86MW Shahjibazar power plant shuts operations as contract expires
The company made the disclosure at the Dhaka Stock Exchange on 8 February.
Shahjibazar Power Company Ltd's sole power plant, with a capacity of 86 megawatts, was completely shut down on 9 February as the plant's 15-year power purchase agreement with the Bangladesh Power Development Board expired.
The company made the disclosure at the Dhaka Stock Exchange on 8 February.
The plant went into commercial production from 10 February 2009. It produced electricity from natural gas and supplied it to the national grid.
Anis Salahuddin Ahmad, chairman of Shahjibazar Power, in its annual report for the fiscal year 2022-23, said the company is trying to secure a contract renewal for the plant for another five years under a no-electricity no-payment basis.
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In the last fiscal year, the power plant contributed 29% to the company's total revenue. During the period, the company earned Tk938 crore in revenue, with Tk275 crore generated from the power plant.
Shahjibazar Power Company owns a subsidiary named Petromax Refinery Ltd, where the power producer holds a 90% stake. In the last fiscal year, the subsidiary contributed Tk663 crore to the company's revenue.
The company has a 49% stake in Midland Power Company, which owns a power plant with a 51MW capacity.
Shahjibazar Power's share price has remained stagnant at Tk65.50 each since December 2022, adhering to the floor price.
