Production at all power plants of the stock market-listed Summit Power Company has stopped. Some of these plants have expired and some have been closed due to lack of gas.
This information was reported by Dhaka Stock Exchange (DSE).
Summit Power has 5 power plants. Among them, 11 MW power plants in Ashulia, 11 MW in Madhabdi and 11 MW in Chandina have been closed due to lack of gas.
In addition, the contract of the 33 MW power plant in Janglia expired on June 24. Production is stopped as the Bangladesh Power Development Board (BPDB) did not renew the contract with this plant.
The remaining 102 MW power plant in Madanganj expired on March 22. Then BPDB signed an agreement with this plant on the condition of ‘no electricity no payment without any guaranteed off-take’. However, BPDB has not been taking electricity since mid-August. Therefore, the plant is closed.
It is worth noting that the paid-up capital of Summit Power, listed on the stock market in 2005, was 1,679 million taka. Out of this, the ownership of various classes of investors in the stock market (excluding entrepreneurs/directors) is 36.82 percent. On Saturday (December 14), the company’s share price stood at 15.90 taka.
