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The master plan also focuses on coal exploration, with the government treading back on its earlier decision on moving off power from coal. Fossil fuel capacity being developed along the south appears to be using up the room for power from renewable sources which could potentially lock the country into expensive fossil fuel for a long time.

https://www.newagebd.net/article/225551/a-stride-away-from-excessive-overcapacity-fossil-fuel-must#google_vignette

Bangladesh's Energy Division Faces Dollar Crisis: Overdue Import Bills Surge to $670 Million

https://bnnbreaking.com/finance-nav/bangladeshs-energy-division-faces-dollar-crisis-overdue-import-bills-surge-to-670-million

Another 4.2 Million delayed trades

Https://today.thefinancialexpress.com.bd/first-page/briefing-2024-02-11-1707584657?amp=true

Investors to get the taste of deception,

as energy policy tilts towards coal

Oil-fired power plants' downward trend in revenue and profit will only get worse in the years to come as the government has decided to rely more on cheaper coal and gas for electricity. A majority of the listed oil-based electricity producers have shown a poor performance in the latest earnings reports.

Quick rental power [oil-reliant] was not a sustainable solution. So, now more and more electricity will be generated from coal [apart from gas] as is seen in the rest of the world," said energy specialist M Tamim.

Https://today.thefinancialexpress.com.bd/stock-corporate/investors-to-get-the-taste-of-deception-as-energy-policy-tilts-towards-coal-1707579178?amp=true

Bangla, I totally disagree with you and feel that all you are doing is putting unnecessary fear in to everyone at the moment. The company have just raised 500k and given a very detailed end of year report which has given us an insight of how they plan to proceed over the coming weeks / months, along with adding in some hopeful timelines, that does not look or sound like a company that is trying to be forced to go bust, as per your thoughts! Just because Tang took Polo private, does not automatically mean that he will try and take GCM private as you imply!

The company has stated several times in the last few RNS’s that it is in the process of trying to take on two more NED’s as well as a new Chairman, this is not a two minute process, although like many I will obviously rest a lot easier when we have been told via an RNS that they are now in place, but for me, patience is needed at this stage until that time, we obviously know that these all have to be on board by the 29th in time for the AGM, so one way or another we don’t have long to wait!

When will Bangladesh be free of the present energy crisis? No timeline can be set because of absence of tangible measures to increase domestic share of energy resources in the national energy mix. As a result of this utter lack of progress to take energy exploration seriously and go on a war-footing for all-out exploration of existing and probable gas fields that Bangladesh has and the failure at policy level to extract proven coal reserves, the industrial sector is already showing the first signs of factory closures.

https://thefinancialexpress.com.bd/views/opinions/factory-closure-is-inevitable-now

Just thinking out loud, we have recently had numerous RNS’s from GCM saying various things about the company, the Bangladesh government working with GCM, about open pit mining Phulbari and even saying that GCM are hoping to put forward the proposal shortly, and yet strangely I can’t find one article from any of the anti mining groups making any statements or noises, not even from Anu and his crew about being against Open Pit Mining at Phulbari, and more importantly no statement made against OPM from Hasina or her government ministers…

I’ve probably talked that up now but just just found it strange 🤷‍♂️

Stokes1610, yes there are a few things that are still unclear and need clarification, BUT … and this is only my personal opinion,…. I’d be very surprised if before the AGM on the 29th we did not get an RNS confirming that one or more NED’s had been taken on board, and again this only in my personal opinion but I do hope that CTW is voted to stay, he seems like a breath of fresh air….

obviously everyone has to make there own choices at this stage, but imho, things are starting to look more positive than ever and I am now looking forward to the next few weeks /months ahead …

GL all what ever your choices!

This statement i like very much........

"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"

As you rightly say Pappi, this was the most comprehensive and optimistic RNS that i can ever remember seeing.....

There are so many points that could be picked up in it, but the following stood out to me as really positive points.....

“GCM has patiently been working to be in the best position to present the Project Proposal to the Bangladesh Government and would welcome its participation as a partner in the Project. With the apparent move towards finally realising the potential of domestic energy resources, now that the National Election has been completed and the Awami League government returned, we are targeting Project Proposal delivery once the new government has settled in.”

"Progress during the reporting period has been impacted by the political and bureaucratic focus being distracted in the lead-up to the National Election which was held on 7 January 2024. 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 communication is two-way and an overview of what would be expected in the Project Proposal has been shared. Indication are the government is now expecting the Ministry of Power, Energy and Mineral Resources to deliver a "new plan" that address how the country can negate the economic stress caused by being almost totally dependent on imported energy products. It is understood this "new plan" is to prioritise both development of the country's known coal reserves and exploration in the anticipation of defining new gas reserves."

Expensive fuel use inflates power generation costs

https://www.newagebd.net/article/224282/expensive-fuel-use-inflates-power-generation-costs

Over 10,000MW power in 29 projects in the pipeline, despite yawning overcapacity

https://www.observerbd.com/news.php?id=458055

Hi Stephen, I was really sorry to hear about Marv, he was a really nice chap, and like you, hope this comes good for his family...

Hopefully see you at the AGM

Just to save you trying to find it, the form of proxy for voting is on the GCM website under the "Corporate" link, and then the "Corporate Governance" link..... you will find it on the right hand side on the link below ....

http://www.gcmplc.com/corporate/corporate-governance

Hope that helps .....

“Another major flaw in the power policy is the overreliance on imported gas and coal for power production. ”

“The authorities must, therefore, not burden consumers with the consequences of their wrong policies and inefficiencies. The government must revisit its power policy, make a course correction, and set the policy right.”

https://www.newagebd.net/article/224085/govt-must-set-power-policy-right-not-burden-consumers

Bangla, imho, you really need to have a rethink about what you are suggesting and trying to encourage others to do!

In my opinion, you may very well regret what you are wishing for if it was to actually happen, which I very much doubt!

Tang is a very important part to this project, as I feel is CTW, especially after seeing the detail in today's RNS, which he has obviously had a big part to play, and feel it would be good to see them both remain....

Well after skim reading this all looks and sounds very positive,... will have to read in more detail now, but one thing for sure is that no one can complain about not having enough detail lol ....

Uncompetitive power procurement behind power sector vulnerabilities: BNEF

https://www.newagebd.net/article/224051/uncompetitive-power-procurement-behind-power-sector-vulnerabilities-bnef