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ECG working with GHS2bn deficit: Agyarko

As part of innovations to improve the reliability and availability of power, government is working to improve the balance sheet of the main power distribution companies, Energy Minister Boakye Agyarko has said.

Mr Agyarko bemoaned the poor outlook of the audited financials of the Northern Electricity Distribution Company (NEDCo) and the Electricity Company of Ghana.

“The last time I checked, ECG for example had a negative working capital of GHS2billion,” he lamented.

He indicated that some of the “receivables [of the company] go back to six years and if somebody owes you money and haven’t paid in six years the chance of collecting that money is either slim or none”.

He underscored the need to support the companies financially and also ensure efficiency in power distribution.

Meanwhile, Mr Agyarko has emphasised the need to curtail transmission losses by ECG.

Mr Agyarko, who was speaking on the second day of the National Policy Summit in Accra on Tuesday May 16, bemoaned the amount of power that goes to waste.

“Twenty-one per cent of power supply to ECG is lost. Every percentage point of power lost is equivalent to GHS60million,” he noted.

Even though he admitted that technical transmission losses were inevitable, he pointed out that a loss of 21 per cent of power to be sold to consumers makes the company unprofitable.

He was not enthused about the “significant” quantum of losses by other Independent Power Producers (IPPs) that load unto the national grid for clients.

Source:  http://www.classfmonline.com/1.11005745

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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