Summit Power Limited
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Dear Owners of Summit Power Limited,
Greetings and As-Salam-u-Alaikum. We are pleased to welcome you to the 24th Annual General Meeting of Summit Power Limited (SPL).
Certainly COVID has been a pandemic which none of us have faced before, with its trail of loss of human life and destruction of families and economies. In these past several months, Bangladesh remarkably arranged vaccines and as I write to you 55.7 million vaccines have already been administered. The educational institutions are open, international travel has partially opened up, many migrant workers have returned to their workplace and many found employment again. Compared to pre-pandemic times, I am pleased that the world now has a stronger consensus that we are spoiling the environment and climate change is real. This awareness would mean that we will find solutions for it. The government of Bangladesh has wisely cancelled further investment in coal-based power plants. On the other hand, technological advances have reduced power consumption, for example a motor has been replaced by a small chip, LED bulbs have replaced incandescent bulbs enabling the same output with far lesser electricity. Therefore, many countries are experiencing a “false-excess” of power. In Bangladesh, in addition, inadequate transmission grids and distribution lines are creating a parallel paradox of so-called excess installed power capacity and power cuts.
At the same time, the world finds itself in the midst of a global energy crisis brewing with the skyrocketing prices of primary energy. Bangladesh’s much needed natural gas as imported as LNG has been purchased at USD 36/mmbtu by Petrobangla. These shockwaves will reach every citizen of Bangladesh.
However even during the pandemic, Bangladesh’s astonishing 6% GDP growth only indicates potential to usher in industrialisation, creating decent jobs, better wealth distribution and prowess to achieve Sustainable Development Goal (SDG)-8 for all of which we need electricity. Hence as a stop-gap between now and when the world finds green technology to replace fossil fuels as primary energy source, we need to plan for a bridge of “energy mix”.
We at Summit Power International (SPI) are prepping up for greener solutions at a reasonable price. We are focusing on cross-border import of green energy at a cheaper rate such as wind, water or solar power from India, Nepal and Bhutan as the price of LNG has soared. Summit Group as your holding company are also working to provide much more reasonably priced LNG.
You will be pleased to know, SPI has established testing and calibration laboratories and received certifications from the Bangladesh Accreditation Board (BAB), a first in the IPP sector in Bangladesh. This has been highly commended by the Ministry of Industries.
In Gazipur, we bought land, built a new three-storied school complex of ‘38 No. Kalakoir Government Primary School’ and handed it over to the authorities. We hope with additional facilities the primary school can be upgraded to secondary level. In our CSR investments, we have now expanded our support to another 4,000 students through Jaago Foundation, the winner of UNESCO King Hamad Bin Isa Al-Khalifa Prize for the ‘Use of ICT in Education’. We are also looking forward to beginning our groundwork for the Summit-JERA Energy Institute (SJEI) in Bangladesh that will be a premier academic institution.
On principle, we had decided that the Company will continue to pay full salary, wages and benefits to all its employees during COVID and we have kept our commitment. We have consistently disbursed dividends and this year your Board of Directors has recommended 35% cash dividend to our respected shareholder owners. We are grateful to our customers, shareholders, regulators, lenders, suppliers, employees and technology partners for their continued support.
Looking forward to a brighter future together.
Muhammed Aziz Khan