Shahjibazar Power Co Ltd (SPCL) today notified the closure of its plant as the electricity sales agreement with the Bangladesh Power Development Board (BPDB) is set to expire on February 9. 

SPCL has a 15-year rental agreement regarding power sales with BPDB, a state-run agency.

The plant will cease operation at midnight of February 9, discontinuing electricity supply to the national grid too, SPCL said in a filing on the Dhaka Stock Exchange (DSE) today. 

The SPCL said it requested the renewal of the power purchase agreement for five years under a no-electricity no-payment basis.

"The submission is currently under consideration by BPDB, and the company is expecting a positive result regarding the submission soon," said the company.

(The previous version wrongly mentioned Khulna Power Company Ltd instead of Shahjibazar Power Co Ltd. We regret the error.)