The Pakistan Economy Watch (PEW) on Sunday said that alternative forms of energy are becoming more cost-competitive with conventional fuels therefore government should accelerate the pace of its development.
Energy crisis is greatest bottleneck in the supply of resources to our economy; it is biggest problem than terrorism, said Dr. Murtaza Mughal, President PEW.
He said that some areas will have to brave 23-hour load shedding by 2020 if development of energy resources was not given proper attention.
He said that industrial development, commercial activities, population growth and inefficiency are main causes for the crisis while the rising costs of fossil fuels coupled with volatility has made alternatives more attractive.
Moreover, construction costs of oil, gas, coal and nuclear power plants have jumped by 80 per cent in five years which calls for investing in renewable energy, he said adding that we need to realise that economics of traditional fuels are changing.
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