Kathmandu: Member nations of the Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation (BIMSTEC) have signed an Memorandum of Understanding to establish electricity grid interconnection at their summit which concluded on Friday.
The MoU, signed by foreign ministers, provides for optimisation of using energy resources in the region and promotion of efficient and secure operation of power system, among other things.
In their declaration adopted at the summit, the countries said they recognised the high potentials of energy resources in the region, particularly renewable and clean energy sources, and agree to expedite efforts to develop a comprehensive plan for energy cooperation by working closely with each other.
They also decided to constitute an inter-governmental group of experts to enhance energy cooperation, including in hydro-power and other sources of renewable energy.
Saying they remain committed to providing uninterrupted and affordable power supply for the economic development, including through energy trade, the leaders said they welcomed the signing of the MoU on grid interconnection and instructed the relevant agencies to take concrete measures to initiate harmonisation of technical, planning and operational standards for removing barriers to grid interconnections.
They also called for an early operationalization of the BIMSTEC Energy Centre in order to strengthen energy cooperation in the region.