Business News of 2014-08-24

GRIDCo records Ghc303.23m income

The Ghana Grid Company Limited (GRIDCo) recorded a total income of Ghc303.23 million, representing a 12 per cent increase in its revenue and a net profit of Ghc16.79 million by the end of last year.

These were realised as a result of the energy transmitted to consumers in Ghana, Togo, Benin and Burkina Faso.

“The increase in revenue could be attributed to the volume in power transmitted in the year under review,” the Chief Executive Officer (CEO) of GRIDCo, Mr William Amuna made this known at the fifth annual general meeting (AGM) of the company in Accra.

Mandated by law to make public its report and financial statements annually, the AGM brought together the board of directors, auditors, shareholders, customers and the public to have a first-hand information on the company’s operations for 2013.

According to him, the income accrued will be reinvested in the transmission system for the benefit of consumers.

He added that operating profit for the period was Ghc67.07, saying that it was encouraging, and hoped to increase that by the end of 2014.

He reiterated the company’s commitment to make power available to consumers within and outside the country, stating Ghana’s commitment to be a net exporter of power in the not-too-distant future.

In spite of the successes chalked up in 2013, Mr Amuna said the company was indebted to the Public Utility Regulatory Commission (PURC), but assured shareholders that steps were being taken to quickly resolve that as soon as the Electricity Company of Ghana (ECG) made payment to it.

The total energy transmitted across the network represented 94.2 per cent of the projected energy transmission of 13.72 tetra watt hour (TWh).

With the exception of the Asogli Power Plant, Mr Amuna stated that all the substations across the country were now under GRIDCo, saying that it would do its best to supply adequate power to customers.

In view of this, he said GRIDCo would embark on various projects to provide transmission lines in areas such as Obuasi, Prestea, Tamale and Bolgatanga.

In support of the government’s local content policy, the Board Chairman of GRIDCo, Alhaji Hudu Yahaya, said the company was carrying out a local content initiative, in which local expertise would be used in the replacement and expansion of substations such as Konongo, Kpeve, Sogakope, Afloa, Yendi and Ayanfuri.

The Deputy Minister of Energy, Mr John Abu Jinapor, said due to the power crisis in 2013/2014, it affected the revenue and operation of the GRIDCo, adding that the government would do its best to improve upon the activities of the company.

He advised the company to ensure that any loan agreement entered on behalf of the company would not go a long way to ruin its operations and become a burden on the government.

Mr Jinapor further advised consumers to conserve energy through good practices in order not to put pressure on the national grid.

Source: graphic.com.gh
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