KATHMANDU: Minister for Energy, Water Resources and Irrigation Pampha Bhusal has announced to bring new policy to increase power consumption in the domestic market.

Energy Minister Bhusal said industries would be increased and e-vehicles and e-stoves would be promoted to increase electricity consumption in Nepal’s domestic market.

Saying that country’s trade deficit was rising owing to huge amount of import of petroleum products, Bhusal argued that import of petroleum products could be substitute from the electricity.

So far in the current fiscal year, the country has imported petroleum products worth Rs 220 billion.

Minister Bhusal also stated that foreign currency could be imported in the country by exporting our surplus electricity.

“In the current fiscal year, 39 megawatt of power is being exported. We are in a position to export electricity worth Rs 2 billion in the current fiscal,” she said.

In the next fiscal year, around 500 megawatt of power will be exported from which around Rs 12-15 billion will be received, according to her.

After five years, we will be in a position to export power worth Rs 50 billion plus, according to Minister Bhusal.