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Monday, June 24, 2024

Cabinet clears way for investment in power sector, approves Meghalaya Power Policy 2024

Shillong, Feb 26: The cabinet on Monday approved the Meghalaya Power Policy 2024 to streamline power generation in sustainable and efficient manner.

The old power policy did not have the component like the pumped storage project, which has been included.

The Cabinet has also decided to change the criteria for solar energy as far the requirements for renewal power purchase obligation is concerned.

Power Minister Abu Taher Mondal said that they are encouraging investors to come to the state so that new power projects can be taken up.

The minister informed that all power sectors have been included in the new power policy.

“Power policy is a guidelines on how to start power projects”, he said.

The approval of new policy overrides the old policy of 2010.

He further explained that the pumped storage project is a new concept in the power sector hence this has been introduced in the new power policy.

“We have entered into an agreement to see if there is a feasibility or not. If it’s not feasible, then there is no point of having that provision in the power policy. Now we found that there are some basins where we can have pumped storage project. That’s why we are bringing this project in the power policy,” the minister added.

Explaining the benefits of this new policy, Mondal said that this will be more friendly, like central PSUs or Independent Power project developers may come and invest.

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