Govt renews PPA with Summit’s Ashulia Power Plant

Bangladesh Rural Electrification Board (BREB) has renewed the power purchase agreement (PPA) with Ashulia Power Plant (Unit-2) of Summit Power to buy electricity from the plant again.

The government’s largest electricity distribution authority, according to a Dhaka Stock Exchange (DSE) filing, allowed Summit to keep the electricity supply from the power plant going under the renewed contract.

The contract of the power plant with an electricity generation capacity of 33.75MW with the government expired on Saturday last.

Summit was now negotiating tariffs, and other terms with the BREB regarding the PPA renewal, said the DSE filing on Tuesday.

According to the company’s latest annual report, its 12 power plants have currently been operational, as per the PPA agreements, of which three would face expiry in 2023 and four in 2024.

The power-producing company’s earnings per share (EPS) stood at Tk 0.81 in the first quarter of the current fiscal year 2022-23 against Tk 1.02 for the same quarter last fiscal.

The company’s net operating cash flow per share (NOCFPS) stood at Tk 0.79 for July-September of 2022 versus Tk 0.80 for July-September 2021.

Its consolidated net asset value (NAV) per share reached Tk 38.17 as on September 2022 which was Tk 35.72 till June this year.

Summit shares were traded at Tk 34 per share on the DSE trading board Tuesday.