Five Indian power companies are at risk of losing more than $1 billion in payments from Bangladesh. This includes about $800 million owed to Adani Power, which supplies electricity from its 1.6 GW coal-powered plant in Godda, Jharkhand. Adani’s power is delivered through a special transmission line dedicated to Bangladesh.
SEIL Energy India is owed about $150 million as of June 30, 2024. They have a deal to supply 250 MW of power to Bangladesh. Recently, political unrest in Bangladesh led to its Prime Minister fleeing to India. NTPC, another Indian company, supplies around 740 MW from three plants and is owed nearly $80 million.
PTC India reported being owed about $84.5 million at the end of March. They have since received $46 million by August 25 but are still due $79 million. PTC has been providing 250 MW of power to the Bangladesh Power Development Board from West Bengal State Electricity Distribution Co. since 2013.
Power Grid Corporation of India is also waiting to be paid $20 million.
NTPC, SEIL Energy, and Power Grid did not provide comments to ET’s inquiries.
A government official mentioned that some payment issues are also related to coal purchases.
No Disruption in Power Supply
Despite these unpaid amounts, the companies have not stopped supplying power, showing the strong friendship between India and Bangladesh, according to industry executives.
“But this can’t go on indefinitely as the companies have responsibilities to their stakeholders,” said one source.
An Adani Power official acknowledged the situation but did not comment on the unpaid dues.
“We need a solution soon, or it will be hard to continue supplying power. We need upfront payments to pay our lenders, and suppliers of coal and other essential services,” said an executive from one of the power companies.
The Godda plant, fully operational since July 2023, uses imported coal. When it opened, it was expected to benefit Bangladesh by providing a cheaper alternative to electricity generated from liquid fuel.
Adani has continued to supply power according to the schedule set by the Bangladesh Power Development Board, a person familiar with the situation said.
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