The Annual Chautari Foundation Lecture is much more than a celebratory event specific to Martin Chautari’s historical contribution to the culture of public debate in Nepal. Every Lecture is an occasion both of mature reflection on Nepal’s past trajectory and of stimulating debate on its future by some of the best public minds.

What has filled the gap left by cancellation, 20 years ago, of the Arun III hydropower project? Seemingly never-ending load shedding hides vigorous growth in hydropower investment in Nepal the majority of which is coming from a diverse set of non-traditional investors and project developers. This lecture argues that this organic development, born and grown during a time of political instability and limited conventional public sector investment into hydropower, lays the foundation for Nepal’s future energy security and an end to power shortages.