The Governor of Borno State in the Federal Republic of Nigeria, Professor Babagana Umara Zulum has visited the Minister of Power, Chief Adebayo Adelabu to explore areas of collaboration between the Ministry and the Borno State government.
According to Governor Zulum, his administration had spent over N500 million in the purchase of transformers for different communities in the State.
He said his visit was to explore more opportunities of working together with the Ministry of Power.
The Minister who expressed appreciation for the visit reiterated his call for collaboration between the State and the Federal government especially in the provision of power infrastructure.
He noted that Governor Zulum’s action has further confirmed the importance of a collaboration between the State and the Federal government in the provision of regular electricity supply to businesses and households in the country.
Adelabu further revealed that the Federal Government is embarking on significant expansion projects on the Transmission network to increase electricity supply to load Centres.
“These grid projects will strengthen the transmission network and create alternative transmission corridors to avoid grid collapse”, he said.
Commending the governor, the Minister said the provision of regular electricity in the country could be further strengthened with collaboration between State and the Ministry of Power.
The Minister also expressed the view that the Electricity act of 2023 has made provision for Sub Nationals (States) to participate in the electricity market, and he looks forward to creating an enabling environment for State’s participation in the electricity market.
“By investing in transformers and electricity poles which is about grid extension, the Governor has further confirmed our approach that the State needs to be involved in the provision of power infrastructure.
“We have further indicated to distribution companies that end-users must not be required to purchase equipment for the delivery electricity.
This infrastructure must be provided by the distribution companies while there will be interventions from Federal and State governments.
Agencies such as the Rural Electrification Agency will also intervene in electrifying communities that are not commercially viable for the distribution companies”, Adelabu said.
He urged Governor Zulum to look at the provision of security to protect power infrastructure in the State.
He particularly referred to the destruction of power towers recently in the North East zone which led to the death of a security personnel and disruption of electricity to some States in the zones.
“Although we immediately commenced the repair, it is quite discouraging when government spends so much and these assets are vandalized”.
Source:https://energynewsafrica.com/
Ghana’s President, Nana Akufo-Addo is expected to officially commission Sentuo Refinery, a Chinese owned newly constructed refinery in Tema in Greater Accra Region.
The refinery which is currently undergoing a test run, has produced high-quality petroleum products, according to Ghana’s downstream petroleum regulator, National Petroleum Authority (NPA)
The refinery has an initial capacity of 40,000 barrels per day and would gradually be upgraded to 100,000 barrels per day in the future.
The refinery expects to complete the ongoing test run between March and April 2024 after which the National Petroleum Authority would issue them an operational licence.
After the issuance of the operational licence, the refinery would then commence commercial operation.
Ghana spends US$400 million monthly to import refined petroleum products from Europe and the Middle East and this puts pressure on the local currency, the Cedi.
Although the West African nation has a crude oil processing refinery, TOR, it has become idle for some years as a result of poor leadership.
An attempt to get a strategic partner to bring Ghana’s refinery back to operation has been fraught with controversies due to a lack of transparency in the whole process.
Dr Mustapha Abdul-Hamid, the CEO of NPA, recently expressed the hope that the coming of Sentuo Refinery and Africa’s largest refinery, Dangote Refinery in Nigeria, would help to bring the cost of fuel down.
“I am sure that when we get to 100,000 barrels per day, then we can assure ourselves that we can get moderate pricing or reasonable pricing for petroleum products in Ghana,” he asserted.
“So for Sentuo Refinery, it’s good news for all of us,” he stated.
Source https://energynewsafrica.com
The Managing Director of the Electricity Company of Ghana (ECG), Samuel Dubik Mansubir Mahama, says it will be difficult for his outfit to implement the government’s plan to impose Value Added Tax (VAT) on electricity consumption beyond the lifeline threshold.
Mr. Mahama said that apart from the fact that there was no stakeholders’ consultation before the planned imposition of the VAT, ECG’s system had not been adjusted to allow the charging of VAT on electricity consumers.
Ghana’s Minister for Finance, Ken Ofori-Atta, in a letter written on January 1, 2024, directed the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) to charge VAT on residential consumers who consume electricity above lifeline.
According to the Minister, the VAT forms part of the Covid-19 recovery program.
“As part of the implementation of the Government’s Medium-Term Revenue Strategy and the IMF-Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870) has been scheduled for implementation, effective 1st January 2024.
“For the avoidance of doubt, VAT is still exempt for “a supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units” in line with Sections 35 and 37 and the First Schedule (9) of Act 870,” part of the letter dated December 12, 2023, by the Finance Minister said.
This has peeved a cross-section of Ghanaians including organised labour who had issued a seven-day ultimatum to the government to withdraw the policy.
Speaking on Accra-based Joy News’ programme PM Empress on Wednesday, Mr Samuel Dubik Mansubir Mahama said upon receipt of the letter, he asked for a legal opinion from the company’s lawyers.
Mr. Mahama, who is also a lawyer, said ECG’s lawyers advised him to seek further clarification and interpretation of the VAT Act to get an understanding of the rationale behind the law.
“I asked for a legal opinion from the lawyers for ECG, to find out if within the law, this provision is right and in its implementation, what it will mean.
So let’s not take it for granted that even the company ECG or the government itself is not taking proactive measures to close this gap and find a way out of it.”
He told the host that he did not treat the Minister’s letter as a directive because there are bottlenecks, adding, “You don’t go implementing a directive that has bottlenecks.”
He revealed that since the issue came into the public domain, he had engaged the Finance and Energy Ministers to look at the law and what needs to be done about it subsequently.
“Conversations are far advanced. If this thing would have been charged this year, then, by 1st January it would have been charged.
Where we are now, we are finding whether even the law that was passed, what are the restrictions on the law…if it can be passed.
We are finding a lot of interpretations.
“If this law has to go back to Parliament for it to be looked at and reconsidered, then, yes, so be it.
It should be a national consensus, so we need to applaud the TUC [Trades Union Congress] for what they are doing and also be clear that if the thing is not being implemented and the last paragraph said, transfer the revenues collected from the implementation of the VAT on the subject matter as a domestic VAT collection, some processes need to be outlined.”
According to the ECG MD, there would particularly be a challenge in the implementation of the VAT on pre-paid electricity consumers.
“It’s a technical difficulty; it’s a nightmare. How do you go about this?” he quizzed.
“First of all, one of the biggest challenges that will come up is this; are we charging the VAT on residential customers? If yes, are they on pre-paid meters? Yes. So, are you charging per the money or the consumption? Because with pre-paid, the consumption will be known at the end of the day, so I will only know your consumption after you have consumed.
So, if I charge you the VAT when you are about to pay that will not be fair if I am charging on consumption.
“If I am to implement it that means that at the end of the day, when you are about to purchase again you will have a debt that needs to be settled.
There’s a lot of stakeholder engagement that has to go into something like this. So, I see more of this letter as a letter setting in motion an inquiry into all of this,” he stressed.
Source https://energynewsafrica.com
Ghanaian officialdom this morning will be in their best clothes, driving at obviously slow speeds due to the bad nature of the roads infront of the now collapsed Tema Oil Refinery (TOR) towards the Sentuo refinery with all frenzy for the commissioning of this rather new Chinese led privately setup refinery which sits just some 500 meters away.
The private refinery with an expected total capacity of some 100,000 barrels per day after its completion is gearing up to take over the Ghanaian market within the short to medium term as it can meet current demand 100%.
What is obviously clear here is that the Chinese investor sees all the opportunities in putting up a refinery as it is profitable whiles our Ghanaian officials who are in a frenzy to go commissioning see no reason in fixing what the country itself owns to be able to give the benefits the private investor seeks to our people.
Petroleum refining globally has proven to be not only profitable but also one of the surest ways of ensuring petroleum security. However, in Ghana, the narrative is the inverse.
The General Transport Petroleum and Chemical Workers Union of TUC and the Workers of the Tema Oil Refinery over the past months have mounted a spirited effort to get officialdom to pay attention to the sad state of the only refinery by fixing it to give the country the needed Petroleum Security as well as protecting jobs at the refinery as it has done for Ghana since its inception in the 1960s but all to no avail.
The State, since taken over the refinery from the Italian counterparts who built it, has simply proven it can not be entrusted to manage anything economically to the benefit of its people and the sad bit is that officialdom is excited to go commissioning another refinery right across the road thereby sending the signal to the Tema Oil Refinery it has no business any longer effective today, as the private refinery with a much higher refining capacity comes into operation.
TOR, a refinery which at some point in time single handedly contributed over 5% to Ghana’s GDP, has suddenly been reduced to a redundant white elephant from the actions and inactions of the powers that be.
Sad to say, these officials are busy supporting the setting up of private refineries, thus ceding the refinery space completely as well as all the advantages that come with refining economics to private capital.
Events of recent times starting from some comments by a former Energy Minister of Energy to turning TOR into a dumper are clearly being engineered before the populace as every effort by well meaning Ghanaians to get officials and state actors to pay attention to TOR has fallen on deaf ear.
Workers who have stuck with the refinery with the hopes of seeing the plant back to work. will report to work as usual and be greeted by a fleet of official vehicles and convoys passing right in front of TOR to go commissioning, applauding, and encouraging a private one to count on them (officialdom) for every support in helping them to go about their work whiles TOR remains grounded.
It is our hope that Ghanaian officials will reflect on this development and quickly make amends such that the state (Ghana) will maintain some amount of its fiduciary duty to its people in ensuring all aspects of our economic lives are not further ceded to foreign control and domination as has happened to the Telecom, Banking, and now the Petroleum sector.
Source: Duncan Amoah Executive Secretary, COPEC
The Managing Director of Bulk Energy Storage and Transportation Company Limited formerly BOST, Mr Edwin Alfred Provencal, has graduated from the University of Ghana with a Doctorate in Development Economics.
The graduation ceremony held at the University of Ghana on Tuesday, January 23, 2024, also saw several people awarded Doctorate Degrees.
Before this latest qualification, Edwin obtained an M.Phil. in Economics and an MBA in Management Information Systems (MIS) also from the University of Ghana, Legon, and a Bachelor of Science Degree in Electrical Engineering from the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi.
His other qualifications include a Post Graduate Diploma in Financial Management from ACCA, a Balanced Scorecard Certified Practitioner and a Certified Project Management Professional (PMP).
He has also attended numerous certification programmes from Harvard, USA, and IMD, Switzerland.
Edwin Provencal lectured at the Central University Business School and Regent University, both in Ghana.
He is the founder and Managing Partner of Provencal & Associates, a management consulting company with a keen focus on improving shareholder value by building high-performing teams and developing leaders using various tools such as the Balanced Scorecard, Project Management and Coaching.
In August 2019, Edwin Provencal who was a Technical Advisor to John Peter Amewu, Minister for Energy, was appointed to replace the late George Mensah Okley as the Managing Director of BOST.
Under his watch as the Managing Director, the company crept out of the many years of losses, starting from 2013 to 2020, to make a profit of GHS163 million in 2021 and more than doubled the profit to GHS342 million in the 2022 financial year.
In his current role as the Managing Director, Dr Provencal and Bulk Energy Storage and Transportation Limited won a total of thirty-five awards in 2023.
The awards and special recognitions attained over the period came from the energy industry, public enterprise category and continental corporate excellence awards.
Source: https://energynewsafrica.com
The comeback of nuclear power in many countries is expected to drive a record-high electricity generation from nuclear in 2025, the International Energy Agency (IEA) said on Wednesday.
By next year, global nuclear generation is forecast to exceed its previous record set in 2021, the IEA said in its Electricity 2024 report published today.
Even as some countries phase out nuclear power or retire plants early, global nuclear generation is expected to rise by nearly 3% per year on average through 2026. The key drivers of growth will be the completion of maintenance works in France, restart of some nuclear power plants in Japan, and new reactors coming online in China, India, South Korea, and Europe, among others, according to the IEA.
After the energy crisis of 2022, many governments – with the notable exception of Germany have opted to boost its nuclear power generation to ensure energy security and reduce emissions from electricity generation as they aim to reach net-zero emissions by 2050.
The UK, France, Sweden, and Switzerland are some of the European countries that are betting on domestic nuclear power generation and extension of power plant lifetimes as a way to boost energy security and reduce carbon emissions.
“The power sector currently produces more CO2 emissions than any other in the world economy, so it’s encouraging that the rapid growth of renewables and a steady expansion of nuclear power are together on course to match all the increase in global electricity demand over the next three years,” IEA Executive Director Fatih Birol said in a statement.
“This is largely thanks to the huge momentum behind renewables, with ever cheaper solar leading the way, and support from the important comeback of nuclear power, whose generation is set to reach a historic high by 2025,” Birol added.
Soaring renewable capacity additions and the global nuclear renaissance are on track to enable low-emissions power generation to outpace robust electricity demand growth over the next three years, according to the IEA.
The Electricity Company of Ghana (ECG), one of the power distribution companies in the West African nation responsible for power distribution in southern Ghana, has announced that it will shutdown its CLOU Prepayment Metering System on Thursday, January 25, from midnight to Friday, January 26, 2024.
According to the power distributor, the shutdown of the pre-payment system is to enable them to carry out emergency maintenance work on the system.
In a statement issued on Tuesday, January 23, the electricity company urged customers to purchase enough credit that would last for the period of the downtime.
It apologised to customers for any inconveniences they are likely to experience.
“The inconvenience caused to affected customers is deeply regretted,” a portion of the release stated.
Source: https://energynewsafrica.com
Labour unions in the Republic of Ghana have given Government a seven-day ultimatum to withdraw a directive to the Electricity Company of Ghana and Northern Electricity Distribution Company NEDCo to charge Value Added Tax (VAT) on residential electricity consumers whose consumption crosses the lifeline of 0-30 kilowatts of power.
Addressing a press conference in Accra, capital of Ghana, the unions vowed to mobilise their members and stage a massive protest if Government refuses to listen to them.
Secretary General of Trades Union Congress, the umbrella body of all labour unions in the Republic of Ghana, Dr. Yaw Baah, vehemently opposed the imposition of VAT on residential electricity consumers.
“It’s always the poor people in this country, including pensioners, who bear the brunt.
And we should not allow that to continue. Organised Labour, we have come together and our message to the government is very simple, we cannot pay VAT on electricity.
“We will not pay it today or tomorrow.Organised Labour is demanding the immediate withdrawal of the letter, and another directive from the Finance Minister to Ghana Grid Company (GRIDCo), ECG to stop the implementation of the VAT on electricity. We are giving the government, up to January 31, 2024, to withdraw the letter,” Dr Yaw Baah said.
“If by that time the minister of finance fails to give directive to GRIDCO and ECG we will advise ourselves,” he said.
It would be recalled that Ghana’s Minister for Finance, Minister, Ken Ofori-Atta, in a letter written on January 1, 2024, directed the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) to charge VAT on residential consumers who consume electricity above the lifeline.
According to the Minister, the VAT forms part of the Covid-19 recovery programme.
Source: https://energynewsafrica.com/
Despite lower revenues in North America, oilfield services provider Halliburton Company booked higher-than-expected earnings for the fourth quarter and raised its first-quarter 2024 dividend as it reiterated a view of strong demand ahead for the industry.
Halliburton, one of the world’s top three such companies and the leader in U.S. fracking reported on Tuesday adjusted net income for the fourth quarter of 2023 – excluding losses in Argentina primarily due to the currency devaluation – of $769 million, or $0.86 per diluted share.
The EPS topped the analyst consensus estimate of $0.80.
Halliburton’s total revenue stood at $5.7 billion for the fourth quarter of 2023, flat when compared to the third quarter of 2023. Operating income rose by 2% sequentially to $1.1 billion.
Fourth-quarter revenues in North America fell by 7% quarter-on-quarter to $2.4 billion, “primarily driven by lower stimulation activity in U.S. land,” said Halliburton, which has North American activity account for the largest share of its revenues.
Partially offsetting the decline in North America’s onshore stimulation activity were improved stimulation activity and higher completion tool sales in the Gulf of Mexico, the company said.
Halliburton raised its 2024 first-quarter dividend by $0.01 per share to $0.17 per share.
Commenting on the full-year performance, chairman, president, and CEO, Jeff Miller, said, “We generated about $2.3 billion of free cash flow during the year, retired approximately $300 million of debt, and returned $1.4 billion of cash to shareholders through stock repurchases and dividends, which represents over 60% of our free cash flow.”
“The outlook for oilfield services demand remains strong,” Miller added, noting that he expects the demand to help Halliburton generate significant free cash flow.
Halliburton is the second major oilfield services company to report Q4 and 2023 earnings. Last week, SLB also raised its quarterly cash dividend after reporting consensus-beating earnings for the fourth quarter, driven by what it described as “substantial international growth” in drilling activity.
Source:Oilprice.com
The West African Gas Pipeline Company Limited (WAPCo) says it will undertake a coordinated and planned Emergency Shut Down (ESD) and High Integrity Pressure Protection System (HIPPS) Proof tests at its facilities in Ghana, Togo, Benin and Nigeria, between 28th and 30th January 2024.
A statement issued by the company in Accra said this regulatory Emergency Shut Down and HIPPS Proof tests will start on 28th January 2024, from the Itoki Regulating and Metering Station in Nigeria from 08:00 to 16:00 and the Lagos Beach Compressor Station, Nigeria, from 08:000 to 16:00.
The statement said the Tema and Takoradi Regulating and Metering Stations in Ghana would also be shut down on the same day from 08:00 to 16:00.
According to WAPCo, the Cotonou Regulating and Metering Station in Benin Republic would follow the same process on Monday, 29th January 2024 from 08:00 to 16:00 and then on Tuesday January 30, 2024, the Lomé Regulating and Metering Station in Togo would also be shut down from 09:00 to 15:00 to complete the entire exercise.
WAPCo is required by its regulatory Authority, the West African Gas Pipeline Authority (WAGP), to carry out a periodic Emergency Shut Down and HIPPS Proof Test, as part of measures aimed at ensuring safe and reliable operations of the pipeline.
“This Emergency Shut Down and HIPPS Proof Tests is part of WAPCo’s 2024 Scheduled Maintenance activities and planned collaboratively with key stakeholders in the four countries and sanctioned by WAGPA,” the company said.
The company said all other relevant stakeholders had been informed in advance and the schedule had been shared with them for all parties to be aligned to ensure minimal disruption.
“WAPCo wishes to apologise to its customers for any inconvenience that may be caused by the planned shutdown, which is a regulatory requirement,” the statement concluded.
“I look forward for even more profit,” he said.
Source: https://energynewsafrica.com
It is essential for policymakers to carefully assess the broader economic consequences of the 21% VAT imposition on end user electricity tariffs and consider a more balanced approach that protect the sustainability of the power sector, support economic recovery, stability and industrialization.
In line with the efforts being made towards economic recovery, imposing a 21% VAT on electricity consumption in Ghana can be counter productive and have countless adverse effects on the overall economy and the electricity sector of Ghana:
Reduced Demand and Increase in compensation for Idle Capacity Charge: To cope with higher costs, households might reduce their energy usage, which could lead to under-utilization of essential appliances, affecting their quality of life and productivity. Higher prices can lead to a decrease in electricity consumption as consumers and businesses seek to minimize costs. This reduced demand can affect the overall revenue generation of the sector. Consumers and businesses might shift to alternative energy sources like solar to reduce dependence on the grid, which could lead to under-utilization of existing infrastructure and challenges in grid management. The principal effect in this circumstance is the upsurge in the compensation for Idle Capacity to the Independent Power Producers.
Impact on Economic Growth: High electricity costs can be a deterrent to economic growth. Industries and businesses facing high operational costs due to expensive electricity may reduce production, delay expansion, or relocate to areas with cheaper energy costs. Reduced spending power due to higher utility bills can contribute to a slowdown in economic activity, as consumer spending is a key driver of economic growth.
Energy Poverty: The increased cost might push more households into energy poverty, where a significant portion of their income is spent on energy bills, leading to tough choices between electricity and other necessities. Elevated tariffs can exacerbate energy poverty, where a significant portion of the population cannot afford adequate energy services. This leads to broader social issues and can widen economic disparities.
Investment Disincentives: High tariffs can deter investment in the sector. Potential investors might be cautious about entering a market where high costs could lead to reduced demand or regulatory interventions.
Financial Stress on Utilities: Utilities may face financial stress if high tariffs lead to bill defaults, late payments, or increased instances of electricity theft. If the electricity sector is not able to balance the revenue from high tariffs with investment in infrastructure, it could lead to quality of service issues, such as frequent outages and poor maintenance. Grid Instability: If a significant number of consumers move to off-grid solutions, it could lead to instability in the electricity grid due to fluctuating demand and supply patterns.
Regulatory and Political Challenges: High tariffs can lead to regulatory and political challenges, including public discontent, protests, and pressure on governments to intervene, which can lead to regulatory uncertainty.
Quality of Service Issues:Barriers to Electrification Efforts: In regions where electrification is still underway, high tariffs can be a significant barrier to extending electricity services to underserved or rural areas.
Inflationary Pressure: The increased cost of electricity can contribute to inflation. Since electricity is a fundamental input for many sectors, its cost increase can cascade through the economy affecting prices.
The West Africa Power Pool (WAPP) or Regional Electricity Market (REM) in view
Imposing VAT (Value Added Tax) on end-user electricity tariffs in Ghana could make the country less attractive within the context of the mission of the West African Power Pool (WAPP) or the regional electricity market for several reasons:
Higher Prices for Consumers: The imposition of VAT increases the cost of electricity for consumers in Ghana. This could make Ghana less competitive compared to neighboring countries in the WAPP that have lower electricity costs. Investors and businesses often seek locations with lower operational costs, including energy expenses. At a stage where the Regional Electricity Market is through so much competition with regards to tariff affordability, Ghana is walking out of competition. This is very injurious to economic recovery.
Reduced Cross-Border Energy Trade Appeal: If Ghana’s electricity becomes more expensive due to VAT, it could reduce the attractiveness of the country as a trading partner within the regional electricity market. Neighboring countries might prefer to engage with partners offering more competitive prices. It is country’s goal to make Ghana a net exporter of power and the electricity hub of West Africa, hence the collaborations with the Independent Power Producers to invest in the generation infrastructure.
Impact on Regional Competitiveness & Potential Disincentive for Foreign Investment: Ghana’s overall competitiveness in the region could be affected. High electricity costs can influence not just the energy sector but also manufacturing, services, and other sectors that are significant for the economy. Investors often consider energy costs when making investment decisions. Higher electricity costs in Ghana could discourage foreign direct investment, which is crucial for economic growth and development.
Strain on Regional Integration Efforts: The West African Power Pool aims to create an integrated regional electricity market. Disparities in energy pricing due to VAT could create imbalances and strain these integration efforts.
Challenges in Achieving Economies of Scale: The regional power pool’s effectiveness relies on economies of scale and the efficient distribution of energy resources across borders. Different tax regimes, like Ghana’s VAT on electricity, could complicate these dynamics.
Understanding these implications is crucial. It’s not just about domestic policy but also about how these policies position Ghana within the larger regional energy landscape. Balancing domestic fiscal needs with the goals of regional energy integration and competitiveness is a key in this context.
Source: Dr. Elikplim Kwabla Apetorgbor(CEO of IPPG & Power Systems Economist)
has marked its 30 years’ anniversary with Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, praising the current management and the Board for turning around the company.
BEST was incorporated in December 1993 as a private company limited by liability company under the Companies Act, 1963 (Act 179) with the Government of Ghana as the sole shareholder.
The company was given the mandate to develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country and keep strategic reserve stocks for Ghana.
On Saturday, 20th January 2024, the company held a Thanksgiving Service at the Cathedral of the Most Holy in Accra and Awards Ceremony to climax the 30th anniversary.
The company awarded the founding Managing Director, Board Members, founding staff and partners.
Addressing the staff of BEST at the Thanksgiving Service, the Board Chairman of the company, Mr. Ekow Hackman, said when the current management and Board took over the company, it was not in a good shape.
According to him, the company was struggling in many ways and could best be described as ‘in the shadow of death’.
“The future was bleak for BOST,” he stated.
Mr. Hackman thanked the God for using them to turn the company around and prayed that the company continues to thrive after their exit.
The Minister for Energy, Dr Matthew Opoku Prempeh commended the Management and Board for their hard work which had transformed the company.
He said the company, which was saddled with debt, has been turned into a profit making company, stating that the company made Gh¢161 million profit in 2021 and Gh¢342.5million net profit in 2022.
“I look forward for even more profit,” he said.
Managing Director of BEST, Edwin Provencal in a pose with the mother at the Thanksgiving Service.Source: https://energynewsafrica.com
The US Administration has signed the credit award and payment agreement finalizing the US$1.1 billion in credit payments awarded under the Civil Nuclear Credit (CNC) programme to help keep the Diablo Canyon nuclear power plant in operation.
The payments are through the Civil Nuclear Credit (CNC) programme, a USD6 billion strategic investment under the Bipartisan Infrastructure Law to help keep the USA’s existing reactor fleet in operation.
The Pacific Gas and Electric Company (PG&E) plant was conditionally awarded the credit in November 2022.
“Preserving the nation’s nuclear fleet is critical not only to reaching America’s clean energy goals, but also to ensuring that homes and businesses across the country have reliable energy,” said Maria Robinson, director of the US Department of Energy’s Grid Deployment Office.
The announcement “demonstrates the Administration’s commitment to domestic nuclear energy by preserving existing generation, while we continue to support a stronger nuclear power industry”, she added.
The payments will be made in installments over four years of operation from 2023, with the amounts adjusted to reflect factors including the actual costs of keeping the two-unit plant in operation.
The first payment, to be made in 2025, will be based on the operation of the plant in 2023 and 2024.
While nuclear power currently provides nearly 50% of the USA’s carbon-free electricity, shifting energy markets and other economic factors have resulted in the early closures of some 13 of the country’s commercial reactors since 2012.
The CNC programme – part of the Bipartisan Infrastructure Law signed by President Joe Biden in November 2021 – aims to address those challenges by allocating credits to “certified” reactors which can show that they are projected to close for economic reasons and that closure will lead to a rise in air pollutants and carbon emissions.
PG&E had agreed in 2016 that the two-unit Diablo Canyon plant would close at the end of its current licenses – in 2024 for unit 1 and 2025 for unit 2.
At that time, it was thought that the plant’s output would no longer be required as California focused on an energy policy centered on efficiency, renewables and storage.
However, in September 2022 – as California’s energy grid saw its highest-ever peak demand during a record-breaking heatwave – the state passed a law allowing the two nuclear units that provide 9% of California’s power generation to continue operation.
Source: World Nuclear News
Production at Libya’s largest oil field is about to restart after a three-week outage, the country’s National Oil Corporation said in a statement.
Protesters shut down the field in early January and said they would not let the NOC reopen it until their demands were met.
Said demands focused on job creation for local communities and more infrastructure investment in the region.
The National Oil Corporation declared force majeure on El Sharara several days later.
“The loss of confidence in the continuity of supplying the global market with Libyan oil will result in Libyan oil remaining unmarketed,” the Libyan oil ministry said in a statement at the time.
“Closing and reopening the production requires maintenance operations and the treatment of technical problems, as well as a lot of effort, a long time, and a high cost to be borne by the Libyan state treasury”, the ministry added.
El Sharara was producing around 270,000 bpd before the latest outage, which made it the biggest contributor to Libya’s total crude oil output.
It has the capacity to pump up to 300,000 bpd.
The field shutdown caused total output to slip below 1 million barrels daily for the first time in months.
Oil fields remain vulnerable to protests in Libya as they make for a natural target for protesters who want to drive a message home.
El Sharara is the top target in such circumstances because of its importance to the country’s economy.
This time, there was also the additional risk of a refinery closure due to protests in the Oil Crescent.
The protesters agreed to talk with a mediator to have their demands met before shutting down the Zawya refinery and the Mellitah complex.
These demands include addressing corruption and removing the head of the National Oil Corporation, Farahat Bengdara, Reuters reported earlier this month.
Source: Oilprice.com
He has also attended numerous certification programmes from Harvard, USA, and IMD, Switzerland.
Edwin Provencal lectured at the Central University Business School and Regent University, both in Ghana.
He is the founder and Managing Partner of Provencal & Associates, a management consulting company with a keen focus on improving shareholder value by building high-performing teams and developing leaders using various tools such as the Balanced Scorecard, Project Management and Coaching.
In August 2019, Edwin Provencal who was a Technical Advisor to John Peter Amewu, Minister for Energy, was appointed to replace the late George Mensah Okley as the Managing Director of BOST.
Under his watch as the Managing Director, the company crept out of the many years of losses, starting from 2013 to 2020, to make a profit of GHS163 million in 2021 and more than doubled the profit to GHS342 million in the 2022 financial year.
In his current role as the Managing Director, Dr Provencal and Bulk Energy Storage and Transportation Limited won a total of thirty-five awards in 2023.
The awards and special recognitions attained over the period came from the energy industry, public enterprise category and continental corporate excellence awards.
Source: https://energynewsafrica.com 
![Ghana: BOST Marks 30th Anniversary [Photos]](https://i0.wp.com/energynewsafrica.com/wp-content/uploads/2024/01/421354140_705892618360747_9008755779891699174_n.jpg?fit=696%2C464&ssl=1 "Ghana: BOST Marks 30th Anniversary [Photos]")
Source: https://energynewsafrica.com 
