Bangladesh Seeks Lower Power Prices Amid Adani Controversy

Bangladesh aims to renegotiate a power purchase agreement with India's Adani Group, potentially lowering prices unless a court cancels the deal. This move follows allegations of corruption surrounding the agreement, with a court-ordered investigation set to conclude by February. Adani's pricing and supply issues are central to the discussions.

Bangladesh is seeking to significantly reduce the prices in a power purchase agreement with India's troubled Adani Group, unless a court decision annuls the deal, according to its de facto energy minister in an interview with Reuters.

The Adani Group, led by founder Gautam Adani, is already under scrutiny by U.S. authorities for allegedly being involved in a $265 million bribery scheme in India, accusations he has denied. This is occurring as one Indian state examines a power deal with the group and France's TotalEnergies halts its investments.

A court-ordered investigation in Bangladesh is examining the 25-year deal from which Adani supplies power from a $2 billion coal-powered plant in eastern India. Expected to wrap up by February, the inquiry's findings will inform the court's decision, potentially impacting electricity costs and the country's energy sector.

(With inputs from agencies.)