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BIG move by Gautam Adani, as Adani Power cuts Bangladesh supply by over 60% due to...
Adani Power has further reduced electricity supply to neighbouring Bangladesh as it seeks to recover more than $800 million in dues
Updated : Nov 08, 2024, 08:04 PM IST
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According to data from Bangladesh's grid operator and two people familiar with the decision, Adani Power has further cut the electricity supply to neighbouring Bangladesh in an effort to recoup more than $800 million in unpaid debt.
Adani Power lowered its supply this month from approximately 1,400–1,500 MW in early August to 700–750 MW. From its dedicated 1,600 megawatt (MW) Godda plant in the eastern Indian state of Jharkhand, Adani Power exports electricity to Dhaka.
Data from Power Grid Bangladesh and a representative of the Bangladesh Power Development Board (BPDB) indicate that the supply was further cut to roughly 520 MW late on Thursday.
”We are gradually paying the dues and will take alternative measures if anyone stops the supply. We will not let any power producer hold us hostage,” Muhammad Fauzul Kabir Khan, power and energy adviser in Bangladesh’s caretaker government, told Reuters on Thursday.
Despite expediting payment of dues and lifting Adani's Nov. 7 payment deadline, Bangladesh still receives a decreased supply, according to the BPDB official.
This week, Reuters reported that the struggling South Asian nation was speeding up payments and had created a $170 million letter of credit for Adani.
On reduction in power supply, Adani Power did not respond to queries from Reuters
The power supply has been gradually reduced based on demand from Bangladesh as well as keeping payment dues in mind, a source at Adani Power told Reuters.
The Bangladeshi board and Adani Power officials spoke on condition of anonymity as they are not authorised to speak to the media.
Bangladesh has been struggling to pay its bills due to costly fuel and goods imports since Russia invaded Ukraine in 2022. The political turmoil that led to the ouster of Prime Minister Sheikh Hasina in August has also compounded its troubles.
