Download Link for Energy & Power Vol 21 Issue 23 (May 16, 2024) as PDF//userfiles/EP_21_24.pdf

Bangladesh is facing its most severe energy crisis in 52 years, affecting every aspect of life—from industry and trade to daily living—and pushing inflation higher. The energy sector is buried under a $5 billion liability, and despite having the ability to generate more power, the country still suffers from frequent power cuts. The demand for gas, crucial for power plants, factories, and businesses, far exceeds the supply. Almost half of the country's energy needs are met through imports, paid in US dollars, which has become more expensive due to the Taka’s recent devaluation. About 22% of gas is imported as LNG, and 60% of local gas comes from international companies, with all payments made in dollars. Additionally, Bangladesh imports 2,500MW of electricity from India, further straining the economy. Experts warn that unless Bangladesh starts exploiting its coal resources, speeds up petroleum exploration, and increases the use of renewable energy, the crisis will worsen. The devaluation of Taka, coupled with post-COVID fuel price shocks, has kept the country in a financial tangle. Projections indicate that the Taka might stabilize at Tk 125 per US dollar by the end of 2024.

Unplanned increases in power generation have led to higher costs and energy insecurity. Current subsidies are substantial. Reducing reliance on imported fuel and tapping into domestic resources are crucial steps needed to stabilize the economy and curb inflation. Without these measures, Bangladesh's journey towards becoming a developed economy will remain difficult and uncertain.

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