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The largest Independent Power Producer (IPP) in Ghana, Sunon Asogli, has announced the suspension of its operations in the country effective Tuesday, October 8, 2024.<\/p>\n
This means a shutdown of its power plants that supply electricity to the Electricity Company of Ghana (ECG), which then distributes the power to consumers.<\/p>\n
In a statement issued by the IPP on October 16, 2024, it explained that the decision was made due to its inability to fund its operations as a result of ECG and the government’s failure to honour debt obligations.<\/p>\n
\u201cSunon Asogli Power (Ghana) has over the years been very considerate in its dealings with ECG and the government, and, unlike other independent power producers, has not even invoiced ECG for accrued idle capacity charges. Despite this, ECG owes Sunon Asogli a net (excluding fuel) receivable amount of $259 million as at the end of September 2024,\u201d a statement signed by the Chairman of Sunon Asogli Power read. <\/p>\n
\u201cOur debt has grown by 23% on the net balance, between January 2024 and September 2024 and only 22.6% of the invoices for period has been paid by ECG from the Cash Waterfall Mechanism,\u201d it added. <\/p>\n
Sunon Asogli Power, however, expressed deep regret for the impact of this decision on national power supply while urging the Ministry of Finance to intervene in the matter to restore its services.<\/p>\n
See the statement below:<\/b><\/p>\n