Ghana’s second largest state-owned power generation company – Bui Power Authority (BPA) – has recorded a net profit of $80 million in the 2023 Financial Year compared with the $79.2 million recorded in 2022.
Although the company’s total revenue for the year 2023 stood at US$157,100,000 which was lower than the previous year’s revenue of US$158,800,000 representing a decrease of 1.0%, stringent cost containment over the period impacted positively on the company’s net profit.
In 2023, the Bui Power Generation Station generated a total of 1,519 GWh of energy but 3 GWh was lost, while the remaining 1516 GWh was supplied to the National Interconnected Transmission System (NITS).
This represents 2% lower than the all-time-high of 1,547 GWh generated in 2022.
These figures were disclosed by the Board Chairman of BPA, Hon. Kwasi Ameyaw Cheremeh, in a speech delivered on his behalf by Dr. Mrs. Rebecca Acquaah-Arhin.
Hon. Ameyaw-Cheremeh described the company’s overall performance for 2023 as remarkable.
Touching on the challenges facing the company, he said ECG’s inability to pay for power supplied to them continued to have adverse effects on the company, thereby limiting its ability to purchase critical spare parts for the maintenance of the plants and lack of funds to execute renewable energy projects.
In order to stay financially viable, Hon. Ameyaw-Cheremeh said the company was exploring the possibility of engaging other off-takers.
He complimented the board members, management and staff of the company for their commitment and dedication.
On his part, the Chief Executive Officer of BPA, Mr. Kofi Ahiave Dzamesi, said the company was going to intensify efforts to expand its renewable energy portfolio in the area of windpower, solar, and other sustainable energy sources to meet the growing demand for clean energy.
“We will continue our pursuit of leadership in the renewable energy industry within our sub-region guided by our vision to be at the forefront of the transition to clean energy,” he said.
Mr. Dzamesi, who praised the workers for their hard work, charged them, saying “let us resolve to work together to make 2024 another great success.”
Source: https://energynewsafrica.com