Download Link for Energy & Power Vol 21 Issue 06
The energy sector is passing through one of its toughest times since the country’s independence. Households to industries are struggling to get uninterrupted supplies. The growing reliance on imported natural gas has become a pressing issue due to a significant drop in domestic reserves since 2017. Even though the government tried to cut back on gas usage last year, it ended up depending on imported fuels for a whopping 60% of the energy needs. To make matters worse, it has unpaid bills to International Oil Companies (IOCs) for gas and Independent Power Producers (IPPs) for electricity – it's like having mounting debts and overdue bills piling up. Up until 2020, the government managed to pay the bills easily thanks to a stable Bangladeshi Taka and record-low global fuel prices during the COVID-19 pandemic. But then, things took a turn for the worse in February 2022 when the Russia-Ukraine war led to a 25% drop in the value of the BDT against the USD. Experts repeatedly suggested focusing on domestic coal and natural gas resources. However, the government seems like it has a hidden treasure in its backyard that it has not tapped into.
By prioritizing a comprehensive exploration campaign, Bangladesh can reduce its reliance on unpredictable global fuel markets and keep its economy going. It's time for policymakers to make wise decisions for a better energy future. This is like a lifeline for the country to graduate into a developed economy.
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