EIU expects Pakistan's gross domestic energy consumption to decrease by 2% year on year in the fiscal year (July-June) 2022/23 largely owing to extensive infrastructure damage caused by flooding in June-October 2022, economic slowdown and austerity measures amid high sovereign debt. A balance-ofpayments crisis and currency depreciation are limiting Pakistan's energy imports amid high global fossil-fuel prices. In addition, a removal of electricity and natural gas subsidies, as part of efforts to secure an IMF bailout, is affecting demand. Despite energy conservation and energy-importsubstitution measures, near-complete power grid failures, in October 2022 and January 2023, highlight the lack of energy security. Insecurity and political instability—we expect the Pakistan Tehreek-e-Insaf party, to win national elections in 2023 owing to widespread discontent with the ruling Pakistan Muslim League (Nawaz) coalition—are likely to inhibit energy reforms.