Meralco anticipates smooth ECG takeover

Tue, 26 Feb 2019 Source: Goldstreet Business

The concession agreement between government and a consortium of investors, led by Manila Electric Company (Meralco) for private sector participation (PSP) in the Electricity Company of Ghana (ECG), would take off in February 27, 2019.

This follows an extension of the date from February 1, 2019, to allow the stakeholders and parties in the private participation in the ECG to conclude their consultations and to finalise work.

Both parties are expected to fulfill their obligations by completely transferring their property to Meralco for the PSP.

The Board of Directors of MiDA and the ECG in a statement said they anticipated a smooth transition.

It also indicated that the parties would count on the support and cooperation of all Ghanaians to ensure the success of the PDS as the new electricity distribution operator in the Southern Distribution Zone of Ghana.

MiDA gave an assurance to the public that it would continue to adhere to and uphold high standards of transparency throughout the process.

Ghana signed the Power Compact with the United States of America (USA) through the Millennium Challenge Corporation (MCC), an independent US government agency, on the sidelines of the US Africa Leaders’ Summit in Washington DC on August 5, 2014.

Under the Power Compact, six projects would be implemented to tackle power unavailability and unreliability in Ghana.

They include ECG Financial and Operational Turnaround Project, NEDCo Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project and Access Project, Power Generation Sector Improvement Project and Energy Efficiency and Demand Side Management Project.

Source: Goldstreet Business
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