Participants in a group photo after the forum
The 2024 edition of the ECOWAS Regional Electricity Regulation Authority (ERERA) forum came off successfully at the Movenpick Hotel on Wednesday, July 24, 2024.
This is the second time the event has been held in Ghana after the Public Utility Regulatory Commission (PURC) played a key role in ensuring that the 9th edition of the forum was hosted in Accra to help Ghana connect with other ECOWAS regional members.
The forum is aimed at developing a market framework through national policies to ensure a free market and energy security.
The colorful event was graced by energy regulation commissions in the ECOWAS region as they debated how to improve the electricity trade market.
ERERA chairman, Mr. Laurent Tossou, in his speech, highlighted the current challenges that have hindered the growth of the electricity market in the sub-regions.
“We are facing increasing pressure on oil and gas prices, which also increases the cost of energy supply in our member states and production costs for our electricity companies. As a result, we face rising commodity supply costs and inflation, affecting our economies' competitiveness and growth. Additionally, there is a significant increase in energy demand, yet the infrastructure and supply do not always satisfy the availability and quality standards. Finally, we are confronted with the climate impacts of our carbon-intensive development model and the need to adjust our policies to promote the energy transition in our States,” he said.
He stated that the aforementioned problems indicate the structural issues in the current design; hence, a new framework is a necessity.
Tossou further suggested that the difficulties could be curbed through ‘a concerted regional approach supported by strong political will and stakeholder commitment’ before indicating the significance of the forum.
“The present forum on the topic ‘Electricity Security in ECOWAS Region: the interplay between National Policies and free market principles’ is to draw attention to the value of solidarity and cooperation in tackling the issue of energy security within the ECOWAS Region.”
He further called for a collective and deliberate effort from stakeholders in building energy security.
“We must strive to be interdependent in energy supply and our actions to address future global challenges and conditions. We must work together to build infrastructure and electricity systems that adapt to all our needs. We must collectively identify innovative financing options for our energy projects and define development objectives and policies for our countries emphasizing the energy sector. We also need to work together to build institutional and legislative frameworks adapted to its common objectives; to build a unified, prosperous, and competitive regional electricity market to provide our 350 million people in the community with clean, reliable, and affordable electricity.”
Adding to Tossou’s speech, Hebert Krampa, the Minister of State at the Ministry of Energy, in his keynote address, acknowledged the need for a collective effort.
“We all can attest that electricity trade security in the ECOWAS region is becoming increasingly critical as the region faces significant energy challenges. We are confronted by immense potential and profound challenges. Blessed with abundant natural resources, including vast reserves of oil and gas, sunshine, and wind, the region has emerged as a pivotal player in the global energy landscape. However, this wealth comes hand in hand with complex geopolitical dynamics that shape both regional stability and international relations.”
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