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PRESS RELEASE - 7TH ANNUAL GENERAL MEETING (AGM) OF GRIDCo

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PRESS RELEASE
7TH ANNUAL GENERAL MEETING (AGM) OF GHANA GRID COMPANY LIMITED
LA PALM ROYAL HOTEL
 
Accra, Monday, September 19, 2016 – Alhaji Huudu Yahaya, Board Chairman of the Ghana Grid Company Limited (GRIDCo) has said the transmission utility will continue to work in providing adequate infrastructure required for the evacuation of anticipated growth in power generation in the coming years.
 
Addressing the Seventh Annual General Meeting of GRIDCo, Alhaji Yahaya said, “The under-capitalization of the Company, the cost of financing and directives on the various financial requirements, place the Company in a vulnerable position, which needs to be addressed.”
 
He said the Government’s efforts in addressing the liquidity problems in the Power Sector utilities will go a long way to release funds for GRIDCo to execute critical projects that will make the National Transmission System robust and improve the reliability of power supply.
 
Furthermore the indebtedness of major customers such as the Electricity Company of Ghana increased significantly during 2015, adding that the shortfall in power supply also worsened GRIDCo’s financial state.
 
Inspite of these unfavourable challenges, GRIDCo’s total earnings for 2015 was GHS472.345 Million and a net profit of GHS44.797 Million was made. In 2014, GRIDCo achieved a net loss of GHS41.50 Million. Until 2014, GRIDCo recorded a good financial performance for four consecutive years.
 
He said GRIDCo has been working with 12 prospective entrants into the Renewable Energy Sector. GRIDCo  also collaborated with the Energy Commission to publish the Renewable Energy Grid Code as a guide for all interested parties.
  
The Board Chairman said GRIDCo is also working to commercialize part of its fibre optics to boost telecommunication in Ghana and within the sub-region.
Ing. William Amuna, Chief Executive of the Company said GRIDCo fully supports the government’s vision of making Ghana a net exporter of power by the year 2020.
 
“We look forward to the future   with hope and determination,” he said, adding that GRIDCo is undertaking a number of projects to strengthen the transmission grid, in order to enhance its capacity and efficiency to transmit additional power expected to be connected to it.
 
He said some of the completed projects such as the replacement of obsolete equipment with modern and more effective ones and installation of new transformers have helped reduce its transmission losses. The transmission loss for 2015 was 3.79 per cent compared with the 4.32 per cent made in 2014.
 
Ing .. Amuna said GRIDCo was instrumental in the connection of the Karpowership barge to the grid, adding that the integration of the Karpowership and the Ameri Plant contributed immensely to address the generation shortfall in Ghana.
 
He added that the Ghana section of the Ghana-Togo-Benin Interconnection segment of the 330 kV West African Power Pool (WAPP) Coastal Backbone Transmission Line was completed and energized in November 2015.
 
The Chief Executive said as a way of achieving a work-life balance for employees, a well-equipped gymnasium has been commissioned within the work environment.

 

Posted: Sep 28 2016

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