Adani cuts power supply in Bangladesh over Ksh.100 billion debt
Indian Adani Group cuts power supply in Bangladesh Power as it seeks to recover over Ksh.100 billion in dues
Indian Adani Group cuts power supply in Bangladesh Power as it seeks to recover over Ksh.100 billion in dues.
India’s Adani Power (ADAN.NS), has further reduced electricity supply to neighbouring Bangladesh as it seeks to recover more than Ksh.103 billion ($800 million) in dues, according to data from Bangladesh’s grid operator and two sources familiar with the move.
Adani Power, which exports power to Dhaka from its dedicated 1,600 megawatt (MW) Godda plant in eastern India’s Jharkhand state, had reduced supply this month to 700 MW-750 MW from around 1,400-1,500 MW in early August.
Late on Thursday, supply was further reduced to about 520 MW, according to Power Grid Bangladesh data and an official with the Bangladesh Power Development Board (BPDB).
“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.
Bangladesh continues to get a reduced supply even though it has expedited the payment of dues and a Nov. 7 payment deadline by Adani had been lifted, the BPDB official said.
Reuters reported this week that the troubled South Asian country had opened a letter of credit for Ksh.21.9 billion ($170 million) for Adani and was accelerating payments.
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Adani Power did not respond to queries from Reuters on the reduction in power supply and details of payments made by Dhaka.
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.
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