Tenure of Summit’s two power plants extended

The government has extended the tenure of two power plants owned by Summit Power Limited, the country’s largest independent power producer.

The Bangladesh Rural Electrification Board (BREB) renewed its power purchase agreement (PPA) with Summit Power on Monday, said the company in a filing with the Dhaka Stock Exchange on Tuesday.

The power plants are 14-MW Chandina Power Plant (Unit-2) and 24.30- MW Madhabdi Power Plant (Unit-2). Under the PPA, the two plants are expected to resume power generation to supply to the national grid.

The PPA expired last year, forcing Summit to suspend power generation at the Chandina plant on November 14 and Madhabdi plant on
December 15.

Summit Power owns and operates a total of 17 power plants across the country, having a total installed capacity of above 976 megawatt accounting for 10 per cent of the total capacity of private sector power plants with 10,641 MW.

Listed in 2005, Summit Power shares rose 2.83 per cent to Tk 40 on the DSE on Tuesday.

Summit Power Limited reported a 35 per cent fall in its earning per share (EPS) for the second quarter (Oct-Dec) of this financial year. Its EPS declined to Tk 1 from Tk 1.35 during the period.