Business News of Saturday, 15 July 2017
The Chief Executive Officer of Bui Power Authority, Mr. Fred Oware has confirmed public outcry that the cost of electricity has lately become too expensive. He admitted that many people have therefore switched from using electricity because they do not consider it affordable any longer.
Speaking in an interview with Winston Amoah on TV3’s Hot Issues, Saturday, Mr. Fred Oware said this has accounted for low consumption of electricity in the country now. “Currently as we speak, the electricity consumption is gone down, a little bit, more than expected. The amount of electricity that was being used last year, as at today was more than what we are using right now,” he conceded.
“Part of it is, as I understand,” he explained, “people find it expensive and industries, some of them are using gent set instead of buying from ECG, and this is something people are not paying attention to.”
However, Fred Oware pointed out that although government is interested in reducing tariffs, the primary “strategy” is to ensure “adequate, reliable and continuous” supply of electricity for everyone.
“The next phase of the effort is to make sure we bring the prices down, that is what we are working on,” he revealed, “but unfortunately a lot of the PPPs (power purchase agreements) have been locked in beyond this period and the ministry of energy is looking at ways and means to renegotiate and bring down the prices.”
Nonetheless, it is estimated that by 2030 the national need for power would be 5,000 megawatts, but currently the installed capacity for this country exceeds 5,000, he established. Meanwhile, Mr. Oware has touted the profitability of the Bui Dam. It is a “good investment” he said, noting that it has enough receivables to “completely retire” one of the four loans contracted to build it.