Analysis of Energy Crisis, Energy Security and Potential of Renewable Energy: Evidence from Pakistan

Abstract

Over the last thirty years, Asian countries have become a chief player in the worldwide scene. Pakistan is facing an acute energy disaster since last decade that impacts on social and economic development. Sustainable energy supply is an essential feature for the economic growth of any society. From the last five years, Pakistan is facing a shortfall between 4,000-5,000 megawatt. This study inspects the association between energy security, energy crisis, energy demand, energy supply, and renewable potential in Pakistan. It also evaluates the final energy demand-supply gap, provincial renewable energy distribution, sectorial distribution, and policy recommendation for future energy. For this study, we applied renewable and non-renewable energy scenarios during 2014-2035 and Market-Allocation method to prove the energy situation in Pakistan. The outcomes show that renewable resources are the best option in reducing energy risk, import cost, and enhance environmental and economic sustainability. With the objectives of our key findings, targeted suggestions and policies are given.