Press Releases

ECG has not been sold, it operates as an asset owner and has a license as a Bulk Energy Trader - Ing. Samuel Boakye-Appiah (MD, ECG)

Press Release on ECG's New Business

Date: 6th June 2019

Subject: POWER DISTRIBUTION IN GHANA, CONCESSION AND ECG’S NEW BUSINESS DIRECTION

Introduction

Ghana’s energy sector has witnessed a major change in power distribution with the introduction of Power Distribution Services Ghana Limited under a Concession Agreement which officially took effect on 1st March 2019. The Electricity Company of Ghana Limited, which was until then the power distributor in Ghana has not been sold or taken over. The Company is still a going concern and is operating as a Responsible Asset Owner, Bulk Energy Trader, Monitoring of the Concessionaire, utilizing our fiber optic backbone to venture into the provision of Utility Telco and Consulting Services as well as the provision of Training and skills development for the Energy Sector.

In August 2014, the Government of Ghana signed the Compact II with the Millennium Challenge Corporation involving USD498.2Million as the sum of the entire project. The Compact II fund was earmarked for six energy sector projects with the largest being the ECG Financial and Operational Turnaround Project (EFOT) which is estimated at USD339.6Million.

Within the ECG EFOT project is the ECG Private Sector Participation(PSP) which is the key project and involves a twenty (20) year single concession aimed at improving electricity distribution in Ghana. This will see to increased investments into the energy distribution infrastructure to expand the electricity network, reduce technical and commercial losses as well as reducing revenue collection losses.

On 3rd July 2018, ECG signed a Lease and Assignment Agreement (LAA) and a Bulk Supply Agreement (BSA) with the concessionaire, Power Distribution Services Limited (PDS Ltd).

As at 1st March 2019, ECG had completed a historic 30-month PSP journey to usher in the new electricity distributor, the Power Distribution Services (PDS) Limited and handed over its power distribution business to PDS Limited under the Concession Agreement.

Under this agreement, ECG has leased its assets to a private Company – PDS Ghana Ltd. ECG has therefore not been sold.

 

 

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