Adviser to the Ministry of Power, Energy and Mineral Resources Muhammad Fouzul Kabir Khan. File Photo

DHAKA, Jan 25, 2025 (BSS) - Adviser to the Ministry of Power, Energy and Mineral Resources Muhammad Fouzul Kabir Khan today said his ministry has been giving special importance in promoting practices of competition in the sector to ensure energy security in the country.

Speaking at a seminar titled "Power and Energy Scenario in Bangladesh: Ensuring Energy Security for Development" organized at Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Bhaban in the capital’s Motijheel area, said a FBCCI press release.

Fouzul said that the main problem of the power and energy sector in the country was that there was no competition here.

“After the interim government assumed office, we are trying to establish competition in the power and energy sector,” he said seeking cooperation of all in this regard including the businessmen.
He said steps have already been taken to purchase some basic energy through open tenders. In that case, opportunity is available to purchase energy at competitive prices.

The Adviser informed that the annual subsidy amount in the country's power sector is about Taka 32,000 crore while the annual subsidy amount in the energy sector is about Taka 20,000 crore.
Giving such information, Fouzul said that the development of basic energy in the country has remained neglected during the tenure of all previous governments.

“This has affected the entire energy sector including the power,” he added.

Presiding over the seminar, FBCCI Administrator Md. Hafizur Rahman said that to ensure energy security in the country, coal and gas wells would have to be dug on a large scale.

Besides, system losses of electricity and gas will have to be controlled. In addition, he emphasized on adopting cost-effective energy strategies, reducing import dependence, giving opportunities to the private sector to import LNG from the spot market, reducing single energy dependence and increasing the use of renewable energy.

In the seminar, Energy Adviser of the Consumers Association of Bangladesh Dr. M Shamsul Alam said that it is important to enhance the capacity of the Bangladesh Energy Regulatory Commission (BERC) and thus bringing necessary reforms to it to ensure energy security in the country.
 
Md. Alamgir Morshed, Executive Director and CEO of Infrastructure Development Company Limited (IDCOL), said that to get affordable and easily available energy, the country must go for renewable energy production.

In this regard, net metering solar systems can bring greater benefits, said Khandker Md. Abdul Hye, Chairman of Sustainable and Renewable Energy Development Authority (SREDA).

Former FBCCI directors and supporting committee members Abdul Huq, Giasuddin Chowdhury (Khokon), FBCCI Secretary General Md. Alamgir, FBCCI Safety Council Adviser Brig. Gen. (Retd.) Abu Nayeem Md. Shahidullah, and business leaders were present among others.