Adani Power has given Bangladesh four days to pay the outstanding electricity bill. The company has already cut Bangladesh’s electricity supply in half. Group company Adani Power Jharkhand Limited (APJL) has taken this action due to non-payment of dues of $846 million (around Rs 7,118 crore).
According to data from Bangladesh Power Grid, APJL implemented this power cut from Thursday evening. Due to this outage, Bangladesh faced a power shortage of over 1,600 MW overnight. The 1,496 MW Bangladeshi plant is now operating at 700 MW.
Bangladesh said: unpaid payment because company increased fees
The Bangladesh Electricity Commission said we had paid the old bills, but since July, Adani’s bills have increased to more than $22 million every week. As PDB pays about $18 million, the amount owed increases.
Adani Power sells electricity to Bangladesh from April 2023
Adani Power Limited (APL) has started exporting electricity to Bangladesh under its power project from April 10, 2023. In 2017, the company had signed an agreement to supply electricity to Bangladesh from of the Godda Power Plant for 25 years under a power purchase agreement.
The plant was commissioned in three and a half years
Last year, after meeting Prime Minister Sheikh Hasina, Gautam Adani had shared the photo on Twitter. He had written, “I am honored to meet Bangladesh Prime Minister Sheikh Hasina during the full load start-up and handover of the 1,600 MW Godda Ultra Supercritical Power Plant. I salute the dedicated teams from India and Bangladesh who, despite Covid, commissioned the plant in a record time of three and a half years.
Adani Power profit down 50% in second quarter: Rs 3,298 crore, revenue up 3% to Rs 13,339 crore; Stocks are up 66% in a year
Adani Power, a thermal power generation company of the Adani Group, reported a net profit (consolidated net profit) of Rs 3,298 crore in the second quarter of the financial year 2024-25. There was a 50% drop on an annual basis. The company had made a profit of Rs 6,594 crore in the same quarter a year ago.
As far as operational revenue is concerned, it stood at Rs 13,339 crore in the July-September quarter. There was an increase of 3% on an annual basis. In the second quarter of the financial year 2023-24, the company had generated a turnover of Rs 12,991 crore. Income earned from the sale of goods and services is called revenue.