section_path: Economy/Energy
section_name: Energy
paragraph_text: Energy
  
  Bangladesh is gradually transitioning to a green economy. It has the largest off-grid solar power programme in the world, benefiting 20 million people. An electric car called the Palki is being developed for production in the country. Biogas is being used to produce organic fertilizer.
  
  Bangladesh continues to have huge untapped reserves of natural gas, particularly in its maritime territory. A lack of exploration and decreasing proven reserves have forced Bangladesh to import LNG from abroad. Gas shortages were further exasperated by the Russian invasion of Ukraine.
  
  While government-owned companies in Bangladesh generate nearly half of Bangladesh's electricity, privately owned companies like the Summit Group and Orion Group are playing an increasingly important role in both generating electricity, and supplying machinery, reactors, and equipment. Bangladesh increased electricity production from 5 gigawatts in 2009 to 25.5 gigawatts in 2022. It plans to produce 50 gigawatts by 2041. U.S. companies like Chevron and General Electric supply around 55% of Bangladesh's domestic natural gas production and are among the largest investors in power projects. 80% of Bangladesh's installed gas-fired power generation capacity comes from turbines manufactured in the United States.
  
  The government stopped buying spot price LNG in June 2022. The country's forex reserves declined due to surging fuel imports. Bangladesh imported 30% of its LNG on the spot price market in 2022, down from 40% in 2021. Bangladesh continues to trade in LNG on the futures exchange markets.
  
  The Rooppur Nuclear Power Plant, Bangladesh's first operational nuclear plant, is nearing completion as of the end of 2023.