The Public Utilities Regulatory Commission (PURC) in collaboration with Energy Commission and Ministry of Energy & Petroleum will soon operationalise the Renewable Energy Feed–in–Rates Scheme under the Renewable Energy Act 2011 (Act 832).
This is expected to encourage investments in the Renewable Energy Sector.
The Scheme is aimed at stimulating investments in the renewable energy sector to add on to the country’s energy generation mix.
It will also introduce small to medium hydro, solar, wind, biomass, and waste-to-energy generation options in addition to conventional sources such as large hydro and thermal.
The key objective of the scheme is to ensure access and availability of electricity to consumers at all times.
It further aims at promoting transparency, consistency and predictability in the pricing of electricity generated and supplied from renewable energy sources.
The Renewable Energy Act 2011 (Act 832) mandates the PURC to set preferential guaranteed rates for renewable energy known as Feed-in-tariff (FIT).
The FIT rate shall be guaranteed for a period of 10 years in order to enable investors recoup costs associated with construction, commissioning, operations and maintenance of plants and subsequently be reviewed every two years.
The FIT rate is also expected to be gazetted by PURC and shall be published in at least one national daily.
The introduction of Renewable Energy Technology will supplement the existing energy generation from conventional sources, although it is not a panacea to the current energy crisis we are facing as a country.
PURC’s Director of Public Relations, Nana Yaa Jantuah, said government must focus on fixing the West African Gas pipeline in the short term.