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Something quite substantial has to change!!

Https://bizdatainsights.com/guest/power-sector-arrears-hits-5-billion/

It will also be interesting to see what is said on the energy front in the budget on the 6th June ...

I emphasise, that these are only imo ‘Potential’ Key Dates ……

This week the - Energy Ministry Meeting – Being totally honest though, although it would be very welcome, I don’t think that we will hear anything from this meeting…

3rd June - Foreign Secretary Masud Bin Momen is scheduled to visit Beijing –

Issues of mutual interest including Prime Minister Sheikh Hasina’s proposed visit are likely to be discussed.

https://www.daily-sun.com/printversion/details/750151

Early July - Prime Minister Sheikh Hasina is set to visit China in first week of the July

https://www.risingbd.com/english/national/news/104233

Full ask 5.75 being paid .... with good volume...

Nice to see us on the move north again.... long may it continue!!

Looks like shares must be getting tight at 5.50 becuse we now have buying above the ask at 5.59 ...

Tick up must be on its way!!

Nice buying at full ask and bid ticks up.... finally ;)

Recalibrate88, I think you’ll be incorrect with your timeline mate, I now think it will be sooner a lot sooner…. Just my thoughts obviously

Https://businesspostbd.com/power-energy/adani-seeks-tk3637cr-electricity-bill-payment

However, BPDB has raised concerns about the price of imported coal for the Adani power plant, and many have commented that the agreement with Adani Group is not in Bangladesh's best interest. ..........

I wonder if they will just tell them to do one and stuff their contract, if thats possible

So in the last two days we have had about 5 million traded, with no real change in share price.... Some have been just sat there taking all the sells and building their positions nicely ...

Just saying ;)

I like the fact that the agengy / report has put the emphasis on the urgency of this all happening as quickly as possible :)

Hopefully we will start to see more in the press again now about using own coal....

FY25 BUDGET

Govt advised to close rental plants, cut LPG duties

Considering the importance of coal-rich mines in Dinajpur and other northern regions of the country, the agency advises reducing coal imports from abroad.

Instead, the report says that there is an opportunity to save foreign currency in the energy sector by using domestically mined coal in thermal power plants.

https://businesspostbd.com/economy/govt-advised-to-close-rental-plants-cut-lpg-duties

Interesting…..

Adani Enterprises Limited director Pranav Adani is expected to meet finance minister Abul Hassan Mahmood Ali today at the Secretariat.

The visit by one of the top Adani Group officials was going to take place at a time when the Power Development Board is struggling to clear the payment for purchasing power from the group due to shortage of dollars, said finance ministry officials

On May 7, state minister for power Nasrul Hamid said in the parliament that the PDB owed Tk 5,297 crore to different Indian companies, Adani one of them.

The visiting Adani official may seek measures from the finance minister for clearing the power bills, said the officials.

https://www.newagebd.net/post/foreign-affairs/236365/adani-group-executive-to-meet-finance-minister-today-

With the nation grappling with raw material shortages and power supply issues, experts emphasised the need for robust policy support, regional cooperation, and sustainable practices to drive continued growth in infrastructure and industrial sectors.

During the 10 sessions on flat steel, cement, power and energy, and ship recycling, experts underscored the challenges and way forward in these heavy industries.

Another session, titled "Accessing Conventional Energy Sources & Prospects for Regional Cooperation," discussed Bangladesh's current power generation capacity of 30,000 megawatts, though challenges persist such as load shedding.

The urgent need to augment capacity to ensure an uninterrupted power supply, particularly during peak demand periods, was emphasised.

On the second day, in the session titled "Bangladesh’s Power Sector at a Crossroads," energy experts demanded the immediate shutdown of oil-fired power plants to reduce power generation costs.

https://thefinancialexpress.com.bd/trade/4th-intl-trade-summit-industry-leaders-emphasise-promising-prospects-in-steel-cerement-and-energy-sectors

Oh and of course we heard nothing from the Bangla press, or Nasrul Hamid, YES of course we have, one of them being..

21st April – BBC Bangla You Tube Broadcast

New open pit coal mining initiative in Bangladesh to be put to the PM in April

Ministry of Energy, Nasrul Hamid, in a BBC Bangla interview said…..

Bangladesh is preparing to extract its own coal to reduce energy crisis and import dependency in the future, where there are also plans to extract coal in the open system. The proposal of the Ministry of Energy for the high-level decision of the government will be finalized in the initial phase of coal extraction of three mines of the country.

BBC Bangla has learned from the Ministry of Energy that a proposal based on various surveys and feasibility studies conducted in the country's coal mines will be presented to the Prime Minister by April and approval will be sought.

Bangladesh is preparing to mine its own coal to reduce energy crisis and import dependency in the future while there is also a plan to mine coal in an open method.

In the proposal that the Ministry of Energy is going to make for the high-level decision of the government, the final decision will be the matter of extracting coal from three mines of the country at the initial stage

HenrytheEighth, it sounds like you are becoming impatient and slightly unrealistic.

Remember GCM were only going to resume discussions with the newly elected government again in the 1st Quarter 2024 once they settled in after the election. Nasrul Hamid, the Energy Minister said that he was putting a presentation for PM Hasina in April, (timing is probably a coincidence lol).

We all know that the most sensible and right thing to do for the country is to mine Phulbari, but a decision like this doesn’t then happen overnight just because GCM investors wants it too.

Once this finally got to this level of involving GoB, PowerChina, GCM and others, (which it has never happened before) especially with a project of such magnitude, and especially if Nasrul Hamid is trying to involve the other potential mining areas in the presentation as well, which makes it even more positive, but obviously more complex, it takes time…

BUT your right, looking back nothing really has really happened recently, apart from the obvious of course hahahaha

• 16 April 2024 - RNS Subscription raised £2.0 million

• 28 March 2024 - From the Interim Results RNS - We are more confident than we have been in recent years that we are getting closer to a political breakthrough for the Phulbari Coal and Power Project. When this happens, we are ready to deliver the benefits and investment returns that our patient shareholders deserve.

• 25 March 2024 – RNS - Appointment of Independent Non-executive Directors

• 11 March 2024 - PowerChina RNS - Phulbari Coal Mining Infrastructure Construction and Overburden Stripping Contract where GCM signed a contract with PowerChina to cover mine development works of approximately US$1 billion necessary to facilitate coal extraction at the Phulbari, where it also said…

A joint proposal with development partner, PowerChina, will shortly be presented to the newly elected Bangladesh Government.

• 29 January 2024 - Final Results RNS – Stated may positives, here are just a couple

Nevertheless, GCM's Dhaka-based team continued to work with contacts within the government agencies to ensure the Company is in the very best position to engage with the new government once it is in place and fully functional within the 1st Quarter 2024.

This is exciting news for the Company, the Project and its Shareholders and efforts are being made to ensure we are in the strongest position to engage with the newly elected government within the 1st Quarter 2024 and deliver the Project Proposal which includes a large-scale Solar Power Park as an adjunct.

Bangladesh is pursuing a balanced energy mix with coal-fired power a significant contributor. This was reinforced by the Honourable Prime Minister for Bangladesh stating in the national parliament on 14 September 2023

Threats to energy security

In other words, under the current circumstances, it is feared that almost the entire gas demand as an energy source will become import-dependent. Consequently, it can be said with certainty that the current situation poses a peril to energy security.

https://www.newagebd.net/post/opinion/236165/threats-to-energy-security

Just as well GCM already have the Phulbari residents on side and an impressive compensation package that they have already said they are happy with!

Https://www.dhakatribune.com/amp/bangladesh/nation/347567/barapukuria-residents-issue-ultimatum-for

The government is going to allocate Tk 350 billion as a subsidy for the power sector in the upcoming national budget to settle capacity charges and other bills owed to private electricity producers, officials said.

The rising debt burden to private electricity producers, including Independent Power Producers (IPPs), requires this huge budgetary allocation, according to the officials.

The Ministry of Finance has finalised the national budget for the next fiscal year (FY) 2024-25, due for announcement on June 6, an official said.

The power subsidy will mainly be used to clear outstanding bills owed to IPPs that supply electricity to the national grid every month.

A senior finance ministry official said Tk 350 billion has been earmarked in the upcoming budget to pay the outstanding electricity bills owed to power producers.

https://thefinancialexpress.com.bd/economy/govt-to-allocate-tk-350bn-in-power-subsidy-for-fy25