Thursday, June 19, 2025
spot_img
spot_img
HomeTechnical ArticlesKnow HowSolar power prices can help ease an energy crunch in Bangladesh: Bloomberg

Solar power prices can help ease an energy crunch in Bangladesh: Bloomberg

spot_img

Falling solar power prices can help ease an energy crunch in Bangladesh, where an over-dependence on fossil fuels has drained foreign-exchange reserves and jeopardized electricity supplies, BloombergNEF said in a report.

image 386 3

Solar on its own is set to become the cheapest source of power in the South Asian nation by 2025, thanks to declining technology prices, BNEF said in the report published Monday. By the end of the decade, solar plus batteries, which will be crucial to displace fossil fuels, will be cheaper than new coal or gas power plants, it said.

That could help Bangladesh, where 97% of electricity is generated from fossil fuels, to decarbonize. But instead, the nation is still planning more coal- and gas-fired generation and is counting on more of the relatively cleaner gas to help reduce emissions.

The South Asian nation is heavily reliant on gas, which accounts for around half of its electricity mix. Gas-fired power production was historically supported by the nation’s domestic reserves, but these are now depleting making it dependent on imports.

Russia’s invasion of Ukraine last year highlighted the dangers of a reliance on overseas gas as prices skyrocketed, leading to rolling blackouts in Bangladesh and the shutdown of a major thermal power plant. The impact of Covid-19 and the country’s rising energy import bill also drained foreign-currency reserves, increasing the urgency to diversify the energy portfolio.

Read More: Bangladesh Seeks $900M in Loans from ITFC for Energy Imports

“By limiting thermal power plant additions and deploying more renewables, Bangladesh can bring down energy costs and emissions while improving the country’s energy security,” said BNEF analyst Isshu Kikuma. “Investing in renewables can create more opportunities and support the country’s economic growth.”

To limit emissions, the country is exploring co-firing coal power plants with ammonia and blending hydrogen with natural gas. Both these technologies will burden the economy, according to BNEF, while solar is becoming a truly affordable and climate friendly option.

YOU MAY ALSO LIKE
spot_img

Join Our Weekly Newsletter

- Advertisement - spot_img

Upcoming Events

 

Simillar News

Recent Random

“You Don’t Need a Strong HR to Grow a Business, But You Definitely Need One to Sustain It in the Market!”

-Nure A. Khan, CEO-CHARM Introduction: When launching a business, what’s often most important is courage, ambition, and vision. Many entrepreneurs succeed in expanding their businesses quickly...

Factors Affecting Fabric Air Permeability and the Importance of Air Permeability Testing

What is Air Permeability? Air permeability refers to the ability of a fabric to allow air to pass through it under a given pressure difference....

Strengthening Global Solar Partnerships-BSREA and ABSOLAR

BSREA Officials, We are proud to announce that the Bangladesh Sustainable and Renewable Energy Association (BSREA) has officially signed a Memorandum of Understanding (MoU)...