakistan Industrial Development Corporation (PIDC) (was once), National Investment Trust (NIT).

These institutions were catalyst for industrialization. Similarly, the new ARE corporate entity should become a catalyst for Alternate and Renewable Energy resources into the economic system. If Pakistan, really wants to have alternate and renewable energy resources matching rest of the world in 2040 at 40% of total energy mix, then the Government and policy makers have to really not only think out of the box but act out of the box, as well. It is very encouraging to note that the Federal Government is proactively developing a new Policy-2019 for Alternate and Renewable Energy (ARE) resources, which will be approved by the Council of Common Interest (CCI).

But it is still felt by the professionals that the Policy-2019 may not deliver the desired results. Continuous interventions at AEDB had and would impede the speed of installation of solar and wind on-grid and off-grid power plants. The new corporate entity with Federal Government sitting at 49% shareholding would not have non-productive interventions. The Summary to CCI should entail all important features, including target MW, sustainability.

It is imperative that the AEDB-alternate needs to be an independent corporate entity with a Vision and Mission, short, medium and long term targets answerable to its board of directors and shareholders.

The members of Board of Directors should be from various walks of life that is professionals and business community, as per SECP rules. The Federal and Provincial governments being partial owners as minority shareholders may exercise their point of view at the board meetings. The government may also off load its shares in Pakistan Stock Exchange at a much higher price than the par value. The new ARE corporate entity to emulate successful private sectors, such as Engro, Attock, Fauji to name a few.

This alternate corporate entity to AEDB is one...