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The Grid Company, GRIDCo has held its sixth held its sixth annual general meeting. This comes at a time where there's a lot of scrutiny over the financial position of the country's energy providers after the West African Gas Pipeline Company has threatened to cut supply of gas to the country by 70 percent.
Below is the full AGM statement from GRIDCo.
ACCRA, OCTOBER 14, 2015 - The Minister of Power, Hon. Dr. Kwabena Donkor has reiterated the government's position to encourage the setting of a realistic and attractive tariff to stem the under-investment in the generation, transmission and distribution utilities in the In a speech read on his behalf by Mr. George Tettey, Director, Revenue Monitoring, Ministry of Power, at the Sixth Annual General Meeting of Ghana Grid Company Limited (GRIDCo), the Minister said the financial losses being made by the utilities are "good money" that could have been re-directed into running the companies more efficiently.
RIDCo Board Chairman, Aihaji Huudu Yahaya, said despite a very challenging year of power supply deficits, GRIDCo continued to engage in activities, which would ensure the creation of a robust and resilient National Interconnected Transmission System (NITS) to serve the growing demand for electricity across the country.
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Aihaji Yahaya noted that the power supply deficits were occasioned by gas and crude oil shortages, plant breakdown as well as plant shut downs for maintenance, which affected the total volume of energy transmitted. The challenges brought to the fore, the need for GRIDCo to maintain stronger partnerships with other stakeholders in the Power Sector in order to find lasting solutions to the energy GRIDCo continued its journey to transform itself into a High Performing Organization (H P0).
He stated that the Balance Scorecard (BSC), an integrated strategic planning and performance management system, dubbed "The GRIDCo Way," had been initiated. This was aimed at ensuring a build —up and advancement in professionalism in order to enhance service delivery across the grid.
In his statement, the Chief Executive of GRIDCo, Ing. William Amuna revealed that, GRIDCo had experienced significant cash flow challenges in 2014 and had recorded a net loss of GHC41.5 million. The cash flow challenges arose mainly because of the generation deficit and cash flow challenges from some bulk customers. The macroeconomic indicators in the country, such as the unfavorable exchange rate also increased the Company's costs.
As a result, there were delays in the fulfilment of some contractual financial obligations. Ing. Amuna said that despite the challenges, GRIDCo continued to focus on the delivery of high quality service, by progressively creating more value for the company and ultimately for He was also pleased to mention that despite GRI000's challenges, Ghana had not experienced a total system collapse in 2014, due to several factors, which included the installation of effective Automatic
Frequency Load Shedding (AFLS) relays, efficient and well-trained Operators, who seamlessly balanced generation with transmission. He mentioned the Smelter II substation, the Sunyani-Mim Line Upgrade, the Ghana —Togo-
Benin Interconnection, the Kpandu-Kadjebi Transmission Line, the 330kV Kumasi-Bolgatanga line and the 225 Bolgatanga-Ouagadougou Interconnection as some of the major projects undertaken by GRIDCo in the year.
GRIDCo had also initiated the process required to obtain the Occupational Health and Safety
Assessment Series (OHSAS 18001) Certification which was an important step in Occupational