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Manufacture of reactor coolant pumps for Rooppur NPP progresses fast
Manufacturing of Reactor Coolant Pumps (RCP) Unit-1 of Rooppur Nuclear Power Project runs at fast pace at Petrozavodsk Branch of AEM-Technology in Russia.  Reactor coolant pump is a very important safety item for a nuclear power plant, said a press release. Welding of joints in all reactor coolant pump casings has been completed, discharge and suction branch pipes are being welded to the spherical casings. RCP bends after hot forming at Volgodonsk Branch have been delivered to the factory and will be welded to the casings after incoming inspection. RCP at a nuclear plant ensures coolant circulation from the reactor to steam generators and operates under pressure of 160 atmospheres and temperature of 300 degrees celsius. Weight of one casing is more than 31 tons with height of 3.5 m and width more than 3 m. The Rooppur NPP with two Generation 3+ Russian VVER-1200 reactors will have a total capacity 2400 MW. VVER 1200 reactors fully meet all international safety requirements. AEM-Technology is part of Atomenergomash, the machine-building division of the State Corporation Rosatom. Atomenergomash is the single-source manufacturer for the Rooppur NPP reactor hall and a supplier major portion of the turbine island equipment.
Retail power tariff hiked by 5.3 percent; to be effective from March 1
February 28, 2020 Friday 10:54 AM By UNB
Bangladesh Energy Regulatory Commission (BERC) has raised the power tariff on a weighted average by 5.3 percent at retail and 8.4 percent at wholesale levels. The new tariff will come into effect on March 1, said newly-appointed BERC Chairman Md Abdul Jalil while announcing the decision on Thursday at the Commission’s auditorium. Four other members of the commission were present. The retail power tariff has been increased from Tk 6.77 to Tk 7.13 per unit (each kilowatt-hour) and Tk 4.77 to Tk 5.17 at wholesale level. The BERC also raised the wheeling charge in power transmission by a weighted average of 5.3 percent to Tk 0.29 per kilowatt hour to Tk 0.27. The retail price is applicable for common consumers while the bulk price is applicable for power distribution companies. Earlier, both the retail and bulk power tariffs were raised in November 2017 with effect from December 1 of the same year. After a two-year break, the BERC held public hearing on power tariff hike proposal in December last year and came out with its decision within 90 days as per rule responding to the appeal of the state-owned power generation, transmission and distribution companies. As per the BERC announcement, from March 1, each retail consumer using up to 50 units of electricity will pay Tk 3.75 per unit as bill while the users of up to 57 units will pay Tk 4.19 per unit. Bill has to be paid Tk 5.72 per unit for consumers of 76-200 units, Tk 6 per unit for 201-300 units, Tk 6.34 per unit for 301-400 units, Tk 9.94 per unit for 401-600 units and Tk 11.46 per unit for consumers of over 600 units. The agriculture water pump users will pay Tk 4.16 per unit while small industries will pay Tk 8.53 per unit as flats rate, Tk 7.68 per unit for off peak hour, Tk 10.24 per unit for peak-hour use. The consumers will pay Tk 12 per unit for the construction period of any building structure while educational, religious institution and hospital will pay Tk 6.02 per unit. These rates are applicable for the lines having single phase of 230-400 volts. However, the residential consumers using 11 kV lines will pay Tk 8.40 per unit as flat rate, Tk 7.56 per unit for off- peak hour and Tk 10.50 for peak-hour use. The same category commercial and office consumers will pay Tk 9.12 per unit as flat rate, Tk 8.21 for off- peak hour, and Tk 11.40 for peak-hour use. The industrial 11 kV MT lines consumers will pay Tk 8.55 per unit as flat rate, Tk 7.70 per unit for off-peak hour and Tk 10.69 for peak hours.  Replying to a question on the possible impact of new rates of electricity on the consumers, the BERC chairman claimed that it will have very little impact on consumers as the lifeline consumers using up to 50 units will pay a monthly bill of Tk 220-224 instead of previous bill of Tk 215-219 while a medium industry will pay a monthly bill of about Tk 354,000 against previous Tk 326,000 while new tariff will come into effect.
Category: Power
IDCOL extends financing to Textile Mills for Rooftop Solar Project
February 25, 2020 Tuesday 10:58 AM By News Desk, energynewsbd.com
Infrastructure Development Company Limited (IDCOL) signed facility agreement with Fakhruddin Textile Mills Ltd. (FTML) a concern of Urmi Group on 23 February 2020, to finance Rooftop Solar Project with a capacity of 2037.75kWp. Electricity to be produced from this project will not only reduce electricity bills of FTML but also reduce the diesel consumption during load shedding, said a press release. In addition, FTML can export unutilized electricity to be generated from the project to national grid under the Net Metering Guideline 2018. Currently the unit cost of electricity from rooftop solar is below Tk8, which makes the proposed investment very lucrative as the tariff is cheaper than the grid electricity tariff. The project will be implemented with a total project cost of Tk 14.09 crore. Under this facility agreement, IDCOL will provide concessional loan of Tk 11.27 crore. IDCOL plans to finance 300 MWp rooftop solar projects by 2022.  Mahmood Malik, Executive Director& CEO, IDCOL and Asif Ashraf, Managing Director, Fakhruddin Textile Mills Ltd. (FTML) signed the agreement on behalf of their respective organizations.    
Category: Others
DPDC inaugurates Bangabandhu Corner
February 25, 2020 Tuesday 10:52 AM By News Desk, energynewsbd.com
The Dhaka Power Distribution Company (DPDC) on Sunday opened ‘Bangabandhu Corner’ ahead of Muzib Borsho in a bid to provide better services to the consumers. State Minister for Power, Energy and Mineral Resources Nasrul Hamid inaugurated the corner as the chief guest while Power Division Secretary Dr Sultan Ahmed and DPDC Managing Director Bikash Dewan attended the function. State minister for power and energy Nasrul Hamid said the DPDC can play a great role in the service year to provide best services to the customers using technology. He called upon the DPDC officials to reach consumers doorsteps with services. The DPDC block-chain will help to recharge the prepaid meters easily, he hoped. The prepaid meters will help to reduce consumers’ harassment with saving money, he opined. The government has so far installed 3.3 million prepaid meters against the requirement of 36.2 million, he added. He asked the officials to gear up installation of prepaid meters.
Category: Others
FERB holds Energy Night 2020
January 25, 2020 Saturday 10:54 PM By UNB
‘Energy Night 2020’ - a biannual get-together function of Forum for Energy Reporters Bangladesh (FERB) was held at Hotel InterContinental Dhaka on Thursday.  Prime Minister’s Energy Advisor Dr Tawfiq-e-Elahi Chowdhury, State Minister for Power, Energy and Mineral Resources Nasrul Hamid, former state minister Prof. Rafiqul Islam, eminent energy experts Dr M Tamim, Dr Ijaz Hossain, Dr Badrul Imam, senior officials of Ministry of Power, Energy and Mineral Resources, top executives of different public and private power and energy companies, senior journalists, energy reporters of different print, electronic and online media attended the function. FERB Chairman Arun Karmaker welcomed everyone at the ceremony. The organization’s Executive Director Sadrul Hasan conducted the function.
Category: Others
Abdul Fattah made Petrobangla Chairman
January 13, 2020 Monday 10:09 PM By News Desk, energynewsbd.com
A B M Abdul Fattah, has joined as Chairman of Bangladesh Oil, Gas and Mineral Corporation (Petrobangla) on deputation on 13 January, 2020. Abdul Fattah has served as Additional Secretary in the Energy and Mineral Resources Division (EMRD) before taking over as the Chairman of Petrobangla, said a press release. He joined the Bangladesh Civil Service (Administration Cadre) in 1989. During his long and versatile career, he served in field level and various important government positions.
Category: Others
Govt plans to import electricity from Nepal
January 3, 2020 Friday 8:56 PM By News Desk, energynewsbd.com
The government is contemplating to import 500MW electricity from Nepalese hydroelectricity worth Tk 381.61 billion under 25 years period from Indian company GMR Group. The import of electricity is only of the costly negotiation with the Indian firm as per unit tariff of the power is set at Tk 6.4284 (7.7172 cents). Dhaka will be paid 6.8500 US cents as capacity payment to import the electricity.  The power division moves will create new burden to pay power import bills as it is facing trouble to pay the 1160MW power import bills at a cost of Tk 5.46 a unit an average, sources said. In this regard, GRM Group of India has already signed a non-binding memorandum of understanding with Bangladesh to export electricity from Upper Karnali Hydro Power Project. Bangladesh produces hydropower at Kaptai at a cost of Tk 1.63 per unit of electricity. “We have already paid Tk 37.02 billion to import 1160MW of electricity in last fiscal year 2018-19,” official sources confirmed. Now, the costly electricity import will create new pressure on import payment of electricity, they said.
Category: Power
World’s first floating nuclear power unit supplies electricity to Russian grid
December 28, 2019 Saturday 3:30 PM By News Desk, energynewsbd.com
The floating power unit (FPU) Akademik Lomonosov has been connected to the grid and has started supplying electricity in the isolated Chaun-Bilibino network in Pevek of Chukotka at Russia’s Far East. Alexey Likhachev, CEO of Rosatom said, “Following its connection to the grid, Akademik Lomonosov becomes the world’s first nuclear power plant based on Small Modular Reactor (SMR) technology to generate electricity. This is a remarkable milestone for both the Russian and the world’s nuclear energy industry.” The project has been welcomed by scientists, nuclear energy experts and environmentalists across the world, said a press release. Kirsty Gogan, Head of Energy for Humanity, a London based NGO, said,“For hard-to-reach regions, with a climate that is simultaneously too harsh to support the use of renewable energies and too fragile to continue its heavy dependence on fossil fuels, small nuclear, including floating plants, is the only answer. Akademik Lomonosov is the first step towards demonstrating its potential for decarbonisation of the Arctic and beyond.” Connecting the FPU generators to the network was carried out after parameter synchronisation with the coastal network. This happened after the completed construction of the onshore facilities, ensuring the transfer of electricity from the FPUs to Chukotka’s high voltage networks. Once the FNPP begin commercial operations, it will become Russia’s 11th nuclear power project. Akademik Lomonosov is a pilot project and a ‘working prototype’ for a future fleet of floating nuclear power plants and on-shore installations based on Russian-made SMRs. The small power units will be available for deployment to hard-to-reach areas of Russia’s North and Far-East, as well as for export. Akademik Lomonosov is equipped with two KLT-40C reactor systems (each with a capacity of 35 Mw) similar to those used on icebreakers. It is designed by Rosatom to work as a part of the Floating Nuclear Thermal Power Plant (FNPP). The vessel is 144 metres long and 30 metres wide, and has a displacement of 21,000 tonnes. SMR-based nuclear power plants (featuring reactors of less than 300MWe each), floating and on-shore, can operate non-stop without the need for refueling for three to five years, thereby considerably reducing the cost of electricity generation. The plant can be delivered to any point along a coast and connected to existing electricity grids.
Category: Other Countries
Mongla, Inani to get wind power plants; one bidder responds
December 10, 2019 Tuesday 9:43 AM By UNB
Khulna`s Mongla and Cox`s Bazar`s Inani beach are going to have wind power plants each having 50 MW capacity, as a Chinese company was technically responsive as lone bidder in the tender floated by Bangladesh Power Development Board (BPDB). “We’ve been informed by BPDB that one single bidder has become technically responsive by complying with necessary requirements,” Mohammad Alauddin, additional secretary of the Power Division said. Lone Chinese bidder, Envision Energy, is technically qualified for the two sites -- Mongla and Inani -- while Kachua upazila in Chandpur district received no bid for the project. Additional secretary Mohammad Alauddin, responsible to deal with renewable energy-related issues, said state-owned BPDB sought the permission for opening the financial offer of the bidder. If the company is found to be financially responsive, BPDB officials hope, the government may award the contract to develop the project on build-own-operate basis under which the company will generate power and the government will purchase electricity from them for a term of 20 years at a certain tariff. According to them, some bidders initially had showed interest to participate in the tender process but they finally received only one bid from a single company for the two projects.    Power Division sources said the government invited tenders from private sponsors to set up the wind power plants on build-own-operate basis in the next two to three years. They said the government had earlier moved to implement a 100-MW wind power project in the offshore areas about eight years ago, but it has not yet been implemented due to the bidder`s failure. Later, the government awarded a contract to an Indian consortium to set up a 30-MW wind power plant in Sonagazi, Feni. The BPDB officials said wind power generation is one of the untapped sectors in Bangladesh. The government`s move is part of its strategy adopted in its Power System Master Plan to produce 10 percent of the total power from renewable sources, they added. Producing wind power requires no fuel, and hence, no harmful gas is produced. Wind turns the turbines, which, in turn, drives the generator, said the officials. However, this green energy also has criticism as it creates a loud noise. Another disadvantage is that its power generation depends on the strength of wind. Therefore, no wind means, no electricity, they said. BPDB officials said the sites for the three projects were selected after a wind mapping exercise, with financial support from the US National Renewable Energy Laboratory. "Nine sites were explored and three of them were finally selected, as wind speed, and velocity appeared very supportive for power generation," said Mohammad Alauddin. Officials said a wind power plant needs stable wind with minimum speed of 5 metres per second. Wind speed at the three locations was found to exceed that. They said a number of wind towers with turbines will be installed at each of the plants. The power generation capacity of each the turbines will be between 5 MW and 7 MW. As per the study, the tariff of each kilowatt hour of electricity might be Tk 8-9, the officials added.
Category: Renewable
Core Catcher installed at unit 3 of Kudankulam NPP of India
December 9, 2019 Monday 9:35 AM By News Desk, energynewsbd.com
The case of the core melt localization device, or the so called “Molten Core Catcher” has been installed under the reactor pit of Unit 3 of the Kudankulam Nuclear Power Plant in Tamil Nadu of India. The case of the device weighs 147.5 tons, said a press release. Core melt localization device is a unique development of Russian nuclear experts and one of the most important element of NPP’s passive safety system. The core catcher was first installed at China’s Tianwan Nuclear Power Plant of Russian design. Core catcher for Kudankulam NPP has been adapted for the site conditions and safety requirements. It has improved seismic resistance, hydro-dynamic and shock strength, as well as equipped with flood protection features. A core melt localization device (CMLD), or a “Core Catcher,” is installed at the bottom of the station’s protective shell. It is designed to localize and cool the molten core material in case of a severe hypothetical accident that could lead to damage to the core. It excludes radioactive emission in the environment. Rosatom state atomic energy corporation of Russia is the technical consultant and main equipment supplier for the Kudankulam Nuclear Power Plant.
Category: Regional
Natural gas drives record CO2 emissions in 2019
December 7, 2019 Saturday 10:46 AM By AFP
Global carbon emissions boosted by soaring natural gas use are set to hit record levels in 2019 despite a decline in coal consumption and a string of countries declaring a climate emergency, researchers said Wednesday. In its annual analysis of fossil fuel trends, the Global Carbon Project said CO2 emissions were on course to rise 0.6 percent this year -- slower than previous years but still a world away from what is needed to keep global warming in check. In three peer-reviewed studies, authors attributed the rise to “robust growth” in natural gas and oil, which offset significant falls in coal use in the United States and Europe. Atmospheric CO2 levels, which have been climbing exponentially in recent decades, are expected to hit an average of 410 parts per million this year, Le Quere said. That’s the highest level in at least 800,000 years. The report will make for further uncomfortable reading for delegates gathered at UN climate talks in Madrid, with the warnings from the world’s top climate scientists still ringing in their ears.
Category: Environment
PDB proposes 23% hike in bulk power prices
November 30, 2019 Saturday 5:03 PM By News Desk, energynewsbd.com
The Bangladesh Power Development Board or BPDB has proposed to the energy regulator to increase bulk electricity tariff by 23.27 percent per unit to trim its losses. The state-owned agency made the proposal at the public hearing on bulk power tariff and transmission cost, held by the Bangladesh Energy Regulatory Commission or BERC on Thursday. However, after reviewing the proposal, the BERC said the price can be increased by 19.5 percent per unit to adjust transmission costs. At the hearing, BPDB General Manager (commercial operation) Md Kausar Ameer Ali said that the bulk electricity transmission cost was Tk 5.83 in fiscal 2018-19 and now electricity bulk tariff rate is Tk 4.77. “As a result, the BPDB faced a loss of over Tk 68.62 billion in the last fiscal year.” The BPDB estimated a loss of about Tk 86 billion next year taking the rising transmission cost into account. The other reasons for the electricity tariff hike include the depreciation of taka against foreign currency, rising gas price, 5 percent VAT imposition on coal, power generation cost increase and the non-payment of electricity bills by some distribution agencies, according to the BPDB official. The power distribution companies started submitting the price hike proposals to the BERC in the middle of October.
Category: Power
Greenhouse gas concentrations break records
November 26, 2019 Tuesday 4:47 PM By BBC
Atmospheric concentrations of carbon dioxide and other greenhouse gases once again reached new highs in 2018. The  World Meteorological Organization (WMO) says the increase in CO2 was just above the average rise recorded over the last decade. Levels of other warming gases, such as methane and nitrous oxide, have also surged by above average amounts. Since 1990 there`s been an increase of 43% in the warming effect on the climate of long lived greenhouse gases. The WMO report looks at concentrations of warming gases in the atmosphere rather than just emissions. The difference between the two is that emissions refer to the amount of gases that go up into the atmosphere from the use of fossil fuels, such as burning coal for electricity and from deforestation. Concentrations are what`s left in the air after a complex series of interactions between the atmosphere, the oceans, the forests and the land. About a quarter of all carbon emissions are absorbed by the seas, and a similar amount by land and trees. Using data from monitoring stations in the Arctic and all over the world, researchers say that in 2018 concentrations of CO2 reached 407.8 parts per million (ppm), up from 405.5ppm a year previously. This increase was above the average for the last 10 years and is 147% of the "pre-industrial" level in 1750. The WMO also records concentrations of other warming gases, including methane and nitrous oxide. About 40% of the methane emitted into the air comes from natural sources, such as wetlands, with 60% from human activities, including cattle farming, rice cultivation and landfill dumps. Methane is now at 259% of the pre-industrial level and the increase seen over the past year was higher than both the previous annual rate and the average over the past 10 years. Nitrous oxide is emitted from natural and human sources, including from the oceans and from fertiliser-use in farming. According to the WMO, it is now at 123% of the levels that existed in 1750. Last year`s increase in concentrations of the gas, which can also harm the ozone layer, was bigger than the previous 12 months and higher than the average of the past decade. What concerns scientists is the overall warming impact of all these increasing concentrations. Known as total radiative forcing, this effect has increased by 43% since 1990, and is not showing any indication of stopping. "There is no sign of a slowdown, let alone a decline, in greenhouse gases concentration in the atmosphere despite all the commitments under the Paris agreement on climate change," said WMO Secretary-General Petteri Taalas. "We need to translate the commitments into action and increase the level of ambition for the sake of the future welfare of mankind," he added. "It is worth recalling that the last time the Earth experienced a comparable concentration of CO2 was three to five million years ago. Back then, the temperature was 2-3C warmer, sea level was 10-20m higher than now," said Mr Taalas. The UN Environment Programme will report shortly on the gap between what actions countries are taking to cut carbon and what needs to be done to keep under the temperature targets agreed in the Paris climate pact. Preliminary findings from this study, published during the UN Secretary General`s special climate summit last September, indicated that emissions continued to rise during 2018. Both reports will help inform delegates from almost 200 countries who will meet in Madrid next week for COP25, the annual round of international climate talks.
Category: Others
IDCOL wins the financial innovation award 2019
November 26, 2019 Tuesday 4:42 PM By News Desk, energynewsbd.com
Infrastructure Development Company Limited (IDCOL), a Government of Bangladesh owned Non-Banking Financial Institution won the Financial Innovation Award (FIA) 2019 under the category of Best Sustainable Finance Initiative for implementing the Solar Irrigation Pump Projects. The award was given to IDCOL based on the successful introduction of green finance initiative to smallholder collectives and farmers through an innovative business model, said press release. IDCOL is the first organization from Bangladesh that received this prestigious award. S.M. Monirul Islam, Deputy CEO and CFO of IDCOL received the award on behalf of IDCOL at an award ceremony held at a hotel in the United Kingdom on 21 November 2019.
Category: Others
RNPP significant progress in equipment manufacture and shipment
November 24, 2019 Sunday 10:25 AM By News Desk, energynewsbd.com
While Bangladesh is expecting its first megawatts of nuclear energy in the coming years, manufacture of various machineries and equipment is running in full swing in Russia. Some of them have already reached Bangladesh, some have been shipped and others are still in manufacturing process, said a press relase. Lower semi-vessel of the Reactor Pressure Vessel (RPV) of Unit 1 has been assembled at the Volgodonsk Branch of AEM-technology under Atommash. The company is a part of Engineering Division of Rosatom – Atomenergomash. Head and shells of the reactor core were assembled for subsequent welding of joints and heat treatment of joint welds. Following completion of the process the lower semi-vessel will undergo different inspection operations. Then it will be jointed to the already manufactured upper semi-vessel. The Reactor represents a vertical cylindrical body with elliptic bottom with the Core and other equipment inside it. In the upper part of the vessel there are nozzles for coolant supply and removal, and also nozzles for emergency coolant supply in case of circuit depressurization. On the other hand, ZiO-Podolsk, another division of Atomenergomash has manufactured and shipped from Russia the first lot of the turbine hall equipment – Moisture Separator-Reheaters for the Rooppur project. Total weight of the shipped products is 211 tons. The equipment service life is 50 years. The company last month shipped the Bubbler Tank, part of the reactor plant pressurizer system, which is expected to reach the project site shortly.             The Moisture Separator-Reheaters (MSR) are designed to dry and reheat the moist steam downstream the turbine high pressure cylinder. MSR is a vertical equipment consisting of three parts in one body. It is a part of the turbine plant steam regeneration system. Atomenergomash is the sole supplier of the entire equipment for Rooppur NPP Reactor Hall and a big part of the turbine hall equipment. Rooppur NPP is designed and being constructed according to Russian design. The Plant will have two power units, each of 1200 MW capacity, with latest generation 3+ VVER 1200 reactor.
Category: Nuclear
Oil slips further below $59 on weaker economic outlook
October 17, 2019 Thursday 7:01 PM By Reuters
Oil slipped further below $59 a barrel on Wednesday, pressured by concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in US crude inventories. Signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come in December lent support, as did wider market optimism about a potential Brexit deal. Brent crude LCOc1, the global benchmark, slipped 16 cents to $58.58 a barrel by 0850 GMT. US crude CLc1 gained 2 cents to $52.83. “Prices are under pressure from increasing pessimism about the global economy and subsequent demand-side concerns,” Stephen Brennock of oil broker PVM said. In a bearish signal for demand, the International Monetary Fund said on Tuesday the US-China trade war would cut 2019 global growth to its slowest since the 2008-2009 financial crisis. “Prices remain under pressure,” said Craig Erlam, analyst at OANDA. “Oil inventory today from API may be notable albeit unlikely to have any major impact on the broader trend.” The American Petroleum Institute (API) reports its weekly US inventory numbers at 2030 GMT, ahead of Wednesday’s government stocks data. Analysts estimate US crude inventories rose by around 2.8 million barrels last week. British and European Union officials resumed talks to clinch a Brexit deal on Wednesday just a few hours after late-night negotiations wound up, but it was far from clear they would reach an agreement before a leaders’ summit on Thursday. Analysts have said any agreement that avoids a no-deal Brexit should boost economic growth and, in turn, oil demand. Providing more price support, OPEC Secretary-General Mohammad Barkindo has said an option for OPEC and its allies is to implement deeper cuts in oil production. OPEC, Russia and other producers have a deal to cut oil output by 1.2 million barrels per day until March 2020. They meet on Dec. 5-6 in Vienna to review the decision. On Tuesday, Barkindo said OPEC would do what it could with allied producers to sustain oil market stability beyond 2020, in a signal the producers would continue to cooperate.
Category: Other Countries
Japanese co buys 22pc stake of Summit Power
October 10, 2019 Thursday 12:38 PM By Reuters
Japan`s JERA Co has acquired a 22 per cent stake in Summit Power International for $330 million, the companies said on Monday, to enable the establishment of major energy infrastructure projects in Bangladesh. That means Summit Power International`s total equity value is $1.5 billion. The new investment was made in accordance with the memorandum of understanding on the development of energy infrastructure projects in Bangladesh that was concluded between JERA and Summit Power in May in Tokyo, JERA said in a statement on Monday. Singapore-based Summit Power International is the holding company for all power assets of Bangladesh`s Summit Group, while JERA is a joint venture between Tokyo Electric Power and Chubu Electric Power Co. International Finance Corp (IFC), IFC Emerging Asia Fund, and United Arab Emirates-based EMA Power Investment, which were shareholders of Summit since 2016, will exit through this transaction, according to the statement. However, IFC will continue to be a large lender to Summit, it added. The partnership will support Summit Group`s investment plan of $3.0 billion by 2022 in Bangladesh, Muhammed Aziz Khan, Summit Group`s chairman said in the statement. Summit Power, the largest independent power producer in the country, owns and operates power generation facilities that produce approximately about 12 per cent of the country`s capacity. The company is currently constructing power generation facilities with a capacity of approximately 590 megawatts and, with several new projects also being planned, significant growth is expected in the future. Bangladesh currently has a capacity to produce 18,000 megawatts of electricity per day, said Nasrul Hamid, the country`s junior minister of power, energy and mineral resources, adding that it aims to increase it to 24,000 megawatts per day by 2021. "Foreign investment is required to achieve this goal." JERA said in a separate statement that it has positioned Bangladesh as a priority country for investment due to an expected rapid rise in electricity demand along with steady economic growth in the South Asian country.
Category: Power
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