The West African Power Pool (WAPP) has disclosed plans to create a Liquidity Enhancement Revolving Fund (LERF), for the Economic Community of West African States (ECOWAS) regional electricity market.
Chairman, Executive Board of WAPP, Engr Dr Sule Ahmed Abdulaziz, stated this at the weekend, during the 54th meeting of the Executive Board Meeting held in Cotonou, Benin Republic.
According to him, the fund will provide the ECOWAS Regional Electricity Market with a very important tool for electricity trading thus reducing the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness and sustainability
Engr Abdulaziz said: “The creation of this fund will provide the ECOWAS Regional Electricity Market with a very important tool for electricity trading by reducing the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness and sustainability.”
At the meeting, he urged participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.
The WAPP chief also lauded the well-documented 2021 financial statement of the organisation. Saying, “when I look at the financial statement, I get the feeling that the WAPP is working hard and is quiet transparent as shown by the independent audit, this attests that the financial statements are regular, sincere, and in accordance with international standards,” stated Abdulaziz.
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Meanwhile, the Federal Government (FG) has commenced the construction of a 132 kilovolts transmission line, a 2 by 60MVA transmission substation and a switching station in Ekiti state to raise the state’s capacity by 204 megawatts (MW).
The Minister of Power, Engr. Abubakar Aliyu, during the groundbreaking ceremony in Ado Ekiti on Wednesday, said the project consists of a 50-kilometre stretch of 132kV transmission line from Ikere (Ado Ekiti) with a turn in – turn out at Ijesa Isu that terminates at Ilupeju Ekiti.
Engr Aliyu who was represented by the Managing Director and CEO of the Transmission Company of Nigeria, TCN, Engr Sule Abdulaziz said the project has a 2X60MVA, 132/33kV transmission substation with four line bays at Ijesa Isu Ekiti with a switching station at Ikere (Ado Ekiti) in the state.
“For TCN, this is a very strategic project and we believe it will have a massive impact on bulk power transmission in Ekiti and environs.
“The projects are part of the many projects being undertaken by the Transmission Company of Nigeria in pursuit of its grid expansion programme which is in line with Mr President’s mandate for the expansion of the Power Sector for sustainable development.”
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WAPP plans liquidity enhancement fund
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