You are here: Home » International » News » Economy
China's Hainan orders more cities into lockdowns as Covid sweeps island
Where did all Russian oligarchs' superyachts with sanctioned assets go?
Business Standard

Bangladesh planning staggered factory holidays to ease power crunch

The proposal involves asking factories to choose different days off instead of all of them remaining closed only on Friday, Bangladesh Minister for Power and Energy Nasrul Hamid said

Topics
Bangladesh | Power generation | Holidays

Arun Devnath | Bloomberg 



The latest amendments to the Electricity Act, 2003 seek to abolish power
Representative Image

is considering staggered for garment manufacturers to tackle a worsening power crunch caused by fuel shortages, according to a government minister.

The proposal involves asking factories to choose different days off instead of all of them remaining closed only on Friday, State Minister for Power and Energy Nasrul Hamid said in an interview. “We sat down with business leaders on Sunday and they agreed to our proposal in principle,” he said.

The system of rolling for different industrial areas is expected to reduce pressure on electricity demand as well as fuel oils for public transport, Hamid said. The South Asian nation, also the world’s No. 2 garments exporter after China, has resorted to power cuts to preserve fuel reserves amid war-induced energy price shocks, and separately approached multilateral lenders including the Monetary Fund for loans to shore up its foreign reserves as import bills balloon.

The proposed measure will save as much as 550 megawatts of electricity a day at a time when power cuts stretched beyond the original schedule for one hour to at least three hours in some areas.

The government recently announced as much as 52% rise fuel oil prices, a record jump for the nation, sparking street protests. Shortly after, transport operators increased bus fares, adding to public discontent.

The power crisis was made worse after volatile global prices forced out of the spot market for liquefied natural gas cargoes, Hamid said in an earlier interview. The government stopped buying spot LNG cargoes in June.

imported about 30% of its LNG on a spot basis this year, down from more than 40% last year, according to Bloomberg NEF.


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, August 08 2022. 11:23 IST

RECOMMENDED FOR YOU

.