The Electricity Company of Ghana (ECG) has urged the Public Utilities Regulatory Commission (PURC) to accurately acknowledge its efforts in stabilizing operations and enhancing performance, despite past challenges.
In an official release today, ECG criticized PURC’s review of the Cash Waterfall Mechanism (CWM) for inaccurately portraying essential fuel costs as a “variance,” which ECG argues misrepresents the actual progress made in fuel procurement.
The current management’s effective handling of fuel procurement has marked a significant improvement from previous practices and should be recognized as a success.
The ECG emphasized that the current leadership has made considerable efforts to stabilize operations, particularly in fuel procurement, which has historically been a weak point.
The report’s characterization of these essential costs as a variance detracts from the real achievements of ECG and fails to provide a clear context for these necessary operational expenses.
Moreover, ECG has fully complied with payments to Independent Power Producers (IPPs) and the PURC, with any delays attributed to standard accounting practices rather than non-compliance.
Accoording to ECG, PURC’s report also overlooked the impact of forex losses on ECG’s financial obligations.
Despite these challenges, ECG’s proactive fuel procurement approach, which included a notable purchase of GHS466 million in liquid fuel, should be viewed as a testament to the company’s progress rather than a setback.
