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The Bangladesh-based Summit Group says it is motivated by reducing the possibility of power blackouts in its plan to build five new oil and gas-fired power plants in the country.

Summit is set to invest over $1bn and generate around 1310 MW by 2020.
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Summit finance director Ayesha Aziz Khan told Reuters, “If we don’t start developing new projects now we will again see the mismatch between demand and supply widening, resulting in acute shortages and blackouts.”

“We must access and develop regional hydroelectricity potentials and nuclear energy. But fossil fuel will remain our main energy source for many years to come,” he added.

The company will commission the biggest plant, which will have a capacity of 660 MW, by 2020.

Demand for electricity in the country is estimated to rise 7 per cent annually. Bangladesh currently has power generation capacity of 7000 MW, meeting the needs of around 65 per cent of the population.