Bimstec to strengthen energy coop

Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal are set to sign a multilateral document soon to frame the much-talked-about Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) to facilitate the optimisation of using energy resources in South Asia and South East Asia.
"Bimstec's energy ministers will sit in Nepal next month to establish a "grid connection" to further strengthen energy cooperation among the countries," a senior official of the Power Division told the Daily Observer on Thursday.
"Initially we identified the areas of cooperation, we found that in some areas we have potential for energy resources and in some areas there is scarcity of energy and that is why we want to facilitate the optimization of using energy resources in South Asia and South East Asia, he said.
We need to establish a guideline or framework like papers to discuss all these issues, he added.
Meanwhile, the Indian Cabinet chaired by Prime Minister Narendra Modi approved the proposal of the Indian Ministry of Power to sign a Memorandum of Understanding to Establish the Bimstec Grid Interconnection on Wednesday. "We are also on the same track, he said.
The 'Plan of Action for Energy Cooperation in Bimstec' was formulated in the first Bimstec energy ministers' conference held in New Delhi on October 4, 2005.
The main objectives of this initiative are (a) the optimisation of using the energy resources in the region for mutual benefits on non-discriminatory basis subject to laws, rules and regulations of the respective parties, (b) the promotion of efficient, economic, and secure operation of power system needed through the development of regional electricity networks, (c) the necessity of optimisation of capital investment for generation capacity addition across the region and (d) power exchange through cross border interconnections.
"We have conducted five meetings of taskforce for Bimstec on Trans-power Exchange and the draft MoU for establishment of Bimstec Grid Interconnection was finalised by the taskforce on March 16, 2015," senior official of the Power Division said.
It will also facilitate the promotion of efficient, economic, and secure operation of power system needed through the development of regional electricity networks through cross-border interconnections, he added.