New Electricity Act 2024: Immediate Impact on Power and Energy Sector

New Electricity Act 2024 immediate effect in Power and Energy Ministry

The New Electricity Act comes into immediate effect, as confirmed by the Power and Energy Ministry. The bill was passed in Parliament on June 6th with amendments, securing a majority of 44 votes. At the end of the day’s debate, 103 votes were in favor, and 59 were against.

Initially, the Supreme Court identified certain clauses in the Bill that violated the Constitution, requiring a special two-thirds majority in Parliament if the bill remained unchanged. However, the court noted that these inconsistencies would be resolved if the recommended amendments were adopted. Consequently, the bill was revised and passed successfully.

The Power and Energy Ministry emphasized that the New Electricity Act aims to improve the efficiency and reliability of the electricity supply across the country. The Act includes provisions for better regulation of the power sector, encouraging investment in renewable energy sources, and ensuring fair pricing for consumers.

Stakeholders in the energy sector have welcomed the Act, anticipating positive impacts on the nation’s energy infrastructure and economic growth. The Ministry urged all relevant authorities to expedite the implementation of the new regulations to achieve the desired outcomes swiftly. The public is also expected to benefit from improved services and a more sustainable energy future.