The recent announcement of 6.56% and 4.98% reductions in electricity tariffs for residential consumers and non-residential consumers of electricity above 301kWh by PURC has sparked concerns in Ghana’s power sector.
While some are arguing that the reductions are in order, citing the issue of energy mix and other factors, others believe the reductions would increase the insolvency in the power sector.
One body that is worried about the development is the independent power producers (IPPs) in the country.
In an opinion piece, Dr. Elikplim Kwabla Apetorgbor, who is the Chief Executive Officer (CEO) of Independent Power Producers Ghana, warned that the debt owed their members is likely to exacerbate to about US$1.8 billion by the end of the year 2024.
He argued that the debt is likely to exacerbate due to escalating variable costs of electricity production such as fuel, maintenance, idle capacity charges as a result of commissioned generation capacities coming from on-grid and off-grid generations.
In buttressing his point, Dr. Apetorgbor said natural gas, for instance, sells currently at an average high price of 8.8 US cents/mmscf, and mentioned the continuous depreciation of the Ghana cedi, etc.
Again, he said the generation tariffs are set for an automatic upward adjustments necessitated by the increasing variable costs and other increased-cost-events.
“The tariff reductions, while beneficial for consumers, have not been matched with a decrease in production costs (decreased costs), leading to significant financial deficits.
“The sector is plagued by inefficiencies, including high transmission and distribution losses, which exacerbate the financial challenges,” he stated.
According to him, this situation mirrors the repercussions of similar tariff actions by the PURC in 2018 by 17.5% and 30% for both residential and non-residential customers, which significantly contributed to the financial gap faced by the Electricity Company of Ghana (ECG).
He said since then, ECG had never met the revenue requirement of the sector.
This has placed an avoidable strain on the sustainability of ECG, resulting in a cycle of financial insolvency, operational and governance deficiencies.
The core of ECG’s financial woes lies in the imbalance between revenue generation and operational costs.
He said despite ECG’s commitment to a fixed US$43 million monthly sum to IPPs, it continues to pile up about 70% of its monthly obligations to the IPPs alone.
“With this tariff reduction, the Government of Ghana renegotiation appeals to IPPs may hit the rock, as the risk of default on obligations going forward becomes high,” he warned.
However, the Executive Secretary of PURC, Dr Ishmael Ackah, indicated that the reviews were undertaken in line with the quarterly tariff review (QTR) mechanism of the commission, which tracks and incorporates movements in key uncontrollable factors, namely the exchange rate between the US dollar and the Ghana cedi, domestic inflation rate, the electricity generation mix and the cost of fuel, mainly natural gas.
He emphasised that the objective of the QTR is to ensure that the utilities recover their revenues (revenue requirement) which include allocations for operational and maintenance cost, capital investment and other important regulatory costs.
Dr. Ackah underscored another important objective of the April to June 2024 QTR, which is to reduce existing residential tariff bands as part of measures to reduce the cross-subsidy, reduce non-residential class bands to two, as well as a reduction in industrial tariff bands to reward the productive use of electricity.
This reduction in the tariff bands for electricity customers, he noted, is to allow for ease of implementation of the approved tariff bands, ease of interpretation to customers, and ultimately make meters more affordable to consumers in the long run.
The executive secretary added that the QTR sought to recover the total revenue requirement for the period between April and June 2024.
Furthermore, whilst there has been a depreciation of the projected Ghana cedi to the US dollar in the quarter compared to the previous quarter (December 2023 – February 2024), the projected inflation rate, on the other hand, has reduced from 40.43% in the previous quarter to 28.27%.
The projected hydrothermal generation mix was also increased from 31.91% to 34.81% for hydro, and reduced from 68.09% to 65.19% for thermal in the April to June 2024 QTR.
Following the above changes in the variables considered in the determination of QTRs and with gas prices remaining constant, Dr Ackah indicated that this meant the utilities were projected to gain some windfall in their revenue requirements.
Thus, the PURC took advantage of this projected surplus to merge some of the tariff bands across the various electricity customer classifications.
He, however, mentioned that, notwithstanding the adjustments made, the lifeline tariff customer group and the low voltage (LV) and mines customer groups did not experience any change in their tariffs for the April to June 2024 tariff review period.
Dr Ackah reiterated that for the review period under consideration, only some residential customers and high voltage (HV) customers experienced reductions in their electricity tariffs, while the steel companies customer groups will witness more than 30% increase in their tariffs. Other customers experienced marginal upward adjustments.
According to the executive secretary, the public should dispel misinformation that the few customer groups that witnessed a reduction in the tariffs would consequently compound the debts in the energy sector.
He assured the public that the PURC is mindful of the financial sustainability of all utilities and the welfare of the paying consumer.
He further clarified that upward adjustments in tariffs do not automatically result in reduction of energy sector debts or guaranteed payments to IPPs.
Source: https://energynewsafrica.com
Vivo Energy Ghana, the Shell Licensee has signed an agreement to partner with the United Way Ghana, a non-governmental organisation in the Republic of Ghana to launch a renewable energy project among schools within its communities.
The move is in line with the firm’s sustainability efforts towards the environment.
The renewable energy project seeks to empower and provide students with a solid understanding of various renewable energy sources, including solar energy.
The Memorandum of Understanding (MOU) commits both organisations to instil in the school children a sense of responsibility towards the environment and prepare them for future careers in science, technology, engineering, and mathematics (STEM).
“By introducing innovative educational programmes and practical demonstrations, the initiative aims to inspire the next generation to embrace sustainable energy solutions and raise awareness about environmental challenges and the importance of adopting sustainable energy practices within the school and the broader community,” the company said in a press statement.
Working closely with the Educational Director, Ghana Education Service of the La Dade-Kotopon Municipal Assembly, the Vivo Energy Ghana renewable energy project for school children will feature a series of interactive workshops, educational tours, development of educational materials and hands-on activities designed to engage students in learning about solar, wind, and other renewable energy sources.
Through experiential learning opportunities, participants will gain deeper understanding of the environmental benefits and practical applications of renewable energy technologies.
“Partnering with the United Way Ghana on this renewable energy project underscores our commitment to environmental sustainability and community empowerment,” said Kader Maiga, Managing Director of Vivo Energy Ghana.
“Together, we aim to instill a sense of environmental responsibility in young learners and equip them with the knowledge and skills needed to build a greener future,” he added.
United Way Ghana shares the vision of promoting sustainable development and recognises this partnership as an important step towards achieving that goal.
“Following the successful roll-out of Cyclean in the La Enobal Basic School, we are excited to enter into another partnership with Vivo Energy Ghana to introduce school children to renewable energy. By investing in the education and engagement of young learners, we can create a ripple effect of positive change across communities and drive the transition towards renewable energy,” says Faustina Abbey, Acting Executive Director of United Way Ghana.
As part of the partnership, Vivo Energy Ghana and the United Way Ghana will also work closely with local schools within their area of operation, community centers, and educational institutions to ensure broader participation and impact.
Source: Vivo Energy Ghana
The Republic of Congo has become the latest exporter of Liquefied Natural Gas (LNG) after the country launched the production of the first cargo load a year after Italian energy company, ENI, had launched the Congo LNG project with local partners.
The first cargo ship laden with LNG will head to the Italian regasification plant in the Tuscan city of Piombino in the coming days, ENI said in a statement last week.
“With the first cargo, the Republic of Congo enters the group of LNG exporting countries, opening up opportunities for economic growth while contributing to the global energy balance,” ENI said.
ENI and its partners shared workforces, know-how and technology “ensuring additional revenues to the country while contributing to Europe’s energy security,” CEO Claudio Descalzi said in a statement.
The project will have an annual capacity of 4.5 billion cubic meters of natural gas, which is used to heat homes and businesses.
It is formed when gas is cooled to about -260 F (-162 C) to be stored and shipped safely aboard specially designed vessels.
Europe has been in search of new energy sources since moving to cut off Russian supplies following its full-scale invasion of Ukraine two years ago.
Sales of Russian gas abroad have dropped by 40 per cent since the invasion, according to the ISPI think tank.
Last year, Minister for Hydrocarbons, H.E Bruno Jean-Richard Itoua, while speaking in South Africa, revealed that Congo would join LNG exporting countries by December 2023.
“I am pleased to announce that by December 2023, Congo will export its first LNG,” he said while addressing participants at the just-ended African Energy Week 2023 in Cape Town, South Africa.
Congo has natural gas reserves of about 284 billion cubic meters as of 2021.
Source: https://energynewsafrica.com
Africa-focused independent oil company, Tullow Oil PLC, recorded a US$110 million loss after tax last year, compared with a profit after tax of US$49 million in 2022.
In a statement issued on Wednesday, Tullow said its gross profit for the year 2023 was US$765 million but recorded a loss of US$110 million after-tax driven by impairments and write-offs totalling US$435 million.
The company’s revenue for the year 2023 is pegged at US$1,634 million compared with US$1,783 million in 2022.
Tullow also generated around US$170 million in free cash flow last year, ahead of the US$150 million guidance but below the US$267 million generated in 2022, and cut net debt to US$1.61 billion from US$1.86 billion in 2022.
Tullow expects to generate more than US$600 million in free cash flow in 2024 and 2025.
Its market capitalisation stood at US$410 million as of March 6.
The company has focused on reducing debts, significantly cut capital allocation to long-cycle projects, and raised over US$700 million through sales of interests in Uganda, Equatorial Guinea and Gabon.
In 2023, production was pegged at around 62,700 barrels of oil equivalent per day (boe/d) and in 2024 output is forecasted between 62,000 and 68,000 boe/d.
Its turnover declined to US$1.63 billion last year, from US$1.78 billion in 2022.
It would have been US$139 million higher without hedges.
The company expects US$250 million of capital expenditure in 2024, compared with US$380 million last year.
About 60 per cent of the capital costs this year would be allocated to Jubilee.
Tullow also reiterated its guidance for US$200-300 million of free cash flow this year at the US$80 a barrel level for crude, largely driven by the timing of revenue receipts for 18 to 19 cargoes lifted in Ghana during the year.
Commenting, Chief Executive Officer of Tullow Oil plc, Rahul Dhir, said, “2023 was a year of significant achievements, including the start-up of Jubilee South East that delivered material production growth from our core operated field, a new revenue stream established from the sale of Ghana associated gas; and reserves growth in Gabon through licence extensions.
“We also generated free cash flow ahead of expectations despite a lower year-on-year realised oil price and demonstrated our ability to access long-term capital through the US$400 million debt facility agreement with Glencore.
“In line with our strategy, we are continuing to focus relentlessly on operational excellence, capital efficiency and investments to drive growth. This strategy is delivering material cash flow generation and we are on track to deliver our target of US$800 million free cash flow over the 2023 to 2025 period and optimise our capital structure.
“Tullow has a strong and unique foundation to create material value for our investors, host nations and stakeholders and we look to the future with confidence.”
Source: https://energynewsafrica.com
Vitol-backed energy storage company, VTTI, is close to acquiring a majority stake in Italy’s biggest liquefied natural gas import terminal from Exxon Mobil and QatarEnergy, two sources with knowledge of the matter said on Monday.
The deal, which sources previously said could value the entire terminal at about 800 million euros ($868 million), would give VTTI a role in the European LNG market at a time when flows of the liquefied gas to Italy are on the rise.
Exxon put its 70.68% interest in the Adriatic LNG terminal up for sale last year, as part of a strategy to divest non-core assets. QatarEnergy owns a 22% stake.
VTTI and QatarEnergy were not available for comment outside working hours in Europe and the Gulf.
Exxon did not immediately respond to a request for comment.
Once a deal is signed, Italian gas grid operator Snam, which currently owns a 7.3% in the terminal, will have 45 days to decide whether to exercise its right of first refusal to increase its stake in the project.
The chief executive of state-controlled Snam said in January the group could increase its stake in the terminal to as much as 30% under an agreement with the current shareholders, boosting its influence over an asset considered strategic for the country.
One of the sources said last-minute surprises to VTTI’s purchase attempt could not be ruled out. The sources declined to be named because they were not authorised to speak publicly about the matter.
Investment manager BlackRock in December bowed out of exclusive talks to acquire the asset, reopening the possibility for VTTI to buy it.
The Adriatic LNG terminal is located about 9 miles (15 km) off the Veneto coastline and has a regasification capacity of 9 billion cubic metres of natural gas per year.
It is the only Italian LNG terminal that can receive so-called super large-scale LNG vessels with a capacity of up to 217,000 liquid cubic meters.
Source: Reuters.com
South Africa’s Minister for Mineral Resources and Energy Minister Gwede Mantashe says the Department has completed the Gas Master Plan aimed at boosting electricity generation.
He was speaking at the Africa Energy Indaba, currently underway at the Cape Town International Convention Centre.
The integration of gas will boost electricity supply amid the ongoing load shedding crisis.
Mantashe said the department is working on plans to commercialise gas deposits discovered in the country.
According to him, the plan will be presented to Cabinet this month.
“We are quite serious about energy as a matter of fact. Gas is a critical component of African electricity, given the increase of global energy demand and supply; it is critical for SADC to invest in the petroleum industry to place itself as a key player in the development of these resources,” Mantashe said.
Source: https://energynewsafrica.com
The 7th Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) begins on 29 February 2024 in the Algerian capital, Algiers.
“The holding of the summit in Algiers is an extremely important strategic event in the field of energy, in that Algeria will be working to strengthen the partnership between countries, to reduce greenhouse gas emissions, and thus promote the place and role that it will have to play as part of sustainable solutions for future energy”, explains Mohamed Arkab, the Algerian Minister of Energy and Mines.
Against a backdrop of mounting pressure to speed up the dialogue on targets for reducing greenhouse gas emissions and phasing out the use of fossil fuels, the GECF sees natural gas as the key to the transition to sustainable energy.
Today, the use of natural gas is developing more rapidly in other areas, such as power stations and industry, “because of its energy efficiency and environmental qualities”.
According to NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), natural gas is the key to a prosperous future and a just energy transition for Africa.
Taking Tanzania as an example, the AEC president points out that from wells and a gas processing plant on Songo Songo Island, which now generates around 45% of Tanzania’s electricity, the East African country has created over 114,000 jobs and significantly reduced its carbon emissions (at the Tanzania Portland Cement Company alone, CO2 emissions have been cut by around 80,000 tonnes a year).
Songo Songo’s gas production also provides a cleaner source of energy for Dar es Salaam’s power stations, replacing diesel and heavy fuel oil (HFO).
Over 69% of the world’s gas reserves
Launched in 2001, the GECF summit, now in its seventh year, will also inaugurate the headquarters of the Gas Research Institute (GRI), hosted and run by Algeria.
This 7th summit will see the signing of several memorandums of understanding between the GECF and major international and regional organisations.
Full members of the GECF are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela. Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique and Peru have observer status.
They account for 69% of world gas reserves, 39% of marketed production and 40% of world gas exports. In addition, GECF member countries collectively account for more than half (51%) of the world’s liquefied natural gas (LNG) exports.
Source: Africa Energy Portal
The Southern African Power Pool (SAPP) and investment advisers Climate Fund Managers on Tuesday launched a new $1.3 billion target fund to build high-voltage transmission lines linking countries in the region.
The Regional Transmission Infrastructure Financing Facility (RTIFF) starts with $20 million in commitments from SAPP, and aims for a first close of $500 million in 2025 in a bid to overcome a key obstacle constraining growth in an evolving energy sector.
Finance will be raised from public and private sector investors locally and internationally, a joint statement said.
Despite an abundance of energy sources in Africa, a lack of connections between countries has hampered integration and trade among SAPP’s 12 members, which include regional economic heavyweight South Africa and top copper exporter Zambia.
“RTIFF dismantles this by enabling the private sector to work alongside public sector utilities to roll out new transmission lines at scale,” Victor Mapani, chairperson of the SAPP executive committee, said in a statement.
The facility, with a fund life of between 20 and 25 years, is expected to reach a final close of $1.3 billion within two years.
A renewable energy push, including wind, solar and hydro, has highlighted the dearth of connections across the region where projects, often in remote areas, are unable to connect to national grids.
A competitive electricity market with daily trades, SAPP is aiming to connect Angola, Malawi and Tanzania to the platform and has identified eight priority transmission projects, officials said at a press launch.
“Since Malawi is already being connected to Mozambique and Tanzania is being connected to Zambia, the next key project is the connection of Angola to Namibia,” Stephen Dihwa, executive director of SAPP told Reuters.
The Angola-Namibia interconnector is estimated to cost $356 million, he said, around a tenth of the total investment needed for transmission lines by 2040 to enhance regional integration.
South Africa’s debt-ridden power utility Eskom, which requires around 350 billion rand ($18.41 billion) over the next decade to upgrade its transmission network, is wooing the private sector for investment to overcome the country’s worst electricity shortages on record.
“The lack of investment in grid infrastructure is one of the reasons for ongoing blackouts in many parts of Southern Africa,” Amit Mohan, head of private credit at CFM said. ($1 = 19.0136 rand)
Source: Reuters.com
ZESCO Limited and Zambia Sugar PLC on Tuesday 5th March 2024, signed a new Power Supply Agreement (PSA), marking a new era between the companies.
The signing took place at the Zambia Sugar Estate in Nakambala, Mazabuka.
Commenting after the signing of the deal, ZESCO’s Managing Director, Eng Victor Mapani said, “This agreement is more than just a commercial transaction.
It underscores our shared dedication to Zambia’s development and prosperity.
“By securing a reliable and cost-effective 30MW power supply for Zambia sugar, Tesco demonstrates its unwavering focus on customer centricity.”
On his part, the Zambia Sugar Country Manager, Oswald Magwenzi said, “Without energy, Zambia Sugar would not be able to pump water and do what we do.
Zambia Sugar cannot do without energy. Energy is right at the core of the company’s business.
“This PSA signifies that we are doing everything possible to make sure that the lifeblood that energises what we do is guaranteed.
“This agreement serves as a springboard for even greater collaboration moving forward. ZESCO and Zambia Sugar envision a future, where combined efforts unlock the vast potential within both sectors.”
By working hand-in-hand, the two entities can contribute significantly to economic diversification, create employment opportunities and align seamlessly with the government’s developmental programmes.
Source: https://energynewsafrica.com
The Public Utilities Regulatory Commission (PURC) has justified the recent reduction in electricity tariffs for residential and non-residential electricity consumers which is expected to take effect from April 1 to June 30, 2024.
The Commission announced a 6.56 per cent reduction for residential consumers who consume above 301kWh and 4.98 per cent reduction for non-residential consumers who consume above 301kWh.
In an exclusive interview with the Executive Secretary, Dr Ishmael Ackah, he indicated that the reviews were under-taken in line with the Commission’s
Quarterly Tariff Review (QTR) Mechanism, which tracks and incorporates movements in key uncontrollable factors namely, the exchange rate between the US$ and the Ghana Cedi, domestic inflation rate, the electricity generation mix and the cost of fuel, mainly natural gas.
He emphasised that the objective of the QTR is to ensure that the utilities recover their revenues (revenue requirement) which include allocations for operational and maintenance cost, capital investment and other important regulatory costs.
Dr Ackah underscored another important objective of the April to June 2024 QTR, which is to reduce existing residential tariff bands as part of measures to reduce the cross-subsidy, reduce non-residential class bands to two, as well as a reduction in industrial tariff bands to reward the productive use ofelectricity.
This reduction in the tariff bands for electricity customers, he noted, is to allow for ease of implementation of the approved tariff bands, ease of interpretation to customers, and ultimately make meters more affordable to consumers in the long run.
The Executive Secretary added that the QTR sought to recover the total revenue requirement for the period between April to June 2024.
Furthermore, whilst there has been a depreciation of the projected Ghana Cedi to the US Dollar in the quarter as compared to the previous quarter (December 2023-February 2024), the projected inflation rate, on the other hand, has reduced from 40.43 per cent in the previous quarter to 28.27 per cent.
The projected hydro-thermal generation mix was also increased from 31.91 per cent to 34.81 per cent for hydro, and reduced from 68.09 per cent to 65. 19 per cent for thermal in the April to June 2024 QTR.
Following the above changes in the variables considered in the determination of QTRs and with gas prices remaining constant, Dr Ackah indicated that this meant the utilities are projected to gain some windfall in their revenue requirements.
Thus, the PURC took advantage of this projected surplus to merge some
of the tariff bands across the various electricity customer classifications.
He, however mentioned that, notwithstanding the adjustments made, the lifeline tariff customer group and the Low Voltage (LV) and Mines customer groups did not experience any change in their tariffs for the April to June 2024 tariff review period.
Dr Ackah reiterated that for the review period under consideration, only some residential customers and High Voltage (HV) customers experienced reduction in their electricity tariffs, while the steel companies customer groups will witness more than 30 per cent increase in their tariffs. Other customers experienced marginal upward adjustments.
According to the Executive Secretary, the public should dispel misinformation that the few customer groups that witnessed a reduction in the tariffs will consequently
compound the debts in the energy sector.
He assured the public that the PURC is mindful of the financial sustainability of all utilities and the welfare of the paying consumer.
He further clarified that upward adjustments in tariffs do not automatically result in reduction of energy sector debts or guaranteed payments to Independent Power Producers (IPPs).
Rather, the approved tariffs have to be collected by the distribution companies before such payments can be made to the IPPs.
Source: https://energynewsafrica.com
The Nigerian Navy has arrested a syndicate of 13 members onboard a Ghanaian registered vessel with the inscription Motor Tanker, MT, SWEET MIRI, suspected to be involved in legalized dealings on the high seas.
The crew comprised a Ghanaian and 12 Nigerians.
The Nigerian Navy, in a statement issued on Monday, March 4, 2024, by the Director of Information, Rear Adm. Adedotun Ayo-Vaughan, revealed that the vessel carried about two million litres of products suspected to be crude oil.
Mr Ayo-Vaughan said the Navy carried out an operation on February 25 at about 174 nm (approximately 320km) off Nigeria’s coast, heading toward the Benin Republic, after the vessel was observed to have switched off her Automatic Identification System (AIS) in a bid to evade detection.
He said the infraction by the vessel contravened the International Ships and Port Security Code (ISPS) and was tagged a “Vessel of Interest” (VoI) by the Nigerian Navy.
According to him, the Navy Maritime Domain Awareness infrastructure observed the criminal intent of the vessel and subsequently vectored two NN ships on patrol to interrogate the vessel.
“It was discovered that MT SWEET MIRI was involved in illegalities and the vessel was subsequently arrested.
“Curiously, the suspicious disposition of the vessel necessitated the swift deployment of Nigerian Navy Ship ABA and Nigerian Navy Ship SOKOTO to intercept the vessel.
“Notably, upon arrest, MT SWEET MIRI was found carrying about two million liters of product suspected to be crude oil without any form of approval from relevant authorities,” he said.
Ayo-Vaughan said the relevant approving/prosecuting agencies had been notified for sample collection to further ascertain the culpability of the vessel.
This, he said, was in line with the directive of Chief of the Naval Staff, Vice Adm. Emmanuel Ogalla, for an in-depth and independent investigation, adding that it was necessary to unmask the enemies of the nation and to institute holistic and detailed investigations.
He assured that the navy, through the reinvigorated Operation Delta Sanity would continue to collaborate with relevant maritime, security and law enforcement agencies to closely monitor, evaluate and interdict where infractions were suspected.
This, according to him, is to bring economic saboteurs to book in line with relevant extant laws of the land.
Source: https://energynewsafrica.com
The prices of petrol and diesel have gone up significantly at the pump in the Republic of Ghana, effective March 1, 2024.
A litre of diesel is selling at Gh¢14.49 per litre from the previous price of Gh¢ 13.99 per litre while petrol is selling at Gh¢13.49 per litre from the previous price of Gh¢12.99
Unlike in other parts of Africa where fuel prices are reviewed monthly, in Ghana, fuel prices are reviewed every two weeks.
During the second pricing window which ended on February 29, 2024, petrol was sold between Gh¢11.90 and Gh¢12.99 per litre while diesel was sold between Gh13.99 and Gh¢13.78 per litre.
The increment in fuel prices is due to the rising cost of refined products on the international market and exchange rate volatility.
As of Friday, Leading oil marketing companies—GOIL Plc and Shell—were selling petrol at Gh¢13.49 per litre while diesel was sold at Gh¢14.49 per litre.
TotalEnergies, one of the market leaders, is selling petrol at Gh¢13.39 per litre while diesel is sold at Gh¢14.39 per litre.
Star Oil is selling petrol at Gh¢12.37 per litre while diesel is selling at Gh¢13.37 per litre.
Petrosol Ghana Limited, one of the top ten OMCs, has also adjusted its pump prices and is selling petrol at Gh¢13.19 per litre while diesel is sold at Gh¢14.19 per litre.
Zen is selling petrol at Gh¢12.35 per litre while diesel is selling at Gh¢13.39 per litre.
Allied Oil is selling petrol at Gh¢12.30 per litre while diesel is sold at Gh¢13.30 per litre.
Pacific Oil is selling petrol at Gh¢11.98 per litre while diesel was sold at Gh¢12.98 per litre.
Dukes is selling petrol at Gh¢12.30 per litre while is sold diesel at Gh¢13.30 per litre.
Engen is selling petrol at Gh¢12.59 per litre and diesel at Gh¢13.39 per litre.
Cash Oil is selling petrol at Gh¢11.37 per litre and diesel at Gh¢12.90 per litre.
Lucky Oil is selling petrol at Gh¢12.50 while diesel is sold at Gh¢12.94 per litre.
Data from the regulator, National Petroleum Authority (NPA), also showed prices of finished products—diesel and petrol—jumped on the international market within two weeks.
Petrol went up to US$840.43 per metric tonne while diesel went up to US$871.78 per metric tonne.
Source: https://energynewsafrica.com
About: Energy, a world-leading innovator in battery development software has been selected by Innovate UK as one of 14 companies to participate in the Global Business Innovation Programme (GBIP) in South Korea, an initiative to accelerate business growth globally and drive innovation for battery technology.
As part of the programme, Innovate UK brings together pioneering companies including About:Energy, focusing on battery development and technologies.
The programme in South Korea will include identifying international partners for technology collaboration, and developing cross border innovation projects.
Home to three of the world’s five biggest electric vehicle battery manufacturers who collectively oversee more than a quarter of the global EV battery market, South Korea offers significant opportunities for international collaboration to address shared challenges when it comes to battery development.
Kieran O’Regan, COO and Co-Founder of About: Energy has extensive experience in Korean batteries through his PhD at the University of Birmingham.
He commented that “South Korean battery expertise has been at the heart of About: Energy’s technology development, after several years researching the performance of cells from LG Chem, subsequently open-sourcing data that has become widely used in industry and academia.”
The 12-month programme includes the opportunity to attend five days of activities in South Korea, which encompass visits to academic organisations and industry in Seoul and Ulsan. This includes a visit to the British Embassy and attendance at the Interbattery Exhibition.
About:Energy’s software platform, The Voltt, features advanced battery data and models to streamline development. It provides access to enable a faster adoption of cells and design systems using data from global suppliers, including LG Chem, Samsung, and other leading Korean manufacturers.
About:Energy has worked directly with Samsung and LG’s largest European automotive customers and many smaller companies to help them to solve challenges relating to battery pack design.
Kieran O’Regan commented: “We are committed to developing closer collaboration with manufacturers to further support the success of all of their customers”.
In addition to the GBIP, About: Energy will extend the trip to participate in extended conversations as part of the UK-APAC Tech Growth Programme, a government-backed initiative to help UK tech firms expand across the Asia Pacific region.
The UK-APAC programme focuses on de-risking and accelerating the growth of the battery sector and is coordinated by Intralink, an international business development and innovation consultancy specialising in Asia.
Inclusion in these initiatives signify the government’s recognition and support for About:Energy’s commitment and software solution for the advancement in battery development.
Ghana’s quest to rid its local market of substandard electrical cables and accessories has received a boost with the passage into law the Electricity Wiring Cables and Accessories Regulation(L.I.2478).
The passage of the law will ensure that only cables and accessories that meet standards approved by the Ghana Standards Authority (GSA) are imported into the country.
GSA has issued approval for 100 importers that import foreign electrical cables and accessories into the country.
A nationwide surveillance conducted by GSA in 2018 revealed that more than 70 per cent of imported electrical cable brands on the Ghanaian market were substandard.
A review of data from GSA laboratories indicated that 43 per cent of electrical cables tested did not pass the tests.
Speaking at the 20th graduation ceremony for 195 electricians who successfully passed the Certified Electrical Wiring Professional examination in Accra on Tuesday, February 27, 2024, the Executive Secretary of the Energy Commission Ing. Rev. Oscar Amonoo-Neizer, noted that the use of quality-approved materials is essential in ensuring the integrity and reliability of electrical systems, thereby safeguarding lives and property from potential hazards such as electrical fires, shocks, and equipment failures.
He noted a worrying trend where many buildings, including state-owned ones, still have outdated electrical wiring installations that have seen little to no repairs or renovation since their initial installation several decades ago.
He said outdated electrical wiring is not only prone to malfunctions and breakdowns but also poses serious safety hazards such as electrical fires and electrocution.
He further noted that these old systems are likely inefficient, leading to higher energy consumption and increased costs for maintenance and operation.
He called on the public to prioritise the implementation of periodic inspection and testing, as mandated by the Ghana Electrical Wiring Regulations 2011 (L.I.2008).
He explained that this regulation emphasises the importance of regular assessments which comprise inspection and testing of the electrical wiring of facilities older than ten (10) years to verify the integrity of electrical wiring done, thereby mitigating potential hazards and risks to life and property.
He said as custodians of this mandate, it is incumbent upon the Energy Commission to collaborate with industry stakeholders to promote compliance with periodic inspection and testing requirements in upholding the provisions of the Electrical Wiring Regulations, 2011 (L.I.2008).
Ing. Amonoo-Neizer underscored the need for stakeholders to use cables and accessories approved by GSA to ensure safety of properties and lives.
“As stakeholders in the electrical industry, we must prioritise the use of cables and accessories approved by the Ghana Standards Authority to uphold the highest standards of safety associated with electrical wiring in Ghana,” he said
A group picture of Certified Electrical Wiring Professionals at the 20th Graduation Ceremony in Accra. Picture was taken on Tuesday, February 27, 2024.
The Director-General of GSA, Prof. Alex Dodoo, also noted that electrical cables and their accessories are the lifeline of modern society.
“Without cables, everything ceases. From the chargers in your phones to the cables in your car, loudspeakers, lights, aeroplanes, etc., cables are an integral part of modern society,” he noted.
He added that it is important we ensure and assure that all cables are safe for their intended use and that they also have a huge margin of safety when things go wrong.
He applauded the Energy Commission for their boldness and tenacious approach to electrical safety – the Energy Commission has ensured that it has the necessary laws to regulate the cable sector, and it has extended this regulation from products to personnel.
Statistics from the Energy Commission show that since the introduction of the Certified Electrical Wiring Professional programme, about 15,544 electricians have been certified as electrical wiring professionals and inspectors.
Source: https://energynewsafrica.com
United Way Ghana shares the vision of promoting sustainable development and recognises this partnership as an important step towards achieving that goal.
“Following the successful roll-out of Cyclean in the La Enobal Basic School, we are excited to enter into another partnership with Vivo Energy Ghana to introduce school children to renewable energy. By investing in the education and engagement of young learners, we can create a ripple effect of positive change across communities and drive the transition towards renewable energy,” says Faustina Abbey, Acting Executive Director of United Way Ghana.
As part of the partnership, Vivo Energy Ghana and the United Way Ghana will also work closely with local schools within their area of operation, community centers, and educational institutions to ensure broader participation and impact.
Source: Vivo Energy Ghana 
