Petrobangla Cancels Summit Group FSRU Contract

Bangladesh's renewable energy sector faces a significant funding shortfall, with only 3.6% of the required funds allocated in 2023, far below the Tk 20,500 crore needed to achieve the target of 40% energy from renewables by 2040.

Adani Power has agreed to fully restore its 1,600 MW power supply to Bangladesh within days after a three-month partial shutdown due to payment delays caused by Bangladesh’s forex crisis. Supply was halved on October 31, leading to the shutdown of one unit.

Bangladesh remains vulnerable to climate change as G-7 countries continue funding fossil fuel projects in developing nations instead of prioritizing renewable energy investments, according to a Global Energy Monitor report.

The Sheikh Hasina-led government misused Tk 53,000 crore from special energy funds during its 15-year rule, violating policies and guidelines. Of the Tk 47,700 crore available until June 2023, 97% was spent, with three-fourths used improperly.

Bangladesh's power demand is projected to hit 18,000MW this summer, while the highest possible generation is 17,260MW, leading to a 740MW shortfall. During Ramadan, demand is expected to reach 15,700MW, with a government target of zero load shedding.

Padma Oil’s profit surged 76% year-on-year in Q2 FY 2024-25, reaching Tk 125.03 crore, driven by higher non-operating income. Earnings per share (EPS) rose to Tk 12.73 in October-December 2024 from Tk 7.29 a year earlier, while the July-December EPS increased to Tk 25.40 from Tk 16.53.