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Pakistan’s 2024 Power Consumption Forecast to Decrease

Pakistan 2024 Power Consumption Forecast to Decrease-realtorspk

Islamabad: In Islamabad, there’s an anticipation of reduced power consumption for the current year, attributed to the rise in tariffs and a downturn in industrial activities. This insight comes from a leading power company’s senior executive, indicating a troubling trend that could mark two consecutive years of declining electricity usage for the first time in over a decade. The decrease in power demand, as observed last year, underscores the economic challenges that Pakistan faces, particularly affecting the lower and middle-income populations.

Muhammad Saqib, the Chief Financial Officer of Hubco, discussed the issue during the Energy Summit 2024 in Karachi. He pointed out that the industrial sector is not expanding as expected, leading to reduced electricity demand. This situation is further exacerbated by increased energy tariffs, prompting consumers to seek ways to conserve energy. The financial strain on households has been intensified by policies stemming from the International Monetary Fund’s bailout, which have led to higher retail prices for essential commodities, including fuel and electricity.

The power supply in Pakistan is hampered by frequent outages, especially in remote rural areas, due to grid inefficiencies, delays in fuel imports, and a shortage of foreign currency. Saqib also highlighted the persistent reliance on furnace oil for electricity generation, despite the availability of cheaper and cleaner alternatives like natural gas, due to grid constraints. For the latest Real Estate News and Blogs, visit Realtorspk blogs.

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