General News of Monday, 15 October 2018Source: dailyguideafrica.comGovernment saves $7.6bn in power dealsPresident Akufo-AddoGovernment has saved the country over $7 billion by terminating some surplus Power Purchase Agreements (PPAs) signed by the Electricity Company of Ghana (ECG) under the previous Mahama administration. The recent power crisis that occurred in the country during the erstwhile Mahama administration necessitated the acquisition and injection of additional power generation capacity into the power system. But for the termination or renegotiation, the government would have spent an estimated $586 million per annum for 13 years to fund excess or surplus power. The quantum of power procured as emergency or fast-track, although ameliorated the generation capacity deficit, resulted in excess power supply, taking into consideration other signed Power Purchase Agreements by ECG, if those PPAs were implemented. In all, 24 power purchase agreements were reviewed leading to the termination of 11 power deals and the rescheduling of eight others.

Source: GhanaWeb October 15, 2018 10:22 UTC