Bangladesh's energy crisis did not begin with the recent gas shortages. It has been years

in the making, as domestic gas production failed to keep pace with rapidly rising demand from power plants,

industries and households. Despite massive investments in electricity generation that significantly expanded

installed capacity, fuel supply gradually emerged as the sector's biggest vulnerability. As mature gas fields

depleted and major new discoveries remained elusive, the country increasingly turned to imported fuels to keep

factories and power plants running.

Yet despite the growing dependence on imported fuel, the system remained fragile. All

imported LNG enters the national grid through just two floating storage and regasification units (FSRUs) off

Moheshkhali, with little redundancy to absorb disruptions.

Then there is an even deeper layer of risk: Bangladesh's growing exposure to geopolitical

shocks. The conflict involving Iran and the subsequent closure of the Strait of Hormuz, a critical artery for

global LNG trade, left Bangladesh scrambling for supply. Qatar, Bangladesh's largest LNG supplier, cut

contracted deliveries by half, while spot market prices surged amid tightening global competition.

As the country scrambled to secure replacement cargoes at elevated prices, a fire at the

Excelerate Energy terminal on July 21 abruptly knocked out a major import route, wiping out an estimated 17

percent of the nation's gas supply overnight. The result is a crisis that extends far beyond energy.

This visual story examines how each step followed from the one before it.